{"id":576217,"date":"2020-11-16T03:58:57","date_gmt":"2020-11-16T03:58:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/16\/earnings-watch-at-the-buzzer-lots-and-lots-and-lots-of-3q2020-earnings\/"},"modified":"2020-11-16T03:58:57","modified_gmt":"2020-11-16T03:58:57","slug":"earnings-watch-at-the-buzzer-lots-and-lots-and-lots-of-3q2020-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/16\/earnings-watch-at-the-buzzer-lots-and-lots-and-lots-of-3q2020-earnings\/","title":{"rendered":"Earnings Watch: At the buzzer: Lots and lots and lots of 3Q2020 earnings"},"content":{"rendered":"

EARNINGS WATCH- Lots and lots of companies released earnings at the buzzer yesterday<\/strong>, the final day for listed corporations to release their 3Q numbers without incurring late fines.<\/p>\n

CIB will postpone the release of its third quarter financials<\/strong> until the bank completes its <\/strong>internal review <\/strong>of the findings of a central bank audit<\/a> that last month suggested CIB was in violation of some (unspecified) banking regulations, the bank said in a statement<\/a>. CIB did not specify when it expects to publish its 3Q results, but said it would release additional updates when appropriate. The bank said it is working with its external auditors (PwC and Deloitte) to review the CBE\u2019s findings<\/p>\n

No adverse impact: <\/strong>\u201cAt this time, following a preliminary internal review, we do not expect the impact of the findings to have a material adverse effect on the current financial condition of CIB,\u201d the bank said in its statement, which said its board meeting on 14 November 2020 agreed that the release of 3Q figures would be postponed \u201cuntil the Bank completes its review process, in coordination with its external auditors.\u201d<\/p>\n

GB Auto posted net profits of EGP 375 mn in 3Q2020,<\/strong> up from a net loss of EGP 8.3 mn during the same quarter last year<\/a>, the company said in its earnings release (pdf)<\/a>. Revenues dropped 8.5% y-o-y to EGP 6.2 bn. The company\u2019s auto and auto-related (A&AR) revenues fell 14.5% y-o-y due to the impact of the pandemic. That said, the A&AR segment saw a turnaround this quarter, with revenues surging 68% q-o-q to EGP 4.8 bn as demand picked up amid recovering business conditions. \u201cOur third quarter results reflect an encouraging recovery across our markets as conditions normalize and demand picks up<\/strong> at the majority of our business lines, exceeding the most bullish expectations,\u201d CEO Raouf Ghabbour said.<\/p>\n

Looking ahead, <\/strong>GB Auto is \u201ccautiously optimistic regarding market conditions and will remain vigilant in the face of any eventuality,\u201d Ghabbour said. The company is anticipating a continued recovery in its A&AR segment and further growth in passenger car sales, with two- and three-wheelers to continue to benefit from \u201cstrong market fundamentals,\u201d he added.<\/p>\n

Ibnsina Pharma\u2019s net profits fell 22% y-o-y to EGP 111.6 mn in 3Q2020<\/strong>, from EGP 142.4 mn in 3Q2019, according to the company\u2019s earnings release (pdf)<\/a>. Revenues were up 10% to EGP 4.8 bn from EGP 4.4 bn in the same quarter last year. Commenting on the results, CEO Omar Abdel Gawad said \u201cdespite the undeniable challenges faced by the pharma industry in 2020, Ibnsina Pharma has managed to increase its market share of the retail segment to 22.8% as of 9M2020, up from 20.8% one year previously.\u201d<\/p>\n

Looking ahead<\/strong>, Ibnsina expects the market to overcome \u201cthe lingering effects\u201d of the pandemic and its restrictions in the coming quarters. The company plans to push on with its long-term strategy, which includes a digital financial platform giving customers access to multiple fintech products, a pharmacy management system and a supplier self-service platform.<\/p>\n

Arabia Investments Holding\u2019s (AIH) 3Q2020 net profits increased 250% y-o-y to EGP 31 <\/strong>mn<\/strong> from EGP 9 mn last year, according to a company earnings release (pdf)<\/a>. Revenues for the quarter were up 157% y-o-y to EGP 637 mn, driven by 181% y-o-y growth in construction and building materials revenues, and a 42% y-o-y growth in the non-banking financial services (NBFS) revenues. Subsidiary UE Finance saw its portfolio triple during the quarter to EGP 2.1 bn, while its Rawaj auto sales were up 25% y-o-y for the quarter.<\/p>\n

Looking ahead<\/strong>, AIH plans to double its business over the coming three years by adding new services and products across its investments, expanding geographically, and adding new investments and companies to its NBFS portfolio.<\/p>\n

Orascom Development Egypt (ODE) reported a 76% y-o-y increase in net profits to EGP <\/strong>189 mn in 3Q2020<\/strong> from EGP 107.4 mn last year, according to the company\u2019s earnings release (pdf)<\/a>. Revenues increased 32% y-o-y to EGP 1.3 bn during the quarter, down from EGP 1 bn during the same period last year.<\/p>\n

Pioneers Holding\u2019s net profits more than halved to EGP 66.1 mn in 3Q2020<\/strong> from EGP 136.9 mn in the same period last year, according to the company\u2019s financials (pdf)<\/a>. Pioneers 3Q2020 revenues fell to EGP 1.6 bn from EGP 1.8 bn last year.<\/p>\n

Emaar Misr reported net profits of EGP 440 mn in 3Q2020,<\/strong> down from EGP 534 mn in the same quarter of last year, according to its financial statements (pdf)<\/a>. The drop in profits came despite revenues rising 43% to EGP 1.27 bn, up from EGP 883 mn in 3Q2019.<\/p>\n

