{"id":632060,"date":"2018-02-01T04:23:50","date_gmt":"2018-02-01T04:23:50","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/01\/earnings-watch-cib-juhayna-and-centamin-report-fy2017-results\/"},"modified":"2018-02-01T04:23:50","modified_gmt":"2018-02-01T04:23:50","slug":"earnings-watch-cib-juhayna-and-centamin-report-fy2017-results","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/01\/earnings-watch-cib-juhayna-and-centamin-report-fy2017-results\/","title":{"rendered":"Earnings watch: CIB, Juhayna and Centamin report FY2017 results"},"content":{"rendered":"<p><strong>EARNINGS WATCH- CIB posts record full-year earnings. <\/strong>Our friends at Egypt\u2019s largest private-sector bank delivered a 25% rise in net income to EGP 7.5 bn in FY2017 on revenues of EGP 14.9 bn (up 32% y-o-y). In comment on the results, management noted that the bank delivered \u201cstrong growth across its different revenue lines \u2026 and improved efficiency, as evident in a decrease in its cost-to-income ratio\u201d despite sharp pressure from inflation. <strong>Net interest income rose \u201cdespite intense market competition<\/strong>, which pushed all banks to raise their cost of deposits in order to compete efficiently with the rates offered by public sector banks,\u201d it added. CIB, which took home Euromoney\u2019s nod as world\u2019s best bank in the emerging markets in 2017, saw funding to businesses and individuals grow 5% during the year, while deposits were up 8%. The bank had a 7.2% share of the nation\u2019s loan market as of September 2017, the most recent period for which market data is available.<\/p>\n<p><strong>What\u2019s the outlook? <\/strong>CIB notes that \u201cthe road ahead remains challenging, especially after the CBE\u2019s latest decision to increase the Required Reserve Ratio back to its historical 14%, which is expected to impact Banks\u2019 interest margins in the short run, after which pressure would start to ease off as Banks gradually adjust their cost of deposits, thereby placing downward pressure on interest rates and helping bring inflation down.\u201d You can <a href=\"https:\/\/enterprise.press\/wp-content\/uploads\/2018\/02\/4Q17-Press-Release.pdf\"><strong>read the bank\u2019s full earnings filing here (pdf).<\/strong><\/a><\/p>\n<p><strong>Leading dairy products maker Juhayna Food Industries reported a 269% y-o-y net profit increase in FY2017<\/strong>, according to <a href=\"http:\/\/juhaynacom-mokannggxlave7h.stackpathdns.com\/app\/uploads\/2018\/01\/JUFO-ER-FY17-E.pdf\">a company earnings release (pdf)<\/a>. Consolidated net revenues for the year grew 21% over the same period last year. Top contributors to revenue growth for the year were the dairy and yogurt segments, representing 48% and 22% of revenues, respectively. This comes despite a challenging market environment for consumer goods in 2017 on the back of high inflation which peaked in July at 35%. Juhayna says it focused last year on \u201cfreezing CAPEX, closure of uneconomical distribution centers, delisting non-profitable SKUs, localization of input materials, cutting down the workforce, divesting from unproductive assets, focusing on reducing the inventory level to the minimum and shrinking debts.\u201d<\/p>\n<p><strong>Sign of a recovery in the consumer food market:<\/strong> Juhayna\u2019s results come days after cheese maker Domty, which also had a rough first nine months of the year, said its <a href=\"https:\/\/enterprise.press\/stories\/2018\/01\/29\/earnings-watch-domty-3\/\">unaudited results suggested it would flip to a profit<\/a> in 4Q2017 from a loss in the same quarter last year.<\/p>\n<p><strong>Gold miner Centamin reported a 13% y-o-y drop in core profit in 2017<\/strong>, which came in at USD 326 mn, according to a <a href=\"http:\/\/www.centamin.com\/~\/media\/Files\/C\/Centamin\/documents\/press-releases\/2018\/Centamin_ARA17_Results_final.pdf\">company statement (pdf)<\/a>. The Sukari gold mine produced 544,658 ounces of gold over the year at a cost of USD 554\/oz, generating USD 676 mn in revenue and USD 224 mn in pre-tax profit.