{"id":558866,"date":"2021-08-30T04:01:41","date_gmt":"2021-08-30T04:01:41","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/30\/the-great-2021-egyptian-earnings-recovery-continues\/"},"modified":"2021-08-30T04:01:41","modified_gmt":"2021-08-30T04:01:41","slug":"the-great-2021-egyptian-earnings-recovery-continues","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/30\/the-great-2021-egyptian-earnings-recovery-continues\/","title":{"rendered":"The Great 2021 Egyptian Earnings Recovery continues"},"content":{"rendered":"

<\/a> Cleopatra sees another quarter of rapid growth:<\/strong> Cleopatra Hospitals Group (CHG) saw net earnings surge more than 6x to EGP 94.1 mn in 2Q2021, up from EGP 14 mn last year, according to the company\u2019s latest earnings release (pdf)<\/a>. Bottom line growth was underpinned by a solid increase in revenues, which almost doubled to EGP 643.6 mn from EGP 340.2 mn in 2Q2020.<\/p>\n

Top-line growth came on the back of a 72% y-o-y hike in case numbers<\/strong>, as well as \u201cimproving utilization rates, an increasingly optimised service mix, and the effective ramp up of the group\u2019s newer revenue verticals,\u201d the company said. Patients served and consolidated revenue both managed to edge up 2% on an already strong first quarter<\/a>, despite the usual slowdown due to the Ramadan and Eid holidays. As in 1Q2021, CHG saw revenue from its established hospitals bolstered by its newer covid-19 services, outpatient pharmacy and diagnostics centers, and polyclinics, where revenues more than tripled y-o-y in the second quarter.<\/p>\n

A covid rebound, and then some:<\/strong> Though the extent of the rebound is magnified by the large fall in income<\/a> suffered during lockdown in 2Q2020, the second-quarter profits this year are well above the EGP 42.6 mn reported in the pre-covid era in 2Q2019, while revenues are almost 60% higher than in 2019.<\/p>\n

Looking ahead: <\/strong>CHG is hoping to consolidate its first-half success into longer-term growth. The group wants to cement itself as the market leader in online and digitally-enhanced healthcare services under its digital transformation strategy, \u201ca key area of focus for the Group and one which we are confident will be a main driver of sustainable growth,\u201d CEO Ahmed Ezzeldin said. The firm is also planning for a post-covid future at its two designated coronavirus hospitals, Queens and El Katib. Otherwise, the focus will be on revenue diversification, quality enhancement, integration and expansion.<\/p>\n

Whatever happened to the Alex Medical acquisition?<\/strong> A few months back, CHG was excited about its potential acquisition of Alexandria Medical Services, writing in its 1Q earnings release<\/a> that the acquisition would see CHG \u201cexpand its geographic footprint into Egypt\u2019s second-largest city while meeting the rising demand for high-quality healthcare in Alexandria.\u201d After a protracted bidding war<\/a>, Ezeldin says only that \u201cwe continue to assess potential opportunities to expand our geographic presence across our traditional Greater Cairo market and beyond.\u201d<\/p>\n

\n

<\/a> Orascom Construction net income almost tripled y-o-y in 2Q2021 <\/strong>as the company bounced back from a tough second quarter last year, according to its latest earnings release (pdf)<\/a>. The company reported a USD 26.5 mn profit for the April-June period this year, up from USD 9.5 mn last year, while revenues were up 9.8% to reach USD 868.4 mn<\/p>\n

The covid recovery isn\u2019t complete yet: <\/strong>Profits haven\u2019t yet rebounded to their 2Q2019 levels, when the company earned USD 31.3 mn<\/a>. Net income fell almost 70% during the second quarter last year as the covid lockdown and global disruption hit the company\u2019s operations.<\/p>\n

New awards increased 57% y-o-y in 2Q2021 to hit USD 1.1 bn<\/strong>, of which USD 350 mn stemmed from projects in Egypt and USD 790 mn were through US subsidiaries. New projects were led by a pickup in US business, particularly in the building of data centers, while new Egyptian business was concentrated in the water and industrial sectors. Consolidated backlog excluding the group\u2019s 50% share in BESIX increased 8.8% y-o-y to USD 5.9 bn. Including BESIX, pro forma backlog increased 6% y-o-y to USD 8.4 bn as of end-June.<\/p>\n

Income from subsidiaries, building materials, facilities management and infrastructure assets performed well for a second quarter<\/strong>, accounting for 22% of all first-half net income. \u201cWe are focused on growing this part of our business, which should continue to benefit from sustained demand for building materials coupled with our efforts to pursue new investments that provide us with recurring income,\u201d said OC CEO Osama Bishai.<\/p>\n

