{"id":620150,"date":"2024-05-16T00:00:00","date_gmt":"2024-05-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/concrete-ekh-ode-alexbank-report-earnings\/"},"modified":"2024-05-16T00:00:00","modified_gmt":"2024-05-16T00:00:00","slug":"concrete-ekh-ode-alexbank-report-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/concrete-ekh-ode-alexbank-report-earnings\/","title":{"rendered":"Concrete, EKH, ODE, Alexbank report earnings"},"content":{"rendered":"

Concrete ends FY 2023 on a \u201cstrong note\u201d: <\/strong>Concrete Fashion Group (CFG) saw its net income increase 3.2% y-o-y during its fiscal year 2023 \u2014 ended 31 January 2024 \u2014 to USD 12.8 mn, the company said in its latest earnings release (pdf)<\/a>. The company was able to remain profitable despite an increase in financing costs \u2014 which crept up 151.4% y-o-y to USD 17.6 mn \u2014 on the back of rising interest rates, especially on FX-denominated debt.<\/p>\n

The company\u2019s net sales also increased 3.4% y-o-y during the fiscal year<\/strong>, reaching USD 150.8 mn. CFG\u2019s sales for the year were largely driven by a strong performance from its manufacturing segment, which contributed 81% of the group\u2019s sales.<\/p>\n

Looking ahead:<\/strong> \u201cOn the local front, we are aiming to leverage the scale and brand equity of Concrete to capitalize on the vast growth offered by Egypt\u2019s large and rapidly expanding domestic market. Meanwhile, on the global front, we are doubling down our efforts to increase our reach and export volumes supported by Egypt\u2019s new cost competitiveness as an international manufacturing hub after the float of the EGP in March 2024,\u201d CEO Alaa Arafa said.<\/p>\n

EKH\u2019S BOTTOM LINE UP IN 1Q-<\/p>\n

Our friends at Egypt Kuwait Holding (EKH) saw its attributable net income rise 4.3% y-o-y in <\/strong>1Q 2024<\/strong> to USD 62.6 mn, according to the company\u2019s latest earnings release (pdf)<\/a>. EKH\u2019s top line, however, dropped 14.2% y-o-y during the period to USD 193 mn, which the company attributed to a weakening in global urea prices after hitting their peak in 2022, and the float of the EGP late in the quarter.<\/p>\n

Looking ahead:<\/strong> \u201cIn 2024, we will focus on directing our main efforts towards exploring expansion in regional markets and venturing into new and diverse sectors,\u201d said chairman Loay Jassim Al Kharafi. \u201cOur goal remains to foster sustainable growth and optimize revenue streams in foreign currencies.\u201d<\/p>\n

ODE\u2019S REVENUES INCREASE- <\/p>\n

ODE top line rises: <\/strong>EGX-listed Orascom Development Egypt (ODE) saw its revenues rise 41.4% y-o-y to EGP 4.2 bn during the first quarter of the year, driven by \u201crobust business execution across all business segments,\u201d the company said in an earnings release (pdf)<\/a>. <\/p>\n

FX losses put the company\u2019s bottom line in the red: <\/strong>The company reported an EGP 984.5 mn loss during the quarter, in comparison to a net profit of EGP 384.0 mn during the same period last year. This came on the back of FX losses attributed to the devaluation and its finance costs more than doubling due to the increase in interest rates. <\/p>\n

A new record for the real estate segment:<\/strong> ODE logged EGP 8.8 bn in new sales in 1Q 2024, its highest-ever for a 1Q figure and up 218.3% from 1Q 2023. Hospitality revenues were also up, rising 21.9% y-o-y to EGP 698.8 mn. <\/p>\n

ALEXBANK\u2019S SOLID QUARTER- <\/p>\n

A \u201csolid performance\u201d from Alexbank:<\/strong> Alexbank\u2019s net income rose 78.2% y-o-y in 1Q 2024 to EGP 2.1 bn, the bank said in a press release (<\/a>pdf<\/a>)<\/a>. The lender\u2019s total assets jumped 8.3% y-o-y to EGP 175.3 bn.<\/p>\n","protected":false},"excerpt":{"rendered":"

Concrete Fashion Group saw its net income increase 3.2% y-o-y during its fiscal year 2023<\/p>\n","protected":false},"author":1,"featured_media":620151,"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":[1139,7396,409,1668,72,256],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-620150","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-alexbank","tag-concrete-fashion-group","tag-earnings-watch","tag-egypt-kuwait-holding","tag-enterpriseam","tag-orascom-development-egypt","wpautop","entry"],"acf":{"mongo_id":"cf6d5031-bdcb-4494-8d24-0852ce9fd7e3","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/1192.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Concrete, 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Revenues rose 42% y-o-y to reach EGP 1.3 bn, up from EGP 945 mn in 1Q2018. Earnings growth was driven by a 58% y-o-y increase in commissions and\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":586713,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/16\/rameda-revenues-up-14-while-profits-slip-in-1q-2023-plus-ekh-oriental-weavers-report-1q23-earnings\/","url_meta":{"origin":620150,"position":5},"title":"Rameda revenues up 14% while profits slip in 1Q 2023. PLUS: EKH, Oriental Weavers report 1Q23 earnings","author":"enterpriseam admin","date":"16 May 2023","format":false,"excerpt":"Rameda\u2019s private sales generated more than half of the company\u2019s revenues during the quarter.","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\/5\/822.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\/620150","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=620150"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/620150\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/620136"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/620151"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=620150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=620150"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=620150"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=620150"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=620150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}