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EARNINGS WATCH- CIB posts record full-year earnings. Our friends at Egypt\u2019s largest private-sector bank delivered a 25% rise in net income to EGP 7.5 bn in FY2017 on revenues of EGP 14.9 bn (up 32% y-o-y). In comment on the results, management noted that the bank delivered \u201cstrong growth across its different revenue lines \u2026 [&hellip;]<\/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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-632060","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"f9186993-8e9e-4d3d-8cfd-40731004e183","order":"0","is_powered_by":true,"section_story_id":"ff98ed84-a714-4ce4-8b37-26312fd3418a","story_type":"1","photo_url":"","photo_position":"above","related_issue":[632043],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Earnings watch: CIB, Juhayna and Centamin report FY2017 results - 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\/2018\/02\/01\/earnings-watch-cib-juhayna-and-centamin-report-fy2017-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Earnings watch: CIB, Juhayna and Centamin report FY2017 results\" \/>\n<meta property=\"og:description\" content=\"EARNINGS WATCH- CIB posts record full-year earnings. Our friends at Egypt\u2019s largest private-sector bank delivered a 25% rise in net income to EGP 7.5 bn in FY2017 on revenues of EGP 14.9 bn (up 32% y-o-y). In comment on the results, management noted that the bank delivered \u201cstrong growth across its different revenue lines \u2026 [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/01\/earnings-watch-cib-juhayna-and-centamin-report-fy2017-results\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-02-01T04:23:50+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/01\/earnings-watch-cib-juhayna-and-centamin-report-fy2017-results\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/01\/earnings-watch-cib-juhayna-and-centamin-report-fy2017-results\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Earnings watch: CIB, Juhayna and Centamin report FY2017 results\",\"datePublished\":\"2018-02-01T04:23:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/01\/earnings-watch-cib-juhayna-and-centamin-report-fy2017-results\/\"},\"wordCount\":464,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/01\/earnings-watch-cib-juhayna-and-centamin-report-fy2017-results\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/01\/earnings-watch-cib-juhayna-and-centamin-report-fy2017-results\/\",\"name\":\"Earnings watch: CIB, Juhayna and Centamin report FY2017 results - 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In comment on the results, management noted that the bank delivered \u201cstrong growth across its different revenue lines \u2026 [&hellip;]","og_url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/01\/earnings-watch-cib-juhayna-and-centamin-report-fy2017-results\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2018-02-01T04:23:50+00:00","author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/01\/earnings-watch-cib-juhayna-and-centamin-report-fy2017-results\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/01\/earnings-watch-cib-juhayna-and-centamin-report-fy2017-results\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Earnings watch: CIB, Juhayna and Centamin report FY2017 results","datePublished":"2018-02-01T04:23:50+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/01\/earnings-watch-cib-juhayna-and-centamin-report-fy2017-results\/"},"wordCount":464,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"keywords":["EnterpriseAM","SPEED ROUND"],"articleSection":["Speed Round"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/01\/earnings-watch-cib-juhayna-and-centamin-report-fy2017-results\/","url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/01\/earnings-watch-cib-juhayna-and-centamin-report-fy2017-results\/","name":"Earnings watch: CIB, Juhayna and Centamin report FY2017 results - EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"datePublished":"2018-02-01T04:23:50+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/01\/earnings-watch-cib-juhayna-and-centamin-report-fy2017-results\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/2018\/02\/01\/earnings-watch-cib-juhayna-and-centamin-report-fy2017-results\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/01\/earnings-watch-cib-juhayna-and-centamin-report-fy2017-results\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/egypt\/"},{"@type":"ListItem","position":2,"name":"Earnings watch: CIB, Juhayna and Centamin report FY2017 results"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/egypt\/#website","url":"https:\/\/enterpriseam.com\/egypt\/","name":"EnterpriseAM","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/egypt\/#organization","name":"EnterpriseAM","url":"https:\/\/enterpriseam.com\/egypt\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/240894.svg","contentUrl":"https:\/\/ent.news\/internal\/240894.svg","caption":"EnterpriseAM"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"}]}},"featured_image_src":null,"featured_image_src_square":null,"author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":637166,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/09\/cib-reports-record-third-quarter-earnings\/","url_meta":{"origin":632060,"position":0},"title":"CIB reports record third quarter earnings","author":"enterpriseam admin","date":"9 November 2017","format":false,"excerpt":"EARNINGS WATCH- Our friends at CIB reported record third quarter results overnight, with net income up 23% year-on-year in 3Q2017 to EGP 2.1 bn, the bank said in its earnings release (pdf). Revenues advanced 45% compared to the same period last year to close the quarter at EGP 4.2 bn.