{"id":565996,"date":"2021-05-20T13:43:34","date_gmt":"2021-05-20T13:43:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/20\/oc-ci-capital-credit-agricole-report-1q2021-earnings\/"},"modified":"2021-05-20T13:43:34","modified_gmt":"2021-05-20T13:43:34","slug":"oc-ci-capital-credit-agricole-report-1q2021-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/20\/oc-ci-capital-credit-agricole-report-1q2021-earnings\/","title":{"rendered":"OC, CI Capital, Cr\u00e9dit Agricole report 1Q2021 earnings"},"content":{"rendered":"

<\/a> EARNINGS WATCH- Orascom Construction (OC) reported a bottom line of USD 23.9 mn in <\/strong>1Q2021, <\/strong>down 4.4% y-o-y from USD 25 mn in 1Q2020, the company said in an earnings statement (pdf)<\/a><\/sup>. Revenues were down 1.3% over the same quarter last year to USD 816.6 mn from USD 827.6 mn, with USD 580 mn coming from OC\u2019s operations in the Middle East and Europe and USD 236.6 mn from the US. The company saw a \u201ctangible contribution\u201d to its Egypt business from its portfolio of subsidiaries and investments in the building materials sector and from facility management and infrastructure assets, CEO Osama Bishai said. It expects demand for construction chemicals to continue to increase, driven by \u201cincreased building activity in Egypt,\u201d he added.<\/p>\n

OC\u2019s consolidated backlog excluding Besix was unchanged on a y-o-y basis at USD 5.4 bn.<\/strong> Consolidated new awards rose 11.2% y-o-y to USD 666.4 mn during the quarter. Including the group\u2019s 50% share in Besix, pro forma backlog as of the end of 1Q2021 rose 2.6% y-o-y to USD 8.1 bn.<\/p>\n

CI Capital<\/strong> reported a net loss of EGP 17 mn in 1Q2021, <\/strong>down from a bottom line of EGP 88 mn in 1Q2020, after incurring EGP 150 mn in non-recurring expenses for an employee stock ownership plan (ESOP), according to the company\u2019s earnings release (pdf)<\/a>. Normalized bottom line after tax and minority interest, which leaves out the one-off charge, came in at EGP 133 mn, up 48% from 90 mn in 1Q2021. Revenues ended the quarter up 8% y-o-y, climbing to EGP 560 mn from EGP 518 in the same quarter last year.<\/p>\n

CI Capital\u2019s leasing arm, Corplease, reported revenues EGP 282 mn during the quarter,<\/strong> down 9% y-o-y but contributing over 50% to the topline. Reefy, the group\u2019s microfinance business, saw 1Q2021 total revenues grow 35% over 1Q2020 to reach EGP 129 mn as it \u201csustained its solid performance delivering record high KPIs across all fronts fueled by aggressive rollout of new branches,\u201d the company said.<\/p>\n

Mortgage finance operations, which have only recently been added to CI Capital\u2019s business, remained in the green for the third consecutive quarter<\/strong>, reporting EGP 1.9 mn in profit on EGP 9 mn in revenues after having reversed a net loss position. Revenues from investment banking and advisory services also grew to EGP 124 mn in the quarter, up 16% from EGP 106 mn.<\/p>\n

Cr\u00e9dit Agricole\u2019s bottom line fell to EGP 378.5 mn in 1Q2021,<\/strong> compared to EGP 440 mn in 1Q2020 as its topline inched down 8% y-o-y to EGP 1.26 bn during the quarter, according to the bank\u2019s quarterly financials (pdf)<\/a><\/sup>.<\/p>\n

OTHER MARKET NEWS-<\/strong><\/p>\n

<\/a> The board of EGX-listed Speed Medical has approved a plan to list on the Dubai Financial<\/strong> Market, <\/strong>a move that would see it become the country\u2019s latest dual-listed company, according to a regulatory filing (pdf)<\/a> it made this morning. The board\u2019s approval was under the condition that shares transferred to the DFM from the EGX cannot exceed a third of the company\u2019s capital. An EGM is still due to be held to approve the transaction. Speed appointed Naeem advisory arm for initial technical and financial advice as it moves forward with the plan.<\/p>\n

The diagnostics labs operator became the first company listed on the small-cap Nilex to make the jump to the EGX<\/strong> when it completed an EGP 222 mn capital increase<\/a> late last year. The company\u2019s sales and profit boomed during the pandemic as demand grew for covid-19 testing. Speed\u2019s net income more than quadrupled in 2020<\/a>.<\/p>\n

