{"id":555529,"date":"2021-11-17T04:00:31","date_gmt":"2021-11-17T04:00:31","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/17\/earnings-watch-sodic-idh-palm-hills-mm-group-vodafone-egypt\/"},"modified":"2021-11-17T04:00:31","modified_gmt":"2021-11-17T04:00:31","slug":"earnings-watch-sodic-idh-palm-hills-mm-group-vodafone-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/17\/earnings-watch-sodic-idh-palm-hills-mm-group-vodafone-egypt\/","title":{"rendered":"Earnings Watch: SODIC, IDH, Palm Hills, MM Group, Vodafone Egypt"},"content":{"rendered":"

<\/a> Upmarket r<\/strong>eal estate developer SODIC saw a 75% drop in net income during <\/strong>3Q2021<\/strong> as revenues declined due to timing differences in deliveries compared to the same period last year, according to its quarterly earnings<\/a>release (pdf)<\/a>. The company reported a bottom line of EGP 120 mn for the July-September quarter after revenues fell almost 40% to EGP 1.44 bn due to a 40% decline in delivered units.<\/p>\n

SODIC looks on track to make up the gap in the final quarter of the year: <\/strong>The company noted that \u201cthe majority of 2021 unit handovers [are] scheduled for the fourth quarter of the year.\u201d Revenues are down just 8% on a 9M basis while net income is off 37% in the same period.<\/p>\n

Remember: For real estate companies, \u201csales\u201d \u2260 \u201crevenues.\u201d <\/strong>They book a sale when you sign a contract to buy a home. But they only record (some or all) of the value of the unit it sold you when it (a) delivers the unit to you or (b) hits a percentage completion on a total project.<\/p>\n

On the sales front:<\/strong> SODIC sold 196 units during the quarter, recording gross contracted sales of EGP 1.63 bn. This compares to the 393 units sold in the same period last year when it reported EGP 2.21 bn in gross sales. New contracts were lower in large part due to the suspension of sales<\/a> in its 500-acre West Cairo project, which was put on hold in August after the Housing Ministry made adjustments to the land plot. SODIC is looking to resume sales next year once the new adjusted master-plan of the project is approved, Managing Director Magued Sherif said.<\/p>\n

Looking ahead: <\/strong>SODIC is on track to surpass forecasted sales<\/strong> for this year, due in part to the strong performance of the North Coast project June, which it launched last month. \u201cThe unprecedented success of June has put us in a good position to close another successful year with solid growth,\u201d Sherif said.<\/p>\n

\n

I<\/strong>ntegrated <\/strong>Diagnostics Holdings\u2019 (IDH) 3Q2021 net income jumped 138<\/strong>% y-o-y to<\/strong> EGP 479.7 mn<\/strong>, after revenues more than doubled to EGP 1.47 bn, according to its earnings release (pdf)<\/a>. The company\u2019s top-line growth was underpinned by a surge in covid-19-related tests and conventional tests, along with house call services in Egypt and Jordan, the EGX and LSE-listed company said.<\/p>\n

Egypt is still the company\u2019s largest market, with revenues doubling y-o-y to EGP 1.<\/strong>19<\/strong> bn.<\/strong> Covid-19-related revenues accounted for EGP 614 mn of that figure, mainly driven by growing demand for PCR tests from international travelers.<\/p>\n

The company plans to launch two new branches of Al Borg Scan over the next six months<\/strong> after setting up three branches in 3Q2021, putting it on track to hit its target of rolling out a total of 30-35 new branches throughout all of 2021. IDH also expects to deliver its highest revenues on record in FY2021, anticipating 80% y-o-y growth to EGP 4.9 bn on the back of the \u201cstrong and sustained recovery\u201d of its conventional business, as well as solid performance from its covid-19 test offerings in Egypt and Jordan.<\/p>\n

\u201cLooking ahead<\/strong>, our strategic priorities remain unchanged as we continue assisting local authorities in their battle against covid-19 while simultaneously pressing forward with our post-pandemic strategy,\u201d said CEO Hend El Sherbini.<\/p>\n

\n

Palm Hills Developments\u2019 net income fell <\/strong>27<\/strong>% y-o-y to EGP <\/strong>174.1<\/strong> mn in<\/strong> 3Q2021<\/strong>, according to the company\u2019s earnings release (pdf)<\/a>. This came despite a 22% increase in revenues, which jumped to EGP 1.88 bn in 3Q2021 on rising sales across all of its offerings.<\/p>\n

On a nine-month basis, new sales reached EGP 12.9 bn, surpassing the sales level achieved in 2020 <\/strong>and nearing their FY2021 sales target of EGP 15 bn. By our math, the real estate company sold 1,054 units in 3Q2021. The growth was mostly carried by a 755% y-o-y rise in unit sales in Badya.<\/p>\n

Looking ahead: <\/strong>The company recently inked<\/a> a EGP 2.5 bn syndicated loan agreement with Banque Misr and NBE to help finance investment costs for Palm Hills New Cairo. The company is also \u201con track\u201d to conclude several \u201con and off-balance sheet\u201d financing agreements, including the securitization of around EGP 1.1 bn of gross receivables, in the short term, said Executive Chairman Yasseen Mansour.<\/p>\n