\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":647476,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/11\/cib-phd-post-record-earnings\/","url_meta":{"origin":632060,"position":1},"title":"CIB, PHD post record earnings","author":"enterpriseam admin","date":"11 May 2017","format":false,"excerpt":"EARNINGS WATCH- CIB delivered record top- and bottom-line performances to start 2017 as it released its first quarter earnings late last night. The lender delivered 29% revenue growth to EGP 3.32 bn, while its bottom line swelled 34% over the same period last year to EGP 1.73 bn. The bank\u2019s\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":650956,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/01\/cib-posts-record-net-earnings-with-fy2016-results\/","url_meta":{"origin":632060,"position":2},"title":"CIB posts record net earnings with FY2016 results.","author":"enterpriseam admin","date":"1 February 2017","format":false,"excerpt":"CIB posts record full-year earnings as it releases FY2016 results. Leading commercial bank CIB \u201cposted another year of record performance despite the unfavorable macroeconomic environment and increasingly challenging regulatory requirements, generating consolidated full-year revenues of EGP 11.3 bn and net income of EGP 6.01 bn, up 11% and 27% from\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":568804,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/04\/earnings-watch-cib-delivers-record-4q-fy2019-results-mnhd-profits-hit-egp-1-bn\/","url_meta":{"origin":632060,"position":3},"title":"Earnings watch: CIB delivers record 4Q, FY2019 results; MNHD profits hit EGP 1 bn","author":"enterpriseam admin","date":"4 February 2020","format":false,"excerpt":"EARNINGS WATCH- CIB delivers record 4Q, FY2019 earnings: CIB posted record consolidated net profits of EGP 3.26 bn in 4Q2019, up 27% y-o-y from EGP 2.56 bn during the same quarter the year before, according to a company statement released overnight (pdf). The bank also delivered record a full-year bottom\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":572973,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/15\/earnings-watch-cib-reports-1h2020-results-oih-turns-a-profit-in-1q2020\/","url_meta":{"origin":632060,"position":4},"title":"Earnings watch: CIB reports 1H2020 results, OIH turns a profit in 1Q2020","author":"enterpriseam admin","date":"15 July 2020","format":false,"excerpt":"EARNINGS WATCH- CIB\u2019s net profits dipped 4% y-o-y to EGP 2.6 bn in 2Q2020 on revenues of EGP 6.23 bn, which rose 20% y-o-y. The country\u2019s largest private-sector bank decided to take on \u201cthe highest permissible provision band\u201d during the quarter in a move that was \u201cnot only grounded by\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":560478,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/01\/earnings-watch-cib-hdb-report-2020-earnings\/","url_meta":{"origin":632060,"position":5},"title":"Earnings watch: CIB + HDB report 2020 earnings","author":"enterpriseam admin","date":"1 March 2021","format":false,"excerpt":"Leading private sector bank CIB posted EGP 10.2 bn in consolidated net income in 2020, down 13% y-o-y from EGP 11.8 bn the year before, according to a company statement released overnight (pdf). The bank\u2019s bottom line in 4Q2020 came in at EGP 2.89 bn, dipping 11% y-o-y from EGP\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","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\/632060","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=632060"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/632060\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/632043"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=632060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=632060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=632060"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=632060"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=632060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}