{"id":601444,"date":"2019-02-28T03:38:47","date_gmt":"2019-02-28T03:38:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/28\/earnings-watch-edita-elsewedy-electric-gb-auto-ekh-phd-acc-nbk\/"},"modified":"2019-02-28T03:38:47","modified_gmt":"2019-02-28T03:38:47","slug":"earnings-watch-edita-elsewedy-electric-gb-auto-ekh-phd-acc-nbk","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/28\/earnings-watch-edita-elsewedy-electric-gb-auto-ekh-phd-acc-nbk\/","title":{"rendered":"Earnings Watch: Edita, Elsewedy Electric, GB Auto, EKH, PHD, ACC, NBK"},"content":{"rendered":"

<\/a> EARNINGS WATCH- High-profile snackfood maker Edita recorded a 20.4% y-o-y increase in net profit in 4Q2018<\/b> to EGP 128.3 mn, up from EGP 106.6 mn in 4Q2017, according to the company\u2019s earnings release (pdf)<\/a><\/u>. Revenues for the quarter reached EGP 1.1 bn, up 13.2% y-o-y from EGP 958 mn in 4Q2017 \u201con the back of both higher volumes and improved pricing as the company captured growing market demand with an optimized product mix.\u201d Edita boss Hani Berzi noted that the company\u2019s \u201cstrong performance for the year was driven by our strategy to capture growing demand with a tailored product mix suited for today\u2019s market dynamics. The results are clear with volumes fast recovering to levels seen only before the devaluation of the EGP.\u201d The year also saw flagship wafer brand, Fresca, launch in Morocco \u2014 as well as the leading snack producer maintaining its market position in core segments, holding a nearly 53% share of the cake market and growing its share of the croissant market to 64%. On a regional level, Edita\u2019s gross export sales were up 33.0% y-o-y to EGP 315.9 mn, making up 8.3% of total revenues. The company highlighted growth opportunities <\/b>in new production lines, new market segments, export growth and direct penetration to North African markets.<\/p>\n

Egyptian Kuwait Holding (EKH) reported a 40% growth in recurring profit in FY2018<\/b> to close the year with USD 95.1 mn on the bottom line, the company said in its earnings release (pdf)<\/a><\/u>. EKH\u2019s consolidated revenues in FY 2018 were up 16% to USD 480.2 mn. EKH flagged up significant catalysts for future growth <\/b>in the earnings statement, noting that new seismic survey analysis has \u201crevealed potential natural gas reserves of c.2,352 bn cubic feet\u201d at its Offshore North Sinai (ONS) concession, which \u201csignificantly adds to ONS\u2019 long-term growth potential and its ability to generate important new incremental value to our shareholders for years to come.\u201d Suggesting a further upgrade in ONS\u2019 total production profile could be on the cards, EKH said \u201cexpansion in the upstream natural gas business is at the core of our growth strategy and comes at exactly the right moment as Egypt is positioning itself as the premier energy hub in the eastern Mediterranean.\u201d The company is also expanding its electricity generation capacity and growing into the electricity distribution market to \u201cbuild a fully-integrated power provider\u201d and is looking to replicate its \u201cour home-market success in natural gas distribution on a regional scale,\u201d company chairman Moataz Al Alfi said.<\/p>\n

GB Auto reported a consolidated net profit of EGP 93.8 mn in 4Q2018<\/b>, reversing a consolidated net loss of EGP 222.6 mn in 4Q2017 as the market began recovering, according to the company\u2019s earnings release (pdf)<\/a><\/u>. Revenues for the quarter hit EGP 7.0 bn, up 28.4% y-o-y. \u201c2018 was by all measures a year of market recovery and growth for our Group, yet by no means was it one without challenges,\" said GB Auto CEO Raouf Ghabbour. \u201cWe successfully realigned our portfolio and sales mix to shifting market dynamics and captured the recovery in consumer demand, while simultaneously having to navigate and absorb the ripple effects of new macro and market-level regulation.\u201d Looking ahead, GB Auto is focusing on efficiency and continued optimization of its portfolio<\/b>, noting the importance of working capital efficiency this year and saying, \u201cOur strategy will see us grow our [local assembly] offerings during the second half of 2019 and expand our [full import] offerings to stay ahead of the competition.\u201d<\/p>\n

Elsewedy Electric reported a 17.3% y-o-y drop in net profit<\/b> after tax to EGP 1.5 bn in 4Q2018<\/b>, down from EGP 1.8 bn in 4Q2017, the company said in its earnings release (pdf)<\/a><\/u>. Revenues for the quarter grew 12.8% y-o-y to EGP 12.2 bn from EGP 10.8 bn in 4Q2017. Management attributed the growth in the topline to growth in the company\u2019s turnkey projects for the quarter. \u201cAs demand for infrastructure investment continues to grow and as Africa is emerging as an important component in global supply chain, we are proud to be at the forefront of such challenging yet exciting frontiers,\u201d CEO Ahmed Elsewedy said. \u201cWe are especially proud of our upcoming joint venture with The Arab Contractors in carrying out the USD 2.9 bn EPC contract for the Rufiji Hydropower Project in Tanzania which was awarded in December.\u201d looking ahead, the company is looking to \u201cengaging expansion opportunities, both organic or inorganic.\u201d<\/p>\n

