{"id":620959,"date":"2024-05-29T00:00:00","date_gmt":"2024-05-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/29\/phd-ci-capital-raya-holding-gb-corp-report-1q-earnings\/"},"modified":"2024-05-29T00:00:00","modified_gmt":"2024-05-29T00:00:00","slug":"phd-ci-capital-raya-holding-gb-corp-report-1q-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/29\/phd-ci-capital-raya-holding-gb-corp-report-1q-earnings\/","title":{"rendered":"PHD, CI Capital, Raya Holding, GB Corp report 1Q earnings"},"content":{"rendered":"

It\u2019s raining earnings. <\/strong>Companies continued to publish their first quarter earnings. This morning we have very healthy earrings from Palm Hills, Raya Holding, CI Capital, and GB Corp. <\/p>\n

\n

PALM HILLS LOGS RECORD SALES IN 1Q 2024-<\/p>\n

Real estate developer Palm Hills Developments (PHD) saw its top line rise 77% <\/strong>y-o-y to EGP 6.2 bn during the first quarter of the year, according to its latest earnings release (pdf)<\/a>. The developer\u2019s net income after tax and minority interest jumped 297% y-o-y to just over EGP 1 bn during the same period.<\/p>\n

New sales hit a record EGP 32.3 bn during the quarter<\/strong>, up 377% y-o-y on back of \u201cstrong demand across all the operating regions,\u201d the company said. <\/p>\n

Looking ahead:<\/strong> \"Our real estate and commercial development pipeline will sustain their pace of expansion throughout the remainder of the year, and we will continue to actively explore opportunities through strategic land bank replenishment \u2014 in line with our strategic objectives \u2014 complemented by new launches in the existing projects,\" said Executive Chairman Yasseen Mansour.<\/p>\n

\n

CI CAPITAL SEES \u201cSTRONGEST EVER\u201d QUARTER-<\/p>\n

CI Capital\u2019s net income after minority interest and taxes rose 194% y-o-y in the <\/strong>first quarter of the year<\/strong> to EGP 939 mn, which CEO Hesham Gohar attributed to \u201csolid top-line growth across all verticals in addition to solid treasury and liquidity management,\u201d according to a press release (pdf)<\/a>. <\/p>\n

The company\u2019s top line climbed 79% y-o-y to EGP 2.9 bn in the quarter. <\/strong>Revenues from its corporate leasing activities were up 68% y-o-y to EGP 1.6 bn, while its mortgage finance wing saw its revenues rise 177% y-o-y to EGP 99 mn. Revenues from its investment bank also saw a strong growth of 104% y-o-y to EGP 528 mn. The group\u2019s total financing portfolio was up 4% y-o-y in 1Q 2024 to EGP 20.7 bn.<\/p>\n

\n

RAYA HOLDING NET INCOME ON THE RISE-<\/p>\n

Raya Holding saw its net income after minority interest climb 125% y-o-y in 1Q <\/strong>2024<\/strong> to reach EGP 378 mn, mainly driven by the company\u2019s thriving exports-oriented businesses such as its IT wing Raya IT<\/a>, business process outsourcing wing RCX<\/a>, and F&B supplier Raya Foods<\/a>, according to its latest board of director's report (pdf)<\/a> to accompany its consolidated financial statements (pdf)<\/a> for the first quarter of the year. <\/p>\n

Revenues were up 59% y-o-y to EGP 10.4 bn during the three months to March<\/strong>, fueled by foreign currency revenues \u2014 which account for 26% of the group\u2019s business \u2014 increasing by 65% to EGP 2.7 bn, and strong performance across Raya\u2019s subsidiaries. <\/p>\n

The breakdown:<\/strong> Raya\u2019s trade and distribution business unit generated 45% of Raya\u2019s total revenues for the year, reaching EGP 4.7 bn in 1Q 2024, up 66% y-o-y. The second biggest contributor was the firm\u2019s IT arm and its subsidiaries with 24%, amounting to EGP 2.5 bn, with a 98% y-o-y increase, while the group\u2019s NBFS business came in third contributing nearly 13% of total revenues with EGP 1.3 bn for the period, up 23% y-o-y.<\/p>\n

