{"id":586713,"date":"2023-05-16T00:00:00","date_gmt":"2023-05-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/16\/rameda-revenues-up-14-while-profits-slip-in-1q-2023-plus-ekh-oriental-weavers-report-1q23-earnings\/"},"modified":"2023-05-16T00:00:00","modified_gmt":"2023-05-16T00:00:00","slug":"rameda-revenues-up-14-while-profits-slip-in-1q-2023-plus-ekh-oriental-weavers-report-1q23-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/16\/rameda-revenues-up-14-while-profits-slip-in-1q-2023-plus-ekh-oriental-weavers-report-1q23-earnings\/","title":{"rendered":"Rameda revenues up 14% while profits slip in 1Q 2023. PLUS: EKH, Oriental Weavers report 1Q23 earnings"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Rameda reports higher revenues, lower bottom line in 1Q 2023:<\/span><span style=\"\"> Tenth of Rama<\/span><span style=\"\">dan for <\/span><span style=\"\">Pharma Industries and Diagnostic Reagents (Rameda) net income dipped in 1Q 2023 as a solid rise in revenues failed to offset the impact of inflation and the depreciation of the EGP, it said in its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/811.pdf\" style=\"\">earnings release (pdf)<\/a><\/span><span style=\"\"> yesterday. <\/span><span style=\"font-weight:400;\">Revenues increased 14% y-o-y to EGP 392 mn on the back of higher private sales, though net profit fell c.4% to EGP 68.7 mn due to rising costs and higher interest rates.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Price hikes, high-value sales support revenues:<\/span><span style=\"\"> Rameda\u2019s private sales grew 19% y-o-y to <\/span><span style=\"\">EGP 264.3 mn \u2014 accounting for more than half of the firm\u2019s revenues during the quarter \u2014 as it <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/30532aaf-86bb-4ff5-940e-4baa0f22e973\" style=\"\">hiked prices<\/a><\/span><span style=\"font-weight:400;\"> and focused sales efforts on higher-priced products. Export sales also recorded strong growth, climbing 35% y-o-y to EGP 35.7 mn on the back of higher sales to Libya. Toll manufacturing generated EGP 40.0 mn in revenues, up 59% y-o-y due to a rise in toll manufacturing prices and enhanced utilization of some of the company\u2019s production lines.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">More hikes on the way:<\/span><span style=\"\"> Prices of products representing 77% of the company\u2019s revenues were <\/span><span style=\"font-weight:400;\">increased by an average 31% during the quarter, while those accounting for the remaining 23% were hiked by an average 55%, CEO Amr Morsy said, adding that the company is \u201clooking forward to receiving increased approvals for price hikes over the course of the year.\u201d<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Revenues were offset by rising costs:<\/span><span style=\"\"> Rameda\u2019s cost base increased almost 26% y-o-y to <\/span><span style=\"font-weight:400;\">EGP 213.2 mn due to higher raw material prices and wages, while its financing costs rose 40% on higher interest rates. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Looking ahead: <\/span><span style=\"\">\u201c<\/span><span style=\"\">Over the course of the year, we will continue pivoting strategically and <\/span><span style=\"font-weight:400;\">identifying avenues for growth as we navigate what\u2019s expected to be a challenging year ahead in our home market of Egypt,\u201d said Morsy. \u201cThe group is regularly exploring lucrative product launches and acquisition opportunities, particularly those under free pricing frameworks, as well as other business ventures beyond our local borders to further diversify our revenue streams and strengthen the resilience of our business model.\u201d<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">EKH EARNINGS, REVENUES DOWN-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">EKH income falls on lower commodity prices, weak EGP:<\/span><span style=\"\"> Egypt Kuwait Holding\u2019s (EKH) n<\/span><span style=\"\">et <\/span><span style=\"\">income attributable to shareholders fell 16% y-o-y to USD 60 mn in 1Q 2023, according to its<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/841.pdf\" style=\"\">earnings release (pdf)<\/a><\/span><span style=\"\">. The downturn came on the back of a drop in urea export prices and the depreciation of the EGP, which saw the investment company\u2019s<\/span><span style=\"font-weight:400;\"> revenues fall 23% y-o-y to USD 224.9 mn during the quarter.