{"id":555456,"date":"2021-11-15T04:01:09","date_gmt":"2021-11-15T04:01:09","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/15\/e-finance-profits-fall-15-in-3q2021\/"},"modified":"2021-11-15T04:01:09","modified_gmt":"2021-11-15T04:01:09","slug":"e-finance-profits-fall-15-in-3q2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/15\/e-finance-profits-fall-15-in-3q2021\/","title":{"rendered":"e-Finance profits fall 15% in 3Q2021"},"content":{"rendered":"<p><a id=\"tldr-story-06\" class=\"content-anchor\"><\/a><strong> e-Finance saw its net income dip 20% y-o-y in<\/strong><strong> 3Q2021 to EGP 99.3 m<\/strong><strong>n<\/strong>, according to the company\u2019s first <a href=\"https:\/\/ent.news\/2021\/11\/E-finance-3Q2021-financials.pdf\">quarterly financials (pdf)<\/a> as a publicly traded company. Revenues rose around 25% y-o-y during the quarter to EGP 395.2 mn. On a nine-month basis, net income rose 35% y-o-y to EGP 374.8 mn during 9M2021 while revenues rose 59% y-o-y to reach EGP 1.3 bn. The state-owned fintech platform <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/23beb734-9f6f-4c55-9143-7c6935ecf804\">listed on the EGX last month<\/a>, raising some EGP 5.8 bn in the IPO. That might not be all for e-Finance, with the firm currently deliberating <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8688dd34-1172-476a-879c-52cb7420d2ad\">selling shares<\/a> in two of its subsidiaries, Khales and e-Cards.<\/p>\n<p><strong>Shares in the<\/strong><strong> state-owned tech firm closed down 7.4% <\/strong><strong>at EGP 19.17 as of <\/strong><strong>the close of trading yesterday<\/strong>, a sell-off that, according to one analyst who asked to remain anonymous, was triggered by the disappointing results. Still, the company\u2019s shares are handily above water, having made their market debut at EGP 13.98.<\/p>\n<p><strong>More is riding on end-of-year financials:<\/strong> Investors will get a fuller picture come the new year about whether the high expectations generated during the IPO process are justified. Over the next couple of quarters, the market will look to see progress from the company on its advertised plans (projects on <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8688dd34-1172-476a-879c-52cb7420d2ad\">e-everything from e-invoicing to e-gates<\/a>), according to our source.<\/p>\n<p><em>EDITOR'S NOTE- This story was updated on 15 November to correct net income figures for 3Q2021 and 9M2021.\u00a0<\/em><\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>Egypt Kuwait Holding\u2019s net income rose 60% y-o-y in 3Q2021<\/strong> to USD 46.8 mn, according to the company\u2019s <a href=\"https:\/\/ent.news\/2021\/11\/EKH-9M21-Results-Press-Release-E-FINAL.pdf\">quarterly earnings release (pdf)<\/a>. Revenues during the quarter came in at USD 211.6 mn, up 45% from 3Q2020. Top-line growth was fuelled by a 60% surge in revenues from the company\u2019s fertilizers and petrochemicals business, which benefited from the boom in commodities and urea prices. EKH\u2019s energy segment saw revenues grow 12% during the three-month period.<\/p>\n<p><strong>Share conversion \u201cwell received\u201d:<\/strong> \u201cEKH\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c98a074a-4eca-44c7-9524-feb16a03d1da\">recent optional conversion of its listed shares<\/a> on the EGX was well received by the market, with institutional investors opting to convert 83% of their holdings in EKH\u2019s shares from USD to EGP,\u201d CEO Sherif El Zayat said. In total, 68% of the company\u2019s EGX shares were converted to EGP.<\/p>\n<p><strong>Ibnsina Pharma reported EGP 5.6 mn in quarterly net income for 3Q2021<\/strong>, up 20% y-o-y increase from the same period last year, according to the company\u2019s <a href=\"https:\/\/ent.news\/2021\/11\/Ibnsina-ER-Q3-2021-Final.pdf\">earnings release (pdf)<\/a>. Its net revenues for the same period increased by 16.4% y-o-y to EGP 5.6 bn. Separately, the company is planning to increase its capital to EGP 280 mn from EGP 240 mn through new shares, which will be put up for a vote at an <a href=\"https:\/\/ent.news\/2021\/11\/Ibn-Sina_Pharma-earnings-report-141121.pdf\">extraordinary general assembly meeting (pdf)<\/a> later this month.<\/p>\n<p><strong>Odin Investments\u2019 net losses widened in 3Q2021 to EGP 374k, falling 6.4% y-o-y<\/strong>, according to <a href=\"https:\/\/ent.news\/2021\/11\/Odin-3Q2021-financials.pdf\">the company\u2019s financials (pdf)<\/a>. The company\u2019s revenues also dipped 9.7% y-o-y to EGP 4.5 mn during the quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>e-Finance saw its net income dip 20% y-o-y in 3Q2021 to EGP 99.3 mn, according to the company\u2019s first quarterly financials (pdf) as a publicly traded company. Revenues rose around 25% y-o-y during the quarter to EGP 395.2 mn. On a nine-month basis, net income rose 35% y-o-y to EGP 374.8 mn during 9M2021 while [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7208],"tags":[339,302,409,1668,72,1414,1165,427],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555456","post","type-post","status-publish","format-standard","hentry","category-earnings-watch","tag-e-finance","tag-earnings","tag-earnings-watch","tag-egypt-kuwait-holding","tag-enterpriseam","tag-ibnsina-pharma","tag-odin-investments","tag-pharma","wpautop","entry"],"acf":{"mongo_id":"5ac253e0-0e2d-4a1f-aff4-b82036b3ced5","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[555443],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>e-Finance profits fall 15% in 3Q2021 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/15\/e-finance-profits-fall-15-in-3q2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"e-Finance profits fall 15% in 3Q2021\" \/>\n<meta property=\"og:description\" content=\"e-Finance saw its net income dip 20% y-o-y in 3Q2021 to EGP 99.3 mn, according to the company\u2019s first quarterly financials (pdf) as a publicly traded company. 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The company\u2019s revenues rose 23% during the period to EGP 2.4 bn. The company\u2019s bottomline during 9M2021 recorded EGP 490 mn, up 28% from the same period last\u2026","rel":"","context":"In &quot;GO WITH THE FLOW&quot;","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555493,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/16\/earnings-watch-fawry-elsewedy-electric-gb-auto-and-rameda\/","url_meta":{"origin":555456,"position":1},"title":"Earnings watch: Fawry, Elsewedy Electric, GB Auto, and Rameda","author":"enterpriseam admin","date":"16 November 2021","format":false,"excerpt":"E-payments giant Fawry saw its bottom line ease 26% to EGP 36.1 mn in 3Q2021, according to its earnings release (pdf). Revenues rose 31% y-o-y during the quarter to EGP 448.3 mn.On a nine-month basis, Fawry\u2019s net income is nevertheless up 25% over the same period last year at EGP\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/477.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544580,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/e-finances-net-income-up-84-in-4q2021\/","url_meta":{"origin":555456,"position":2},"title":"E-finance\u2019s net income up 84% in 4Q2021","author":"enterpriseam admin","date":"10 March 2022","format":false,"excerpt":"E-finance\u2019s net income jumped 84% y-o-y in 4Q 2021 to EGP 139.3 mn, according to the company\u2019s earningsrelease (pdf). Revenues rose almost 60% during the October-December period to record EGP 663.7 mn. Annually, the company\u2019s bottom line grew 47% to EGP 519.7 mn on revenues of EGP 1.96 bn, up\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":553455,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/05\/earnings-watch-qalaa-juhayna-bdc-report-3q2021-results\/","url_meta":{"origin":555456,"position":3},"title":"Earnings watch: Qalaa, Juhayna, BdC report 3Q2021 results","author":"enterpriseam admin","date":"5 December 2021","format":false,"excerpt":"Qalaa Holdings\u2019 net losses narrowed slightly to EGP 440.7 mn in 3Q2021, down 0.6% y-o-y, according to the company\u2019s earnings release (pdf). Revenues soared 46% y-o-y to EGP 12.8 bn during the quarter, which the company says was buoyed by \u201ca global rally in commodity prices and improved refining margins\u201d\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555564,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/18\/earnings-watch-efg-hermes-orascom-construction-report-3q2021-results\/","url_meta":{"origin":555456,"position":4},"title":"Earnings Watch: EFG Hermes, Orascom Construction report 3Q2021 results","author":"enterpriseam admin","date":"18 November 2021","format":false,"excerpt":"EFG Hermes\u2019 net income dropped 16% y-o-y to EGP 356 mn in 3Q2021, according to its quarterly earning release (pdf). The financial services group\u2019s revenue fell 17% to EGP 1.2 bn during the quarter mainly due to an unfavorable base effect related to a one-time private equity incentive fee booked\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555342,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/10\/earnings-watch-contact-financial-beltone-mnhd-nilesat\/","url_meta":{"origin":555456,"position":5},"title":"Earnings watch: Contact Financial, Beltone, MNHD, NileSat","author":"enterpriseam admin","date":"10 November 2021","format":false,"excerpt":"Contact Financial\u2019s net income rose 65% to EGP 114 mn in 3Q2021 from the same period in 2020, according to the company\u2019s financials (pdf) out yesterday.The results reflect growth in Contact\u2019s financing business\u2026 Contact\u2019s net income from financing across the first nine months of the year rose 60% y-o-y to\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555456","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=555456"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555456\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/555443"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=555456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=555456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=555456"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=555456"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=555456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}