{"id":647584,"date":"2017-05-15T03:32:23","date_gmt":"2017-05-15T03:32:23","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/15\/earnings-watch-gb-auto-mnhd-oriental-weavers-amer-group-porto-group\/"},"modified":"2017-05-15T03:32:23","modified_gmt":"2017-05-15T03:32:23","slug":"earnings-watch-gb-auto-mnhd-oriental-weavers-amer-group-porto-group","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/15\/earnings-watch-gb-auto-mnhd-oriental-weavers-amer-group-porto-group\/","title":{"rendered":"Earnings Watch: GB Auto, MNHD, Oriental Weavers, Amer Group, Porto Group"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>EARNINGS WATCH<\/strong>- <strong>GB Auto <\/strong>swung to a net loss of EGP 154.5 mn on revenues of EGP 2.96 bn in 1Q17 compared a net profit of EGP 28.6 mn a year ago. GB Auto CEO Raouf Ghabbour said that while the market was paralyzed during January and February, \u201cMarch gave us a sign that consumers might be willing to adjust to new price levels. A targeted round of promotions during the month saw volumes pick up to c.50% of what they\u2019ve been historically \u2014 a huge lift from figures coming out of January and February.\u201d The company\u2019s motorcycles and three-wheelers, tires and financing businesses, among others, all performed well. The company\u2019s <a href=\"http:\/\/resources.ghabbourauto.com\/gb-auto-er-1q17-e-final.pdf\">full earnings newsletter is here (pdf)<\/a>.<\/p>\n<p>Property developer <strong>MNHD <\/strong>reported a surge in both its top and bottom line, with 1Q17 net income up nearly 500% to EGP 407 mn on revenues of EGP 752 mn. \u201c\u201cIn our first full quarter post the float of the Egyptian Pound, we are seeing strong signs that demand for real estate remains resilient as evidenced by our ability to continue driving revenue and net profit growth period-on-period,\u201d said MNHD CEO Ahmed El Hitamy. \u201cEgypt\u2019s favorable demographics and consumers\u2019 continued confidence in property as a safe investment have negated fears that the market would be adversely affected post the float. On the contrary, now priced at a discount compared to regional peers, <strong>Egypt\u2019s real estate offerings are becoming increasingly attractive to Egyptian expatriates<\/strong> alongside strong local demand.\u201d MNHD\u2019s <a href=\"https:\/\/enterprise.press\/wp-content\/uploads\/2017\/05\/MNHD-Q1-2017-Earnings-Results-E-FINAL-2.pdf\">earnings release is here in full (pdf).<\/a><\/p>\n<p>Also reporting earnings:<\/p>\n<ul type=\"disc\">\n<li><strong>Oriental Weavers <\/strong><a href=\"http:\/\/s3.amazonaws.com\/inktankir2\/orwe\/ORWE%201Q%202017%20Earnings%20Release.pdf\">recorded<\/a> a 128% y-o-y increase in net income to EGP 235 mn in 1Q2017. The company\u2019s net sales increased by 73% y-o-y to EGP 2.52 bn. Oriental Weavers says it is moving ahead \u201cwith plans to add eight to ten state-of-the-art weaving looms to meet international demand\u201d and expand its product range.<\/li>\n<li><strong>Amer Group<\/strong> reported a slight decrease of 5% y-o-y in consolidated net profit to EGP 64 mn in 1Q2017, with revenues increasing by 11% y-o-y to EGP 603 mn, according to the company\u2019s <a href=\"http:\/\/www.egx.com.eg\/downloads\/News\/%D8%A7%D9%84%D9%82%D9%88%D8%A7%D8%A6%D9%85%20%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9%20%D8%A7%D9%84%D9%85%D8%AC%D9%85%D8%B9%D9%87%20%D8%B9%D8%A7%D9%85%D8%B1%20%D8%A7%D9%84%D9%82%D8%A7%D8%A8%D8%B6%D8%A9.pdf\">earnings release<\/a>. <\/li>\n<li><strong>Porto Group<\/strong> Holding <a href=\"http:\/\/www.egx.com.eg\/downloads\/News\/%D8%A8%D9%88%D8%B1%D8%AA%D9%88%20%D9%85%D8%AC%D9%84%D8%B3-14-05-2017.pdf\">reported<\/a> a 193% y-o-y increase in consolidated net profit to EGP 83 mn in 1Q2017. Revenues rose by 123% y-o-y to EGP 426 mn.