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Top-line growth was hampered by weaker urea prices:<\/span><span style=\"\"> Revenues from the company\u2019s <\/span><span>fertilizer and petrochemical segment fell 11% to USD 135.2 mn during the quarter <\/span><span style=\"\">due to the normalization of urea prices, which fell 32% y-o-y to an average of USD 467 per ton. AlexFert \u2014 in which <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d9df9648-599a-4fa1-a95b-588d22b7ab85\" style=\"\">EKH recently increased its indirect ownership<\/a><\/span><span style=\"\"> \u2014 saw revenues <\/span><span style=\"\">retreat 38% y-o-y t<\/span><span style=\"font-weight:400;\">o USD 77.2 mn.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The impact was partially cushioned by petchem subsidiary Sprea Misr<\/span><span style=\"\">, whose revenues <\/span><span style=\"font-weight:400;\">grew 10% y-o-y to USD 58.1 mn after the company hiked selling prices, increased sales volumes across most product lines, and upped the capacity of newly-commissioned production lines. EKH\u2019s fertilizers and petrochemicals segment \u2014 composed solely of Sprea and Alex Fert \u2014 contributed 60% of revenues during the quarter.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What they said:<\/span><span style=\"\"> \u201cWe are working diligently on enhancing our future growth prospects and are <\/span><span style=\"font-weight:400;\">proud to see that the positive results from our recently commissioned investments have already started to materialize,\u201d said CEO Sherif El Zayat. \u201cWe are looking forward to unlocking a significant stream of USD denominated revenue and cash flow following our acquisition of an additional 15% in Bawabet Al Kuwait (\u201cBKH\u201d), effectively increasing our direct and indirect stake in AlexFert.\u201d<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">ORIENTAL WEAVERS PROFITS RISE-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Oriental Weavers profits up 74% on higher revenues, China exit<\/span><span style=\"\">: <\/span><span style=\"\">Oriental Weavers\u2019 <\/span><span style=\"\">net <\/span><span style=\"\">income attributable surged 74% y-o-y to EGP 411 mn in 1Q 2023 on the back of higher revenues<\/span><span style=\"\"> and the EGP 277 mn sales proceeds from its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/be287146-06a6-49f7-ae25-8f66565abb88\" style=\"\">exit from China<\/a><\/span><span style=\"\">, according to its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/813.pdf\" style=\"\">earnings<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/813.pdf\" style=\"\">release<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/813.pdf\" style=\"\">(pdf)<\/a><\/span><span style=\"font-weight:400;\">. The carpet maker\u2019s revenues jumped 27% y-o-y to EGP 4.1 bn during the quarter.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">In detail:<\/span><span style=\"\"> Local revenues, which accounted for 37% of the firm\u2019s total revenues during the <\/span><span>quarter, rose 39% y-o-y to EGP 1.5 bn, supported by the company\u2019s decision to raise prices. <\/span><span>Woven products<\/span><span> saw the sharpest increase in sales, which <\/span><span>rose 44% y-o-y<\/span><span> due to rising sales and a 30% increase in prices. Export revenues, meanwhile, climbed 21% y-o-y to EGP 2.6 bn, driven by the devaluation of the EGP. Sales in the GCC region recorded the strongest growth, rising 60% y-o-y.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rameda\u2019s private sales generated more than half of the company\u2019s revenues during the quarter.<\/p>\n","protected":false},"author":1,"featured_media":586714,"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":[409,1668,72,131,1202,705,427,449],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586713","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-egypt-kuwait-holding","tag-enterpriseam","tag-manufacturing","tag-oriental-weavers","tag-petrochemicals","tag-pharma","tag-rameda-pharma","wpautop","entry"],"acf":{"mongo_id":"98eb750b-cea3-44e2-9372-8de0049f9045","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/822.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Rameda revenues up 14% while profits slip in 1Q 2023. PLUS: EKH, Oriental Weavers report 1Q23 earnings","related_issue":[586701],"teaser":"Rameda\u2019s private sales generated more than half of the company\u2019s revenues during the quarter.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.8ce42641-919f-4364-add2-f1ca8897b4e4.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Rameda revenues up 14% while profits slip in 1Q 2023. 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