{"id":555493,"date":"2021-11-16T04:02:35","date_gmt":"2021-11-16T04:02:35","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/16\/earnings-watch-fawry-elsewedy-electric-gb-auto-and-rameda\/"},"modified":"2021-11-16T04:02:35","modified_gmt":"2021-11-16T04:02:35","slug":"earnings-watch-fawry-elsewedy-electric-gb-auto-and-rameda","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/16\/earnings-watch-fawry-elsewedy-electric-gb-auto-and-rameda\/","title":{"rendered":"Earnings watch: Fawry, Elsewedy Electric, GB Auto, and Rameda"},"content":{"rendered":"

<\/a> E-payments giant Fawry saw its bottom line ease 26% to EGP 36.1 mn in 3Q2021<\/strong>, according to its earnings release (pdf)<\/a>. Revenues rose 31% y-o-y during the quarter to EGP 448.3 mn.<\/p>\n

On a nine-month basis, Fawry\u2019s net income is nevertheless up 25%<\/strong> over the same period last year at EGP 149.4 mn on revenues of EGP 1.2 bn (+33%).<\/p>\n

Banking + microfinance segments underpin revenue growth:<\/strong> The strong performance was driven by the company\u2019s banking segment, which saw revenues more than double to EGP 118.3 mn in 3Q. Its microfinance services also performed well, bringing in EGP 35.6 mn, up almost 90% from 3Q2020.<\/p>\n

Why the dip in the bottom line in 3Q?<\/strong> Fawry\u2019s bottom line remains \u201csolid\u201d despite \u201caggressive spending\u201d on <\/strong>marketing and human resources<\/strong>, it said in the release, noting that its gross and EBITDA margins improved significantly during 3Q2021 compared to the same period last year.<\/p>\n

Fawry is getting into the BNPL game<\/strong>:<\/strong> The company\u2019s buy now pay later platform, Fawry Consumer Finance, will launch next year and will \u201cstrengthen Fawry\u2019s growing presence in the financial services space\u201d and \u201cdrive further business at our acceptance segment,\u201d CEO Ashraf Sabry said. The Central Bank of Egypt has also approved the company\u2019s myFawry card<\/strong>, which it hopes to launch before the end of the year, he said. The service allows consumers to deposit and withdraw funds from anywhere across the country and it is expected to fuel the use of P2P and payout services, yielding new revenue streams for Fawry, Sabry added.<\/p>\n

\n

Elsewedy Electric\u2019s net income fell 14% y-o-y to EGP 703.9 mn in 3Q2021<\/strong>, according to the company\u2019s earnings release (pdf)<\/a>. Revenues for the quarter came in at EGP 14.9 bn, up 31% y-o-y. The company booked EGP 2.3 bn in net income in 9M2021, up 32% y-o-y, while net revenues for the nine-month period came in at EGP 40.9 bn, up 30%.<\/p>\n

Wires + turnkey projects drive top line growth:<\/strong> The company\u2019s quarterly performance was underpinned by its wires and cables segment, whose sales grew 57% to EGP 7.4 bn. Turnkey projects also saw significant growth, rising 14% to EGP 5.9 bn.<\/p>\n

Looking forward:<\/strong> \u201cManagement is encouraged by the solid performance we have<\/p>\n

delivered across our business lines \u2026 and is optimistic about Elsewedy\u2019s growth prospects and its ability to sustain strong performance,\u201d said CEO Ahmed El Sewedy.<\/p>\n

\n

GB Auto\u2019s net income dipped 11% y-o-y to EGP 332.3 mn in 3Q2021<\/strong>, the company said in its earnings release (pdf)<\/a>. Revenues rose 34% y-o-y to EGP 8.3 bn during the quarter. GB Auto reported a 39% y-o-y increase in 9M2021 revenues on the back of \u201coverall improved demand,\u201d with net income for the period soaring 60% y-o-y to EGP 1 bn.<\/p>\n

In detail:<\/strong> Revenues from the auto and auto-related segment grew 35% y-o-y to EGP 6.5 bn in 3Q2021, \u201cdriven primarily by healthy demand and increasing consumer purchasing power,\u201d the company said. Despite rising sales, the segment\u2019s bottom line dipped 21% y-o-y to EGP 185.6 mn which the company attributed to the \u201chigh base effect of capital gains in the comparable period.\u201d GB Capital delivered 26% y-o-y revenue growth to EGP 2.1 bn, while net income inched up 4.4% y-o-y to EGP 146.3 mn.<\/p>\n

Looking forward:<\/strong> GB Auto also sees strong demand in the auto sector continuing to drive its performance through the end of the year and \u201coffset the impacts of anticipated supply chain disruptions,\u201d said CEO Nader Ghabbour. The company plans to continue expanding its fintech product offerings through GB Capital to capitalize on Egypt\u2019s \u201cthriving\u201d fintech market, he said. The company is also working on finding substitutes to tuk-tuks following the Madbouly government\u2019s decision to ban imports of the three wheelers\u2019 components<\/a>, Ghabbour said. GB Auto currently has 3-6 months of tuk-tuk inventory to clear out, giving it some breathing room while it searches for substitutes, board member Mansour Kabbani told us earlier<\/a>.<\/p>\n

\n

Tent<\/strong>h of Ramadan for Pharma Industries and Diagnostic Reagents (Rameda)<\/strong> reported an 82% y-o-y increase in 3Q2021 net income to EGP 45.3 mn<\/strong>, according to the company\u2019s earnings release (pdf)<\/a>. Revenues for the quarter grew 34% to EGP 314.7 mn, buoyed by sales growth across all of Rameda\u2019s segments. Net income in the first nine months of the year rose 56% to EGP 107.1 mn on revenues of EGP 852.5 mn, up 27% from the same period in 2020.<\/p>\n