MARKET ROUNDUP- <\/strong><\/p>\n

The EGX30 fell 0.69% at today\u2019s close<\/strong> on turnover of EGP 1.56 bn (19.5% above the 90-day average). Foreign investors were net sellers. The index is down 1.04% YTD.<\/p>\n

In the green: <\/strong>EFG (+2.1%), Cr\u00e9dit Agricole (+1.3%) and Emaar Misr (+1.3%).<\/p>\n

In the red: <\/strong>Elsewedy Electric (-4.2%), MM Group (-3.1%) and Fawry (-2.8%).<\/p>\n","protected":false},"excerpt":{"rendered":"

EARNINGS WATCH- Orascom Construction (OC) reported a bottom line of USD 23.9 mn in 1Q2021, down 4.4% y-o-y from USD 25 mn in 1Q2020, the company said in an earnings statement (pdf). Revenues were down 1.3% over the same quarter last year to USD 816.6 mn from USD 827.6 mn, with USD 580 mn coming […]<\/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":[7219],"tags":[136,409,633,503,642,125],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565996","post","type-post","status-publish","format-standard","hentry","category-go-with-the-flow","tag-ci-capital","tag-earnings-watch","tag-enterprisepm","tag-financial-services","tag-go-with-the-flow","tag-investment-watch","wpautop","entry"],"acf":{"mongo_id":"fcca9533-fd1b-432e-9a1f-edf24ce1b063","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[565987],"teaser":"","voice_url":""},"yoast_head":"\nOC, CI Capital, Cr\u00e9dit Agricole report 1Q2021 earnings - 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\/05\/20\/oc-ci-capital-credit-agricole-report-1q2021-earnings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OC, CI Capital, Cr\u00e9dit Agricole report 1Q2021 earnings\" \/>\n<meta property=\"og:description\" content=\"EARNINGS WATCH- Orascom Construction (OC) reported a bottom line of USD 23.9 mn in 1Q2021, down 4.4% y-o-y from USD 25 mn in 1Q2020, the company said in an earnings statement (pdf). 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Revenues for the quarter were up 0.1% y-o-y to USD 791.2 mn. Stable 2Q2020 revenues indicate a \u201chealthy rate of execution\u201d in the company\u2019s\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":565205,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/25\/earnings-watch-oc\/","url_meta":{"origin":565996,"position":1},"title":"Earnings Watch: OC","author":"enterpriseam admin","date":"25 March 2021","format":false,"excerpt":"The EGX30 rose 1.6% at today\u2019s close on turnover of EGP 819 mn (44.6% below the 90-day average). Foreign investors were net buyers. The index is up 0.2% YTD.In the green: Eastern Co. (+7.7%), Fawry (+2.9%) and Heliopolis Housing (+2.6%).In the red: AMOC (-2.6%), Sidi Kerir (-2.2%) and Export Development\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":[]},{"id":642941,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/27\/earnings-watch-orascom-construction-2\/","url_meta":{"origin":565996,"position":2},"title":"Earnings watch: Orascom Construction","author":"enterpriseam admin","date":"27 August 2017","format":false,"excerpt":"EARNINGS WATCH- Orascom Construction Limited (OC) reported net income attributable to shareholders in 2Q2017 of USD 23.7 mn, down from USD 26.4 mn in the same period last year. Revenues came in at USD 947.2 mn in 2Q2017 against USD 1.024 bn in the same period last year. Revenue was\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":551718,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/earnings-watch-maridive-oil-and-services\/","url_meta":{"origin":565996,"position":3},"title":"Earnings watch: Maridive Oil and Services","author":"enterpriseam admin","date":"17 July 2022","format":false,"excerpt":"EARNINGS WATCH- Maridive Oil and Services narrowed its losses to USD 10.71 mn in 1Q2022, down from USD 19.81 mn in the same quarter last year, according to the company\u2019s unaudited financials (pdf). The company\u2019s revenues fell 45% y-o-y to USD 20.59 mn, compared to USD 37.72 mn in 1Q2021.\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":[]},{"id":626099,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/30\/oc-reports-strong-2q2018-earnings-natgasoline-gets-provisional-acceptance\/","url_meta":{"origin":565996,"position":4},"title":"OC reports strong 2Q2018 earnings, Natgasoline gets provisional acceptance","author":"enterpriseam admin","date":"30 August 2018","format":false,"excerpt":"EARNINGS WATCH- Orascom Construction (OC) reported net income attributable to shareholders in 2Q2018 (pdf) of USD 50.6 mn, up 113.5% y-o-y from USD 23.7 mn in the comparable period last year. 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