{"id":637464,"date":"2017-11-16T03:59:27","date_gmt":"2017-11-16T03:59:27","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/16\/sodic-ekh-elsewedy-mnhd-orascom-development-and-oriental-weavers-post-3q2017-results\/"},"modified":"2017-11-16T03:59:27","modified_gmt":"2017-11-16T03:59:27","slug":"sodic-ekh-elsewedy-mnhd-orascom-development-and-oriental-weavers-post-3q2017-results","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/16\/sodic-ekh-elsewedy-mnhd-orascom-development-and-oriental-weavers-post-3q2017-results\/","title":{"rendered":"SODIC, EKH, Elsewedy, MNHD, Orascom Development, and Oriental Weavers post 3Q2017 results"},"content":{"rendered":"

<\/a> EARNINGS WATCH- <\/strong>A number of our friends were among those reporting earnings yesterday as the 3Q results season eases to a close. Among those with results out yesterday or overnight:<\/p>\n

SODIC reported a 54% y-o-y jump in net profit<\/strong><\/a> to EGP 166.2 mn in 3Q2017.<\/strong> Revenues increased 10% y-o-y to EGP 584 mn for the period, driven mainly by deliveries, which remained on track with 297 units delivered compared to 287 in 3Q2016. Eastown Residences made up the bulk of the quarter\u2019s deliveries at 63% of the total. \u201cWith gross margins for the quarter hitting the 40% mark in such an inflationary backdrop we are once again demonstrating our ability to generate superior profitability on our developments,\u201d MD Magued Sherif said. \u201cOur sales performance was very much in line with our expectations, given the limited inventory on the Mediterranean north coast and we remain on track to meet our 2017 financial and operational goals.\u201d The company delivered the first units in its Courtyards developments in SODIC West during the quarter and plans to launch its New Cairo project SODIC East over the coming months, with expectations seeing it making significant contributions to profitability in 4Q2017.<\/p>\n

Egypt Kuwait Holding Company grew its bottom line threefold<\/strong><\/a> during 3Q2017<\/strong>, posting net income of USD 41.7 mn on revenues that were 13% higher y-o-y at USD 86.5 mn. The quarter saw the company make \u201cnew headway in our efforts to streamline our portfolio by divesting from legacy businesses and affording our balance additional strength and liquidity that will usher in a new growth phase and continued value creation,\u201d Chairman Moataz Al-Alfi said. EKH completed divestments worth over USD 200 mn during the quarter, in addition to funneling \u201cproceeds from share sell-downs in non-operational platforms to the reduction of our debt exposure in the tune of USD 75 mn.\u201d Management is optimistic about future prospects, especially given developments in natural gas with the Offshore North Sinai concession, and as the company \u201ccontinues to push forward with other growth initiatives across our portfolio that target import substitute plays.\u201d<\/p>\n

Elsewedy Electric posted<\/strong><\/a> bottom-line growth of 116% y-o-y for 3Q2017<\/strong>, which came in at EGP 1.56 bn compared to EGP 720.7 mn in 3Q2016. Revenues also increased by 135.2% y-o-y to EGP 11.46 bn, driven largely by growth in the turnkey projects and wires and cables segments. Going forward, Elsewedy intends to remain focused on \u201cthe continued creation of sustainable, long-term value for stakeholders,\u201d which has the company \u201cactively seeking new avenues for growth in existing and new MENA markets.\u201d The company is also squarely focused on internal strengthening as it does so, with CEO Ahmed El Sewedy noting that, \u201cWe are strengthening our organisation through the standardization of our internal procedures, adopting world-class corporate governance frameworks and developing our human resources as our key success pillar.\u201d<\/p>\n

Madinet Nasr Housing and Development posted<\/strong><\/a> a net profit after tax of EGP 246 mn in <\/strong>3Q2017,<\/strong> a drop of 20% y-o-y. Top line was 3% lower y-o-y at EGP 560 mn, despite an increase in contracted sales and deliveries during the three-month period. The company attributed the drop largely to lower contributions from its Capital Gardens project, which is being co-developed with Palm Hills. On a nine-month basis, net profit grew 60% y-o-y to EGP 757 mn as the company continued to push forward with new launches at Taj City and new contracts at Sarai. CEO Ahmed El Hitamy noted that, \u201cAs we gear up for an accelerated deliveries and sales performance during the final months of the year, we remain confident in our ability to meet year-end targets, having already generated some EGP 3.6 billion in contracted sales during the nine-month period.\u201d<\/p>\n

Also reporting earnings yesterday:<\/p>\n