{"id":611011,"date":"2023-11-30T00:00:00","date_gmt":"2023-11-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/30\/ci-capital-orascom-construction-report-9m-2023-earnings\/"},"modified":"2023-11-30T00:00:00","modified_gmt":"2023-11-30T00:00:00","slug":"ci-capital-orascom-construction-report-9m-2023-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/30\/ci-capital-orascom-construction-report-9m-2023-earnings\/","title":{"rendered":"CI Capital, Orascom Construction report 9M 2023 earnings"},"content":{"rendered":"

CI Capital\u2019s net income climbed 54% y-o-y to reach EGP 747 mn in <\/strong>9M 2023<\/strong>, driven by a strong growth across its investment bank and NBFS platforms, according to their latest earnings release (pdf)<\/a>. The company\u2019s topline rose 87% y-o-y to EGP 4.7 bn in 9M 2023, while its loan portfolio expanded by 32% y-o-y to EGP 21 bn. <\/p>\n

Solid bottomline performance among its NBFS:<\/strong> Net income for its leasing arm, Corplease, grew 53% y-o-y to reach EGP 415 mn in 9M 2023, while that of its microfinance arm Reefy rose by 31% y-o-y to EGP 317 mn in the same period. <\/p>\n

The group\u2019s investment bank recorded an 80% growth in revenues <\/strong>to EGP 826 mn in 9M 2023, thanks to a strong turnout from its brokerage, asset management and investment banking divisions. <\/p>\n

Cautious optimism:<\/strong> \u201cCI Capital concluded the first nine months of the year as Egypt\u2019s largest NBFS platform, leading asset manager by size and performance, and leading debt and equity advisory house,\u201d said CEO Hesham Gohar. \u201cWe continue to deploy our resources efficiently to navigate the challenges in the markets in which we operate, in addition to recent regional geo-political instability, while remaining cautiously optimistic about the future.\u201d<\/p>\n

ORASCOM CONSTRUCTION INCOME DOUBLES DURING 9M 2023- <\/strong><\/p>\n

O<\/strong>C net income doubles in 9M 2023<\/strong>: Orascom Construction\u2019s (OC) net income doubled y-o-y to USD 114.8 mn during the first nine months of the year, according to its latest earnings release (pdf)<\/a>. This came despite a 23% y-o-y decrease in revenues, which recorded USD 2.4 bn for 9M 2023, which the company attributed to the devaluation of the EGP. <\/p>\n

A weaker 3Q performance: <\/strong>The company\u2019s revenues dipped 30% y-o-y during 3Q 2023 to record USD 802 mn, which resulted in a 33% y-o-y drop in net income to USD 16 mn for the same period. <\/p>\n

It\u2019s been a big year for backlogs:<\/strong> OC\u2019s consolidated backlog was up 14% y-o-y to USD 7 bn during the period between January and September 2023, while new awards increased 26% y-o-y during 9M 2023 and 234% y-o-y during 3Q 2023. OC\u2019s pro forma backlog including its 50% share in Belgium-based subsidiary BESIX also rose by 12% y-o-y to USD 9.8 bn in 9M 2023. Egypt accounted for 65% of the company\u2019s backlog, followed by the USA (23%), and the UAE (9%). <\/p>\n

Looking ahead:<\/strong> The company\u2019s backlog figures are calculated based on the official exchange rate. Should the EGP fall by 20% against the USD, the company\u2019s 9M 2023 backlog figures would be c.3% lower (USD 195 mn), the company said. The currency is expected to decline by at least 20% against the greenback when the central bank goes ahead with its widely anticipated devaluation in the coming weeks.<\/p>\n","protected":false},"excerpt":{"rendered":"

CI Capital\u2019s net income climbed 54% y-o-y to reach EGP 747 mn in 9M 2023, driven by a strong growth across its investment bank and NBFS platforms, according to their latest earnings release (pdf). The company\u2019s topline rose 87% y-o-y to EGP 4.7 bn in 9M 2023, while its loan portfolio expanded by 32% y-o-y […]<\/p>\n","protected":false},"author":1,"featured_media":611012,"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":[136,409,72,503,7111,595,363],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-611011","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-ci-capital","tag-earnings-watch","tag-enterpriseam","tag-financial-services","tag-infrastructure","tag-non-banking-financial-services","tag-orascom-construction","wpautop","entry"],"acf":{"mongo_id":"6055890b-93fb-4fb5-923b-2309a4aac3f2","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/1763.jpg","photo_position":"above","homepage_title":"","full_issue_title":"CI Capital, Orascom Construction report 9M 2023 earnings","related_issue":[611002],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.b4721966-efe3-479a-8d90-aa1dcb02aee1.mp3"},"yoast_head":"\nCI Capital, Orascom Construction report 9M 2023 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\/2023\/11\/30\/ci-capital-orascom-construction-report-9m-2023-earnings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CI Capital, Orascom Construction report 9M 2023 earnings\" \/>\n<meta property=\"og:description\" content=\"CI Capital\u2019s net income climbed 54% y-o-y to reach EGP 747 mn in 9M 2023, driven by a strong growth across its investment bank and NBFS platforms, according to their latest earnings release (pdf). 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The group\u2019s investment bank\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":[]},{"id":587677,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/30\/earnings-watch-telecom-egypt-mm-group-housing-and-development-bank-raya-holding-eastern-company-and-abu-qir-fertilizers-report-results\/","url_meta":{"origin":611011,"position":2},"title":"Earnings watch: Telecom Egypt, MM Group, Housing and Development Bank, Raya Holding, Eastern Company, and Abu Qir Fertilizers report results","author":"enterpriseam admin","date":"30 May 2023","format":false,"excerpt":"EARNINGS WATCH- Telecom Egypt reported EGP 4.1 bn in normalized net income in 1Q 2023, rising 144% y-o-y, according to its earnings release (pdf). The company\u2019s revenues climbed 48% y-o-y to EGP 14 bn during the quarter.MM Group for Industry and International Trade\u2019s net income rose 201.7% y-o-y to EGP\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":[]},{"id":588092,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/06\/ci-capital-doubles-income-revenues-during-1q-2023\/","url_meta":{"origin":611011,"position":3},"title":"CI Capital doubles income, revenues during 1Q 2023","author":"enterpriseam admin","date":"6 June 2023","format":false,"excerpt":"Investment bank and NBFS arms all see strong revenue growth","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/192.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":655192,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/14\/ci-capital-eastern-company-and-heliopolis-housing-report-their-earnings\/","url_meta":{"origin":611011,"position":4},"title":"CI Capital, Eastern Company, and Heliopolis Housing report their earnings","author":"enterpriseam admin","date":"14 November 2024","format":false,"excerpt":"CI Capital\u2019s net income after minority interest and taxes came in at EGP 344 mn for 3Q 2024","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/11\/1361.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577282,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/16\/so-many-earnings\/","url_meta":{"origin":611011,"position":5},"title":"So. Many. Earnings.","author":"enterpriseam admin","date":"16 November 2022","format":false,"excerpt":"More robust results as we go down to the wire on earnings season: Yesterday saw another flurry of earnings releases land in our inbox, with contractors, tech, and pharma firms all posting strong results. Here\u2019s the rundown:ELSEWEDY ELECTRIC-Elsewedy Electric\u2019s revenues rose 53% to EGP 62.6 bn in 9M 2022, according\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/263.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/611011","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=611011"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/611011\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/611002"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/611012"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=611011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=611011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=611011"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=611011"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=611011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}