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>EARNINGS WATCH- GB Auto swung to a net loss of EGP 154.5 mn on revenues of EGP 2.96 bn in 1Q17 compared a net profit of EGP 28.6 mn a year ago. GB Auto CEO Raouf Ghabbour said that while the market was paralyzed during January and February, \u201cMarch gave us a sign that consumers [&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-647584","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"1df18622-f3be-4982-b20a-2270cb06663f","order":"0","is_powered_by":true,"section_story_id":"db0f132a-de15-49f3-88b1-9f26e24d595b","story_type":"1","photo_url":"","photo_position":"above","related_issue":[647571],"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: GB Auto, MNHD, Oriental Weavers, Amer Group, Porto Group - 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\/2017\/05\/15\/earnings-watch-gb-auto-mnhd-oriental-weavers-amer-group-porto-group\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Earnings Watch: GB Auto, MNHD, Oriental Weavers, Amer Group, Porto Group\" \/>\n<meta property=\"og:description\" content=\"EARNINGS WATCH- GB Auto swung to a net loss of EGP 154.5 mn on revenues of EGP 2.96 bn in 1Q17 compared a net profit of EGP 28.6 mn a year ago. 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Revenues surged by 48% on an annual basis, reaching EGP 941.9 mn during\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":573438,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/05\/earnings-watch-centamin-mining-ezz-steel-juhayna-amer-group-mnhd-erc\/","url_meta":{"origin":647584,"position":1},"title":"Earnings Watch: Centamin Mining, Ezz Steel, Juhayna, Amer Group, MNHD, ERC","author":"enterpriseam admin","date":"5 August 2020","format":false,"excerpt":"EARNINGS WATCH- Centamin Mining pre-tax profits surge on rising gold prices, higher production: Centamin Mining\u2019s pre-tax profits soared by 221% during the first half of the year as the company ramped up production from its Sukari mine and gold prices rose. 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The construction giant reported a USD 13.1 mn profit in the January-March quarter, down from USD 23.9 mn last year, as Belgium-based construction group\u2019s losses widened to USD\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\/2022\/5\/281.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597953,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/09\/earnings-watch-edita-mnhd-report-1q2019-results\/","url_meta":{"origin":647584,"position":3},"title":"Earnings watch: Edita, MNHD report 1Q2019 results","author":"enterpriseam admin","date":"9 May 2019","format":false,"excerpt":"EARNINGS WATCH- Edita net profit increases 87.8% y-o-y in 1Q2019: High-profile snack food maker Edita recorded an 87.8% y-o-y increase in net profit for 1Q2019 to EGP 114.3 mn, according to the company\u2019s earnings release (pdf). Revenues from the quarter reached EGP 982.2 mn, up 10.8% y-o-y, while net profit\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":582805,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/27\/mnhd-earnings-surge-in-2022-on-record-sales-gb-auto-net-income-up-on-mnt-stake-sale\/","url_meta":{"origin":647584,"position":4},"title":"MNHD earnings surge in 2022 on record sales, GB Auto net income up on MNT stake sale","author":"enterpriseam admin","date":"27 February 2023","format":false,"excerpt":"Record sales for MNHD in 2022:Madinet Nasr Housing and Development\u2019s (MNHD) net income more than doubled in 2022 on the back of a surge in revenues, the company said in its earnings release(pdf) yesterday. 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