\n

GB CORP BOTTOM LINE SPIKES IN 1Q-<\/p>\n

GB Corp\u2019s net income surged 481.6% y-o-y to record EGP 626.3 mn<\/strong> in 1Q 2024, \u201cmainly driven by increased revenues and enhanced efficiency across the majority of lines of business as well as improved improved supply,\u201d the company said in a press release (pdf)<\/a>. Revenues almost doubled during the quarter to record EGP 9.0 bn \u201cas the market started to acclimate to the floatation of the EGP.\u201d<\/p>\n

Driving the growth:<\/strong> The company\u2019s automotive assembly and distribution unit GB Auto \u2014 which contributed 85% of the group\u2019s total revenue \u2014 saw its revenues rise 97.7% y-o-y to EGP 7.7 bn, led by \u201cdynamic pricing strategies and diverse product mix across its lines of business,\u201d the release said. The group\u2019s NBFS arm GB Capital saw its revenues rise 43.2% y-o-y to EGP 1.4 bn driven by \u201can expansion in the company\u2019s offerings, which cater to the rising demand for alternative financing solutions,\u201d the company said.<\/p>\n

The fine print: <\/strong>GB Corp\u2019s auto segment now encompasses both its Egyptian and Iraqi operations (including sales and after-sales), a move adopted in 1Q 24, the statement said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Palm Hills\u2019 sales jumped 377% y-o-y to a record of EGP 32.3 bn<\/p>\n","protected":false},"author":1,"featured_media":620960,"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":[136,409,72,241,2471,6543,354,614,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-620959","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-ci-capital","tag-earnings-watch","tag-enterpriseam","tag-gb-auto","tag-gb-capital","tag-gb-corp","tag-palm-hills-developments","tag-raya-holding","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"695bd952-25b8-4cfc-a45b-acb5dc186cac","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/2339.jpg","photo_position":"above","homepage_title":"","full_issue_title":"PHD, 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The company reported net income of EGP 295 mn, supported by a 47% increase in revenues which reached EGP 2.9\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":587799,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/palm-hills-revenues-up-22-in-1q-2023\/","url_meta":{"origin":620959,"position":3},"title":"Palm Hills\u2019 revenues up 22% in 1Q 2023","author":"enterpriseam admin","date":"1 June 2023","format":false,"excerpt":"Net income was down 14% on higher financing costs","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\/1759.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566372,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/15\/palm-hills-development-scores-an-impressive-1q2021\/","url_meta":{"origin":620959,"position":4},"title":"Palm Hills Development scores an impressive 1Q2021","author":"enterpriseam admin","date":"15 June 2021","format":false,"excerpt":"Palm Hills Development\u2019s bottomline soared 152% y-o-y to EGP 205 mn during 1Q2021, up from EGP 81 mn in 1Q2020, according to the real estate developer\u2019s earnings release (pdf). This came as revenues rose 74%, reaching EGP 1.98 bn from EGP 1.14 bn in 1Q2020, driven by a surge in\u2026","rel":"","context":"In "SPEED ROUND: EARNINGS WATCH"","block_context":{"text":"SPEED ROUND: EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577178,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/palm-hills-revenues-surge-to-egp-9-5-bn-in-9m-2022-up-62-y-o-y\/","url_meta":{"origin":620959,"position":5},"title":"Palm Hills revenues surge to EGP 9.5 bn in 9M 2022, up 62% y-o-y","author":"enterpriseam admin","date":"13 November 2022","format":false,"excerpt":"Palm Hills Developments reported record-high net income after tax and minority interest of EGP 911 mn in 9M 2022, up 43% y-o-y, the developer said in its earningsrelease(pdf). The record bottom line comes on the back of revenues reaching an all-time high during the nine-month period to EGP 9.5 bn,\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\/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\/620959","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=620959"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/620959\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/620947"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/620960"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=620959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=620959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=620959"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=620959"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=620959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}