{"id":573682,"date":"2020-08-13T04:06:36","date_gmt":"2020-08-13T04:06:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/13\/earnings-watch-sodic-gb-auto-sarwa-capital-report-2q2020-results\/"},"modified":"2020-08-13T04:06:36","modified_gmt":"2020-08-13T04:06:36","slug":"earnings-watch-sodic-gb-auto-sarwa-capital-report-2q2020-results","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/13\/earnings-watch-sodic-gb-auto-sarwa-capital-report-2q2020-results\/","title":{"rendered":"Earnings watch: Sodic, GB Auto, Sarwa Capital report 2Q2020 results"},"content":{"rendered":"

EARNINGS WATCH- Sodic\u2019s net profits fell 77% to EGP 40 mn in 2Q2020<\/strong> fromEGP 175 mn<\/a> during the same period last year, it said in its earnings release (pdf)<\/a>. Revenues dropped 40% during the period to EGP 645 mn as 13% of gross sales were canceled. The latest quarterly figures mean the company\u2019s net profits fell 80% during 1H2020 to EGP 68 mn, down from EGP 336 mn in the equivalent period last year. Revenues fell by almost 50% to EGP 1.07 bn during the six-month period. The number of units delivered fell from 441 in 1H2019 to 256 units this year, which the company attributes to covid-19 restrictions and the majority of deliveries being postponed to the second half of the year.<\/p>\n

The company attributed the decline in profits during the second quarter to covid-19 lockdown measures<\/strong> and sales cancellations of EGP 130 mn, increasing cancellations for 1H2020 to EGP 320 mn. Sales seem to be reviving with the lifting of lockdown restrictions though,<\/strong> with gross sales for the year returning to 2019 levels after a rebound in July.<\/p>\n

GB Auto posted net profits of EGP 115.8 mn in 2Q2020, rising from a net loss<\/strong> of EGP 8.9 mn during the same quarter last year<\/a>, the company said in its earnings release (pdf)<\/a>. Revenues during the quarter dropped 29.3% y-o-y to EGP 4.03 bn. The company\u2019s auto and auto-related (A&AR) segment\u2019s revenues fell 38.6% y-o-y to EGP 2.89 bn as a result of the country\u2019s lockdown measures. The company recorded net profits of EGP 254.2 mn in 1H2020 on revenues of EGP 9.91 bn.<\/p>\n

Demand on passenger cars was hard-hit in April and May<\/strong> as the government\u2019s lockdown measures, including a nationwide curfew and the shutdown of traffic departments, coincided with \u201cthe low seasonality associated with Ramadan and Eid,\u201d CEO Raouf Ghabbour said. GB Auto\u2019s commercial vehicle line of business also saw a slowdown during the quarter, as stagnant tourism and \u201ccorporate austerity measures saw limited fleet renewals.\u201d<\/p>\n

The company\u2019s outlook is still upbeat, with a pickup in activity as of June setting expectations for a continued rebound<\/strong> throughout 3Q2020. The reopening of traffic departments \u201ccoupled with pent up demand\u201d is already driving up foot traffic at GB Auto\u2019s showrooms, while \u201ca more streamlined regulatory environment\u201d for two- and three-wheelers is also helping to put this line of business on an upwards trajectory.<\/p>\n

Sarwa Capital\u2019s net income dropped 42% y-o-y in<\/strong> 2Q20<\/strong>20 to EGP 36 mn<\/strong>, the company said in a press release (pdf)<\/a>. Net income after minority interest during the first six months of the year came in at EGP 127 mn, down 31% y-o-y from EGP 183 mn during the comparable period last year. The company is cautiously optimistic on signs of a recovery thanks to \u201cthe rebound in activity across many asset classes,\u201d with management saying its businesses are well-positioned to capitalize on \u201cshifts in the market.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

EARNINGS WATCH- Sodic\u2019s net profits fell 77% to EGP 40 mn in 2Q2020 fromEGP 175 mn during the same period last year, it said in its earnings release (pdf). Revenues dropped 40% during the period to EGP 645 mn as 13% of gross sales were canceled. The latest quarterly figures mean the company\u2019s net profits […]<\/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":[8572],"tags":[5682,107,302,72,312,2380,5681],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-573682","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-cancellations","tag-covid-19","tag-earnings","tag-enterpriseam","tag-sodic","tag-speed-round","tag-unit-deliveries","wpautop","entry"],"acf":{"mongo_id":"f6ac4256-fd67-4473-83ba-2d152914893f","is_powered_by":true,"section_story_id":"0fe4f6bd-8bf6-4120-8fbd-63220c888e2f","story_type":"1","photo_url":"","photo_position":"above","related_issue":[573670],"teaser":"","voice_url":""},"yoast_head":"\nEarnings watch: Sodic, GB Auto, Sarwa Capital report 2Q2020 results - 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\/2020\/08\/13\/earnings-watch-sodic-gb-auto-sarwa-capital-report-2q2020-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Earnings watch: Sodic, GB Auto, Sarwa Capital report 2Q2020 results\" \/>\n<meta property=\"og:description\" content=\"EARNINGS WATCH- Sodic\u2019s net profits fell 77% to EGP 40 mn in 2Q2020 fromEGP 175 mn during the same period last year, it said in its earnings release (pdf). 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Revenues fell 17% y-o-y to EGP 340.2 mn over the quarter, down from EGP 409.1 mn. 2Q2020\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":598260,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/20\/earnings-watch-sodic-profits-dip-in-1q2019\/","url_meta":{"origin":573682,"position":3},"title":"Earnings Watch: SODIC profits dip in 1Q2019","author":"enterpriseam admin","date":"20 May 2019","format":false,"excerpt":"EARNINGS WATCH- SODIC profits dip in 1Q2019: SODIC\u2019s 1Q2019 net profits fell 24% y-o-y to EGP 161 mn from EGP 211 mn, the real estate developer said in its earnings release (pdf). Revenues rose 84% to EGP 941 mn from EGP 512 mn last year. 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