What\u2019s driving growth? <\/strong>Private sales accounted for more than two-thirds of the company\u2019s overall revenues, rising 26% to hit EGP 587.2 mn on the back of heightened demand for antivirals and antibiotics as well as the continued normalization of the market post-covid. Tender volumes fell by almost a quarter in line as Rameda reduced their contribution to sales but revenues still managed to increase 3%, accounting for 18% of its top line.<\/p>\n

Rameda\u2019s growing nutraceuticals portfolio is expected to drive short- and long-term growth<\/strong>, CEO Amr Morsy said, pointing to \u201cthe spread of covid-19 and its various strains, the MENA region\u2019s high prevalence of lifestyle diseases and the general increase in consumption of natural health and wellbeing products by more health-conscious consumers.\u201d The company is expecting to launch another four products before the year is out, three of which fall under the \u201clucrative\u201d nutraceutical sub-segment, according to Morsy.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 149.4 mn on revenues […]<\/p>\n","protected":false},"author":1,"featured_media":555494,"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":[144,302,409,152,72,519,183,241,427,449],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555493","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-automotive","tag-earnings","tag-earnings-watch","tag-elsewedy-electric","tag-enterpriseam","tag-fawry","tag-fintech","tag-gb-auto","tag-pharma","tag-rameda-pharma","wpautop","entry"],"acf":{"mongo_id":"e2edd649-babc-4343-a84c-37cbb86d5a1f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/11\/477.jpg","photo_position":"above","related_issue":[555481],"teaser":"","voice_url":""},"yoast_head":"\nEarnings watch: Fawry, Elsewedy Electric, GB Auto, and Rameda - 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\/16\/earnings-watch-fawry-elsewedy-electric-gb-auto-and-rameda\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Earnings watch: Fawry, Elsewedy Electric, GB Auto, and Rameda\" \/>\n<meta property=\"og:description\" content=\"E-payments giant Fawry saw its bottom line ease 26% to EGP 36.1 mn in 3Q2021, according to its earnings release (pdf). 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Many. Earnings.","author":"enterpriseam admin","date":"16 November 2022","format":false,"excerpt":"More robust results as we go down to the wire on earnings season: Yesterday saw another flurry of earnings releases land in our inbox, with contractors, tech, and pharma firms all posting strong results. Here\u2019s the rundown:ELSEWEDY ELECTRIC-Elsewedy Electric\u2019s revenues rose 53% to EGP 62.6 bn in 9M 2022, according\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/263.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599468,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/14\/fawrys-bottom-line-nearly-quadruples-in-1h-2023-ibnsina-reports-rise-in-earnings\/","url_meta":{"origin":555493,"position":1},"title":"Fawry\u2019s bottom line nearly quadruples in 1H 2023; Ibnsina reports rise in earnings","author":"enterpriseam admin","date":"14 August 2023","format":false,"excerpt":"Fawry\u2019s banking services segment drove revenue growth, sales at Ibnsina were up on price hikes","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/642.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582411,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/08\/fawrys-net-income-rises-70-in-2022\/","url_meta":{"origin":555493,"position":2},"title":"Fawry\u2019s net income rises 70% in 2022","author":"enterpriseam admin","date":"8 March 2023","format":false,"excerpt":"E-payments giant Fawry\u2019s adjusted net income climbed 70% y-o-y to EGP 316.9 mn in 2022, according to its earnings release (pdf). Revenues, meanwhile, rose 38% to EGP 2.3 bn for the year. Net income was adjusted to exclude the impact of EGP 73.2 mn in one-time expenses from Fawry\u2019s employee\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/fawry-koshk-1600-3.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546057,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/earnings-watch-sodic-idh-fawry-obour-land\/","url_meta":{"origin":555493,"position":3},"title":"Earnings Watch: SODIC, IDH, Fawry, Obour Land","author":"enterpriseam admin","date":"26 April 2022","format":false,"excerpt":"Real estate giant SODIC\u2019s bottom line more than doubled y-o-y in 1Q 2022 to reach EGP 226 mn, according to the company\u2019s earnings release (pdf). Revenues for the quarter came in at EGP 1.19 bn, rising 40% y-o-y.Meanwhile, our friends at the upmarket real estate developer delivered record first-quarter gross\u2026","rel":"","context":"In "EARNINGS WATCH"","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":561261,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/31\/fawry-net-income-surges-81-in-2020\/","url_meta":{"origin":555493,"position":4},"title":"Fawry net income surges 81% in 2020","author":"enterpriseam admin","date":"31 March 2021","format":false,"excerpt":"Fawry\u2019s net income increased 81% y-o-y in 2020 to reach EGP 186 mn, up from EGP 103 mn the year before, according to a company earnings release (pdf). Revenues were up almost 40% to EGP 1.2 bn, thanks to rapid growth in the company\u2019s microfinance and banking services. The strong\u2026","rel":"","context":"In "EARNINGS WATCH"","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":566017,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/23\/fawry-sees-bottom-line-surge-in-1q2021\/","url_meta":{"origin":555493,"position":5},"title":"Fawry sees bottom line surge in 1Q2021","author":"enterpriseam admin","date":"23 May 2021","format":false,"excerpt":"The EGX30 rose 0.75% at today\u2019s close on turnover of EGP 1.29 bn (2.2% above the 90-day average). Foreign investors were net sellers. The index is down 0.35% YTD. In the green: ElSewedy Electric (+4.8%), Heliopolis Housing (+3.3%) and Sodic (+1.9%). In the red: Edita (-3.7%), Oriental Weavers (-1.9%) and\u2026","rel":"","context":"In "GO WITH THE FLOW"","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555493","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=555493"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555493\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/555481"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/555494"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=555493"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=555493"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=555493"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=555493"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=555493"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}