Obour Land reported net profits of EGP 99.4 mn for 3Q2020<\/strong>, a 12% y-o-y decline from EGP 113.3 mn in 2019, according to an earnings release (pdf)<\/a>. Net revenues for the quarter were up 9% y-o-y to EGP 795.5 mn.<\/p>\n

B Investments reported net profits of EGP 30.6 mn in 3Q2020,<\/strong> down 22% from EGP 37.4 mn in the same period last year, according to a company earnings release (pdf)<\/a>.<\/p>\n

Eastern Company reported net profits of EGP 1.2 bn in 3Q2020<\/strong>, up 10% y-o-y from EGP 1 bn last year, according to a bourse filing<\/a>.<\/p>\n

The Egyptian Resorts Company returned to profit in 9M2020<\/strong>, reporting a EGP 22,1 mn profit for the period compared to a EGP 15.2 mn loss last year, according to a bourse filing<\/a>.<\/p>\n

Arabian Cement reported net losses of EGP 34.5 mn for 3Q2020<\/strong>, down from a net profit of EGP 5.8 mn during the same period last year, according to the company\u2019s consolidated financial statements (pdf)<\/a>. Sales revenues fell 17% to EGP 592 mn during the quarter, from EGP 712 mn in 3Q2019.<\/p>\n

Arab Dairy posted a net loss of EGP 3.3 mn in 9M2020<\/strong>, down from a net profit of EGP 20.6 mn in the same period last year, according to financial statements<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

EARNINGS WATCH- Lots and lots of companies released earnings at the buzzer yesterday, the final day for listed corporations to release their 3Q numbers without incurring late fines. CIB will postpone the release of its third quarter financials until the bank completes its internal review of the findings of a central bank audit that last […]<\/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":[2812,2728,1236,140,302,247,4164,1527,72,241,1414,723,256,3307,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-576217","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-arab-dairy","tag-arabia-investments-holding","tag-arabian-cement","tag-b-investments","tag-earnings","tag-eastern-company","tag-egyptian-resorts-company","tag-emaar-misr","tag-enterpriseam","tag-gb-auto","tag-ibnsina-pharma","tag-obour-land","tag-orascom-development-egypt","tag-pioneers-holding","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"3b19f5d3-4702-4054-9bd5-849d08c2c066","is_powered_by":true,"section_story_id":"77e5f976-0a11-4547-b842-b6f84f434d61","story_type":"1","photo_url":"","photo_position":"above","related_issue":[576203],"teaser":"","voice_url":""},"yoast_head":"\nEarnings Watch: At the buzzer: Lots and lots and lots of 3Q2020 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\/2020\/11\/16\/earnings-watch-at-the-buzzer-lots-and-lots-and-lots-of-3q2020-earnings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Earnings Watch: At the buzzer: Lots and lots and lots of 3Q2020 earnings\" \/>\n<meta property=\"og:description\" content=\"EARNINGS WATCH- Lots and lots of companies released earnings at the buzzer yesterday, the final day for listed corporations to release their 3Q numbers without incurring late fines. 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CIB\u2019s capital adequacy ratio also rose 6% y-o-y to 19.1%, which is above the minimum\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":572973,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/15\/earnings-watch-cib-reports-1h2020-results-oih-turns-a-profit-in-1q2020\/","url_meta":{"origin":576217,"position":2},"title":"Earnings watch: CIB reports 1H2020 results, OIH turns a profit in 1Q2020","author":"enterpriseam admin","date":"15 July 2020","format":false,"excerpt":"EARNINGS WATCH- CIB\u2019s net profits dipped 4% y-o-y to EGP 2.6 bn in 2Q2020 on revenues of EGP 6.23 bn, which rose 20% y-o-y. The country\u2019s largest private-sector bank decided to take on \u201cthe highest permissible provision band\u201d during the quarter in a move that was \u201cnot only grounded by\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":602526,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/31\/aind-reports-record-egp-72-7-mn-net-profit-in-2018\/","url_meta":{"origin":576217,"position":3},"title":"AIND reports record EGP 72.7 mn net profit in 2018","author":"enterpriseam admin","date":"31 March 2019","format":false,"excerpt":"EARNINGS WATCH- B Investments posted net profits of EGP 194 mn in 2018, a 46% increase from the EGP 133 mn net profit reported in 2017, according to the company\u2019s earnings statement (pdf). This was driven by a 43% rise in revenues, which increased to EGP 245 mn in 2018\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":645460,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/20\/cib-delivers-record-earnings-in-1h17\/","url_meta":{"origin":576217,"position":4},"title":"CIB delivers record earnings in 1H17","author":"enterpriseam admin","date":"20 July 2017","format":false,"excerpt":"EARNINGS WATCH- CIB delivered another record top- and bottom-line performance during the first half of the year as it released its earnings late last night. The lender delivered 29% revenue growth to EGP 6.88 bn, while its bottom line grew 29% over the same period last year to EGP 3.56\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":565298,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/31\/earnings-watch-b-investments-glaxosmithkline\/","url_meta":{"origin":576217,"position":5},"title":"Earnings Watch: B Investments, GlaxoSmithKline","author":"enterpriseam admin","date":"31 March 2021","format":false,"excerpt":"The EGX30 fell 1.6% at today\u2019s close on turnover of EGP 1.21 bn (16.4% below the 90-day average). Foreign investors were net sellers. The index is down 2.6% YTD.In the green: Orascom Financial (+5.0%), Heliopolis Housing (+0.6%) and Madinet Nasr Housing (+0.5%).In the red: Fawry (-4.4%), Pioneers (-2.6%) and Ibnsina\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\/576217","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=576217"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/576217\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/576203"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=576217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=576217"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=576217"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=576217"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=576217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}