Palm Hills Development (PHD) <\/b>reported a net profit after tax and minority interest of EGP 811.7 mn in FY2018, up from EGP 805.6 mn in the previous year, according to an EGX filing (pdf)<\/a><\/u>. Revenues for the year recorded EGP 7.4 bn, up from EGP 6.6 bn in 2017.<\/p>\n

Cement producer Arabian Cement Company <\/b>reported a net profit after tax and minority interest of EGP 231.6 mn in FY2018, up from EGP 215.6 mn in 2017, according to the company\u2019s consolidated financial statements (pdf)<\/a><\/u>. Sales revenues for the year reached EGP 3.3 bn, up from EGP 2.7 bn in 2017.<\/p>\n

The National Bank of Kuwait-Egypt <\/b>reported a 33.2% y-o-y increase in FY2018 net profits to EGP 2 bn, up from EGP 1.5 bn last year, according to a press release picked up by Zawya<\/a><\/u>.<\/p>\n","protected":false},"excerpt":{"rendered":"

EARNINGS WATCH- High-profile snackfood maker Edita recorded a 20.4% y-o-y increase in net profit in 4Q2018 to EGP 128.3 mn, up from EGP 106.6 mn in 4Q2017, according to the company\u2019s earnings release (pdf). Revenues for the quarter reached EGP 1.1 bn, up 13.2% y-o-y from EGP 958 mn in 4Q2017 \u201con the back of […]<\/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":[1236,144,302,191,152,72,900,241,131,354,83,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-601444","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-arabian-cement","tag-automotive","tag-earnings","tag-edita","tag-elsewedy-electric","tag-enterpriseam","tag-food-and-beverage","tag-gb-auto","tag-manufacturing","tag-palm-hills-developments","tag-real-estate","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"c81839f4-4a24-4fd1-bdf8-17eb44b2bcee","is_powered_by":true,"section_story_id":"803908be-aa5d-4066-8579-0c2b64a7854d","story_type":"1","photo_url":"","photo_position":"above","related_issue":[601432],"teaser":"","voice_url":""},"yoast_head":"\nEarnings Watch: Edita, Elsewedy Electric, GB Auto, EKH, PHD, ACC, NBK - 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\/02\/28\/earnings-watch-edita-elsewedy-electric-gb-auto-ekh-phd-acc-nbk\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Earnings Watch: Edita, Elsewedy Electric, GB Auto, EKH, PHD, ACC, NBK\" \/>\n<meta property=\"og:description\" content=\"EARNINGS WATCH- High-profile snackfood maker Edita recorded a 20.4% y-o-y increase in net profit in 4Q2018 to EGP 128.3 mn, up from EGP 106.6 mn in 4Q2017, according to the company\u2019s earnings release (pdf). 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Revenues from the quarter reached EGP 982.2 mn, up 10.8% y-o-y, while net profit\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":597593,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/31\/earnings-watch-edita-net-profit-increases-26-3-y-o-y-in-2q2019\/","url_meta":{"origin":601444,"position":2},"title":"Earnings watch: Edita net profit increases 26.3% y-o-y in 2Q2019","author":"enterpriseam admin","date":"31 July 2019","format":false,"excerpt":"EARNINGS WATCH- Edita net profit increases 26.3% y-o-y in 2Q2019: Snack food maker Edita recorded a 26.3% y-o-y increase in net profit for 2Q2019 to EGP 31.7 mn, according to the company\u2019s earnings release (pdf). Revenues from the quarter reached EGP 862.8 mn, up 9.3% y-o-y. Commenting on the results,\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":594503,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/31\/earnings-watch-edita-net-profit-jumps-19-2-in-3q2019\/","url_meta":{"origin":601444,"position":3},"title":"Earnings watch: Edita net profit jumps 19.2% in 3Q2019","author":"enterpriseam admin","date":"31 October 2019","format":false,"excerpt":"EARNINGS WATCH- Edita net profit jumps 19.2% y-o-y in 3Q2019: Leading snack food maker Edita\u2019s net profit rose 19.2% y-o-y in the third quarter to EGP 106.6 mn, according to the company\u2019s earnings release (pdf). Revenues for the quarter reached EGP 1.09 bn, up 7% y-o-y. Commenting on the results,\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":569547,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/27\/earnings-watch-sodic-edita-gb-auto-tmg\/","url_meta":{"origin":601444,"position":4},"title":"Earnings watch: Sodic, Edita, GB Auto, TMG","author":"enterpriseam admin","date":"27 February 2020","format":false,"excerpt":"EARNINGS WATCH- Sodic reports strong growth in contracted sales, guides for 15% sales growth this year: Sodic\u2019s net profit rose 60% in 2019 to EGP 719 mn from EGP 449 mn the year before, the company said in its full-year earnings release (pdf). Revenue growth was driven by deliveries in\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":633106,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/27\/earnings-watch-edita-mnhd-phd-emaar-misr-report-fy2017-results\/","url_meta":{"origin":601444,"position":5},"title":"Earnings Watch: Edita, MNHD, PHD, Emaar Misr report FY2017 results","author":"enterpriseam admin","date":"27 February 2018","format":false,"excerpt":"EARNINGS WATCH- Edita Food Industries reported a 346.8% y-o-y surge in its bottom line to EGP 212.0 mn in 2017, up from EGP 47.4 mn in 2016, the company said in a statement yesterday (pdf). The jump in net profits comes as the company\u2019s revenues for the year rose 21.6%\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/601444","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=601444"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/601444\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/601432"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=601444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=601444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=601444"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=601444"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=601444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}