{"id":593017,"date":"2019-11-14T04:00:51","date_gmt":"2019-11-14T04:00:51","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/14\/earnings-watch-orascom-development-egypt-gb-auto-credit-agricole-raya-holding-amoc\/"},"modified":"2019-11-14T04:00:51","modified_gmt":"2019-11-14T04:00:51","slug":"earnings-watch-orascom-development-egypt-gb-auto-credit-agricole-raya-holding-amoc","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/14\/earnings-watch-orascom-development-egypt-gb-auto-credit-agricole-raya-holding-amoc\/","title":{"rendered":"Earnings watch: Orascom Development Egypt, GB Auto, Credit Agricole, Raya Holding, AMOC,"},"content":{"rendered":"

EARNINGS WATCH- Orascom Development Egypt (ODE) reported net profits of <\/strong>EGP 107.4 mn in 3Q2019<\/strong>, up from EGP 89.5 mn in 3Q2018. The company\u2019s revenues rose to EGP 1 bn from EGP 868.1 mn during the same quarter last year, according to the company\u2019s financial statements (pdf)<\/a>. In 9M2019, ODE more than doubled its net profits, increasing 82.9% y-o-y to EGP 501 mn. Revenues also increased 39.4% during the first nine months of the year to EGP 3.3 bn from EGP 2.3 bn on the back of enhanced operational performance across all business segments. Looking ahead, ODE is looking to further increase its revenues through new real estate sales, capitalizing on its O West project as well as El Gouna and Makadi Heights.<\/p>\n

GB Auto posted a net loss of EGP 8.3 mn in 3Q2019<\/strong> as revenues dropped 13.1% y-o-y. On a q-o-q basis, however, revenues rose 19.7% to EGP 6.7 bn, according to an earnings release (pdf)<\/a>. The company\u2019s 9M2019 losses hit EGP 1.2 mn, after having turned a profit in 1Q2019<\/a>. Revenues during the first nine months of the year dipped 1.5% y-o-y to EGP 18.3 bn. The company\u2019s Auto & Auto-Related (A&AR) segment accounted for the bulk of revenues, which accounted for EGP 5.7 bn of revenues in 3Q2019.<\/p>\n

Impact of zero customs on EU cars narrows:<\/strong> The company maintained growth in its top-line models despite the elimination of customs on cars of European origin<\/a>, mainly supported by Egypt\u2019s passenger cars and two- and three-wheelers segments in 3Q2019. GB Auto has also reduced its inventory of passenger car models facing stiff competition from European, Moroccan and Turkish counterparts that now have a pricing advantage, GB Auto CEO Raouf Ghabbour said. But the new regulations did damage the company\u2019s bottom-line products, forcing them to liquidate 90% of its loss-making inventory.<\/p>\n

Looking ahead:<\/strong> Ghabbour sees margins normalizing heading into 2020 despite the regulatory changes resulting in halting licenses for three-wheelers<\/a>. \u201cGoing forward we are confident that the strong fundamentals that underpin the Egyptian and Iraqi markets will continue to help drive our operational and financial performance as our volumes and sales continue to grow and as margins begin to normalize,\u201d Ghabbour said.<\/p>\n

Credit Agricole Egypt\u2019s net profits increased to EGP 1.9 bn in 9M2019<\/strong> from EGP 1.7 bn in 9M2018, according to an EGX disclosure<\/a>.<\/p>\n

Raya Holding for Financial Investments reported net losses of EGP 103 mn in 9M2019<\/strong>, increasing from losses of EGP 5.63 mn in 9M2018,the company said in a bourse disclosure (pdf)<\/a>.<\/p>\n

Alexandria Mineral Oils profits plunge 87.4% y-o-y in 3Q2019:<\/strong> Alexandria Mineral Oils\u2019 (AMOC) net income dropped to EGP 31.8 mn in 3Q2019, compared to EGP 253.1 mn in 3Q2018, the company said in a bourse filing (pdf)<\/a>. Sales dropped during the same period to EGP 3.125 bn against EGP 4.105 bn last year.<\/p>\n","protected":false},"excerpt":{"rendered":"

EARNINGS WATCH- Orascom Development Egypt (ODE) reported net profits of EGP 107.4 mn in 3Q2019, up from EGP 89.5 mn in 3Q2018. The company\u2019s revenues rose to EGP 1 bn from EGP 868.1 mn during the same quarter last year, according to the company\u2019s financial statements (pdf). In 9M2019, ODE more than doubled its net […]<\/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":[302,257,72,4269,256,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-593017","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-earnings","tag-el-gouna","tag-enterpriseam","tag-makadi-heights","tag-orascom-development-egypt","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"99ed57c0-1858-453d-b8dc-8531a6c37b02","is_powered_by":true,"section_story_id":"b3d42c78-d202-4c3e-9f10-5a5737b3b632","story_type":"1","photo_url":"","photo_position":"above","related_issue":[593001],"teaser":"","voice_url":""},"yoast_head":"\nEarnings watch: Orascom Development Egypt, GB Auto, Credit Agricole, Raya Holding, AMOC, - 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\/2019\/11\/14\/earnings-watch-orascom-development-egypt-gb-auto-credit-agricole-raya-holding-amoc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Earnings watch: Orascom Development Egypt, GB Auto, Credit Agricole, Raya Holding, AMOC,\" \/>\n<meta property=\"og:description\" content=\"EARNINGS WATCH- Orascom Development Egypt (ODE) reported net profits of EGP 107.4 mn in 3Q2019, up from EGP 89.5 mn in 3Q2018. 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ODE\u2019s consolidated revenue rose 38.8% last year to EGP 4.7 bn up from EGP 3.3 bn in 2018 on the back of real estate sales soaring 202.5%\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":596220,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/21\/earnings-watch-orascom-development-egypt-arabian-cement\/","url_meta":{"origin":593017,"position":1},"title":"Earnings watch: Orascom Development Egypt, Arabian cement","author":"enterpriseam admin","date":"21 August 2019","format":false,"excerpt":"EARNINGS WATCH- ODE doubles y-o-y profit to EGP 205 mn in 2Q2019: Orascom Development Egypt (ODE) doubled its net profits in 2Q2019 to EGP 205.2 mn, up from EGP 101.5 mn in the same period last year, according to an EGX earnings statement (pdf). Revenues for the quarter climbed 50.9%\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":572045,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/09\/earnings-watch-orascom-development-eastern-company\/","url_meta":{"origin":593017,"position":2},"title":"Earnings Watch: Orascom Development, Eastern Company","author":"enterpriseam admin","date":"9 June 2020","format":false,"excerpt":"EARNINGS WATCH- Orascom Development profits fall 50% in 1Q2020: Orascom Development Egypt (ODE) profits fell 51% year-on-year to EGP 92 mn in 1Q2020 as the disruption caused by the covid-19 pandemic hurt its tourism operations, according to the company\u2019s earnings statement (pdf). \u201cDespite the disruptions caused by covid-19, ODE is\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":577246,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/edita-gb-auto-e-finance-ode-and-ekh-report-3q-2022-earnings\/","url_meta":{"origin":593017,"position":3},"title":"Edita, GB Auto, e-Finance, ODE and EKH report 3Q 2022 earnings","author":"enterpriseam admin","date":"15 November 2022","format":false,"excerpt":"Bold-name companies were in with buzzer-beaters as 3Q earnings season winds down. Real estate players continued to post strong results, as have food, investment, automotive, consumer finance and payments players. 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