\n

Automotive and consumer electronics retailer <\/strong>MM Group<\/a><\/strong>\u2019s net income dipped 1.5% y-o-y <\/strong>in 3Q2021 to EGP 87 mn<\/strong>, according to the company\u2019s earning release (pdf)<\/a>. Revenues inched up nealy 2% y-o-y to EGP 2.2 bn during the quarter. For the first nine months of the year, net income rose 11% y-o-y to EGP 328 mn while revenues were up 8% to EGP 7.1 bn.<\/p>\n

\n

V<\/strong>odafone Egypt\u2019s adjusted EBITDA rose by a quarter to EUR 381 mn during the <\/strong>first half of its fiscal year<\/strong>, which ended in September, according to Vodafone Group\u2019s earnings release (pdf).<\/a> Revenues saw a 13% annual increase to EUR 861 mn. Vodafone\u2019s fiscal year runs April to March.<\/p>\n","protected":false},"excerpt":{"rendered":"

Upmarket real estate developer SODIC saw a 75% drop in net income during 3Q2021 as revenues declined due to timing differences in deliveries compared to the same period last year, according to its quarterly earningsrelease (pdf). The company reported a bottom line of EGP 120 mn for the July-September quarter after revenues fell almost 40% […]<\/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":[214,302,409,72,7138,1406,1851,354,427,83,312,465],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555529","post","type-post","status-publish","format-standard","hentry","category-earnings-watch","tag-cit","tag-earnings","tag-earnings-watch","tag-enterpriseam","tag-health","tag-integrated-diagnostics-holding","tag-mm-group","tag-palm-hills-developments","tag-pharma","tag-real-estate","tag-sodic","tag-vodafone-group","wpautop","entry"],"acf":{"mongo_id":"96b08241-98ef-497c-a1ad-7b6803c97a8e","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[555516],"teaser":"","voice_url":""},"yoast_head":"\nEarnings Watch: SODIC, IDH, Palm Hills, MM Group, Vodafone Egypt - 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\/17\/earnings-watch-sodic-idh-palm-hills-mm-group-vodafone-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Earnings Watch: SODIC, IDH, Palm Hills, MM Group, Vodafone Egypt\" \/>\n<meta property=\"og:description\" content=\"Upmarket real estate developer SODIC saw a 75% drop in net income during 3Q2021 as revenues declined due to timing differences in deliveries compared to the same period last year, according to its quarterly earningsrelease (pdf). 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Revenues for the quarter doubled y-o-y to EGP 1 bn as net contracted\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":593060,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/earnings-watch-sodic-telecom-egypt-tmg-amer-group\/","url_meta":{"origin":555529,"position":1},"title":"Earnings watch: SODIC, Telecom Egypt, TMG, Amer Group","author":"enterpriseam admin","date":"17 November 2019","format":false,"excerpt":"EARNINGS WATCH- SODIC\u2019s 3Q2019 net profits came in at EGP 168 mn, with a profit margin of 12%, the company said in an earnings statement (pdf) on Thursday. Revenues for the quarter more than doubled y-o-y to EGP 1.4 bn with net contracted sales recording EGP 614 mn, dropping y-o-y\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":550440,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/27\/sodic-net-income-up-19-in-3q-2022\/","url_meta":{"origin":555529,"position":2},"title":"SODIC net income up 19% in 3Q 2022","author":"enterpriseam admin","date":"27 October 2022","format":false,"excerpt":"Real estate developer SODIC\u2019s bottom line rose 19% y-o-y in 3Q 2022 to EGP 142 mn, according to the company\u2019s earnings release (pdf). Revenues for the quarter came in at EGP 1.92 bn, up 33% thanks to accelerating deliveries at its SODIC East and Villette developments.It was a stellar quarter\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\/10\/351.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":647689,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/17\/earnings-watch-sodic-orascom-hotels-and-development-orascom-development\/","url_meta":{"origin":555529,"position":3},"title":"Earnings Watch: SODIC, Orascom Hotels and Development, Orascom Development","author":"enterpriseam admin","date":"17 May 2017","format":false,"excerpt":"EARNINGS WATCH- Our friends at SODIC reported a 321% y-o-y increase in net profit to EGP 211 mn in 1Q2017. The increase came on a 275% y-o-y increase in revenues \u201creflecting the ramp up in delivered units. Revenues were bolstered by deliveries in Eastown Residences and Westown Residences that combined\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544550,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/sodics-net-income-up-89-y-o-y-for-4q2021\/","url_meta":{"origin":555529,"position":4},"title":"SODIC\u2019s net income up 89% y-o-y for 4Q2021","author":"enterpriseam admin","date":"9 March 2022","format":false,"excerpt":"Real estate giant SODIC\u2019s net income nearly doubled during 4Q 2021, rising 89% y-o-y to EGP 518 mn, according to the company\u2019s latest earnings release (pdf). Revenues rose 81% for the quarter to record EGP 3.6 bn. For the full year, net income was up 5% to EGP 860 mn,\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\/3\/110.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586015,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/03\/sodic-posts-higher-revenues-in-1q-2023-while-inflation-impacts-sales\/","url_meta":{"origin":555529,"position":5},"title":"SODIC posts higher revenues in 1Q 2023 while inflation impacts sales","author":"enterpriseam admin","date":"3 May 2023","format":false,"excerpt":"Company pauses sales amid soaring inflation","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\/5\/164.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555529","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=555529"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555529\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/555516"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=555529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=555529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=555529"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=555529"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=555529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}