OC also generated positive operating cashflow in the second quarter,<\/strong> though not enough to compensate for the first quarter. \u201cThat said, we are on the right trajectory and are working diligently to conclude the year on a positive note,\u201d Bishai said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cleopatra sees another quarter of rapid growth: Cleopatra Hospitals Group (CHG) saw net earnings surge more than 6x to EGP 94.1 mn in 2Q2021, up from EGP 14 mn last year, according to the company\u2019s latest earnings release (pdf). Bottom line growth was underpinned by a solid increase in revenues, which almost doubled to EGP […]<\/p>\n","protected":false},"author":1,"featured_media":558867,"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":[2336,409,72,363],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-558866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-alexandria-medical-services","tag-earnings-watch","tag-enterpriseam","tag-orascom-construction","wpautop","entry"],"acf":{"mongo_id":"4ca40760-b427-460f-8dce-122cb96a049e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/8\/304.jpg","photo_position":"above","related_issue":[558858],"teaser":"","voice_url":""},"yoast_head":"\nThe Great 2021 Egyptian Earnings Recovery continues - 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\/08\/30\/the-great-2021-egyptian-earnings-recovery-continues\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Great 2021 Egyptian Earnings Recovery continues\" \/>\n<meta property=\"og:description\" content=\"Cleopatra sees another quarter of rapid growth: Cleopatra Hospitals Group (CHG) saw net earnings surge more than 6x to EGP 94.1 mn in 2Q2021, up from EGP 14 mn last year, according to the company\u2019s latest earnings release (pdf). 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This came on the back of 16% growth in revenues to EGP 623.8 mn.On a nine-month basis: CHG\u2019s\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/enterpriseam.com\/egypt\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":576409,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/23\/earnings-watch-cleopatra-hospitals-orascom-investment-holding\/","url_meta":{"origin":558866,"position":1},"title":"Earnings watch: Cleopatra Hospitals, Orascom Investment Holding","author":"enterpriseam admin","date":"23 November 2020","format":false,"excerpt":"EARNINGS WATCH- Cleopatra Hospitals Group\u2019s net profit rose 11% y-o-y in 3Q2020 to EGP 80 mn, up from EGP 72.2 mn last year, according to the company\u2019s earnings release (pdf). Revenues grew 16% to EGP 536 mn in the third quarter, up from EGP 462 mn a year ago. \u201cMargins\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":571449,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/earnings-watch-edita-profit-falls-by-44-in-1q2020-cleopatra-hospitals-on-track-for-50-profit-gain\/","url_meta":{"origin":558866,"position":2},"title":"Earnings watch: Edita profit falls by 44% in 1Q2020; Cleopatra Hospitals on track for 50% profit gain","author":"enterpriseam admin","date":"12 May 2020","format":false,"excerpt":"EARNINGS WATCH- Edita quarterly profit hit by covid-19: The covid-19 pandemic sapped Edita\u2019s profitability during 1Q2020, with the snack food maker reporting yesterday (pdf) a 44% y-o-y drop in net profit. The company announced it had generated EGP 64.4 mn in profits during the three-month period, down substantially from EGP\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":602064,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/18\/earnings-watch-cleopatra-beltone-financial-report-2018-results\/","url_meta":{"origin":558866,"position":3},"title":"Earnings watch: Cleopatra, Beltone Financial report 2018 results","author":"enterpriseam admin","date":"18 March 2019","format":false,"excerpt":"EARNINGS WATCH- Cleopatra Hospitals Group reported a 168% y-o-y increase in net profit in 4Q2018 to EGP 90.2 mn, up from EGP 33.6 mn in 4Q2017, according to the company\u2019s earnings release (pdf). Revenues for the quarter stood at EGP 394 mn, up 27% y-o-y from EGP 309.6 mn in\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":546422,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/earnings-edita-abk-egypt\/","url_meta":{"origin":558866,"position":4},"title":"Earnings: Edita, ABK Egypt","author":"enterpriseam admin","date":"16 May 2022","format":false,"excerpt":"Edita Food Industries\u2019 net income rose 86% y-o-y in 1Q 2022 to EGP 148.1 mn, according to the company\u2019s latest earnings release (pdf). The company said that bottom line growth \u201creflected improved performance down the income statement\u201d, with revenues jumping 34% y-o-y to EGP 1.56 bn, backed by strong performance\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\/5\/195.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546819,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/30\/earnings-watch-cleopatra-hospitals-macro-group\/","url_meta":{"origin":558866,"position":5},"title":"Earnings Watch: Cleopatra Hospitals + Macro Group","author":"enterpriseam admin","date":"30 May 2022","format":false,"excerpt":"Cleopatra Hospitals Group\u2019s (CHG) net income eased 5% y-o-y to EGP 102.4 mn in 1Q 2022, according to the company\u2019s latest earnings release (pdf). Revenues rose 1% y-o-y to EGP 636.9 mn during the quarter, despite a fall in covid-related revenues as the pandemic receded.The pandemic is fading out of\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\/5\/398.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\/558866","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=558866"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558866\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/558858"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/558867"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=558866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=558866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=558866"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=558866"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=558866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}