{"id":655111,"date":"2024-11-13T00:00:00","date_gmt":"2024-11-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/13\/macro-group-sees-an-uptick-in-3q-net-income-after-a-difficult-9m-plus-al-baraka-banks-net-income-up-51-9-y-o-y-in-3q\/"},"modified":"2024-11-13T00:00:00","modified_gmt":"2024-11-13T00:00:00","slug":"macro-group-sees-an-uptick-in-3q-net-income-after-a-difficult-9m-plus-al-baraka-banks-net-income-up-51-9-y-o-y-in-3q","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/13\/macro-group-sees-an-uptick-in-3q-net-income-after-a-difficult-9m-plus-al-baraka-banks-net-income-up-51-9-y-o-y-in-3q\/","title":{"rendered":"Macro Group sees an uptick in 3Q net income after a difficult 9M. PLUS: Al Baraka Bank\u2019s net income up 51.9% y-o-y in 3Q"},"content":{"rendered":"

The 9M and 3Q earnings reports continue to trickle in this morning, <\/strong>with Macro Group Pharma reporting a net loss in the first nine months of the year and Al Baraka Bank seeing its bottomline log solid growth in 3Q 2024.<\/p>\n

MACRO GROUP TOUTS 3Q AS \"BEGINNING OF GROWTH PHASE\u201d AFTER <\/strong>DIFFULT YEAR-<\/p>\n

Macro Group records EGP 66 mn in losses for 9M 2024: <\/strong>Macro Group Pharma saw its bottom line fall 167% y-o-y to record a net loss of EGP 66 mn for the first nine months of the year, with the cosmeceuticals company citing inventory adjustments and one-off impairment losses as driving the drop in its latest earnings release (pdf)<\/a>. Revenues for the period also fell 46% y-o-y to EGP 319 mn, impacted by a 36% drop in sales volumes.<\/p>\n

But the third quarter showed some positive signs: <\/strong>The firm registered a net income of EGP 23 mn during the quarter. The earnings release noted that demand for products at the pharmacy level has strengthened during the quarter, \u201cleaving us optimistic about future sales growth.\u201d<\/p>\n

Looking ahead: <\/strong>Upping exports is still part of the company\u2019s long-term vision, with company chairman Ahmed Elnayeb saying that expansion into new markets \u201cremains a key strategy to counter local challenges, mitigate currency risks, and broaden our market reach.\u201d Elnayeb also noted that Macro Group\u2019s shareholders have extended the company an EGP 158 mn loan to finance the company\u2019s working capital and fund its restructuring.<\/p>\n

AL BARAKA BANK LOGGED SOLID GROWTH IN 3Q 2024-<\/p>\n

Al Baraka Bank Egypt reported a 51.9% y-o-y increase in net income in 3Q 2024 to record <\/strong>EGP 888.2 mn, <\/strong>up from EGP 584.7 mn in the previous period, according to its consolidated financial statements<\/a>(pdf)<\/a>. The lender\u2019s income from Murabaha, Musharaka, and Mudarabah jumped by 59% y-o-y to EGP 5.1 bn, up from EGP 3.2 bn in the same period last year.<\/p>\n

The year has been good to the lender so far,<\/strong> with the bank logging in EGP 2.2 bn in net income during 9M 2024, up 38.3% y-o-y from the EGP 1.6 bn recorded last year during the same period. The bank also saw its Islamic income-sharing and trade income rise by 57.2% y-o-y to reach EGP 13.7 bn, up from EGP 8.7 bn during 9M 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"

Macro\u2019s revenues also fell 46% y-o-y to EGP 319 mn<\/p>\n","protected":false},"author":1,"featured_media":655112,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[1156,204,409,72,7115,77,427],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-655111","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-al-baraka-bank","tag-banking","tag-earnings-watch","tag-enterpriseam","tag-healthcare","tag-macro-group","tag-pharma","wpautop","entry"],"acf":{"mongo_id":"251576a2-18d1-4d05-97ad-267bedca9df5","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/1186.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Macro Group sees an uptick in 3Q net income after a difficult 9M. 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Net earnings after tax and minority interest rose to EGP 486 mn,\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\/2022\/11\/302.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577312,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/17\/efg-hermes-juhayna-release-3q-9m-2022-numbers\/","url_meta":{"origin":655111,"position":1},"title":"EFG Hermes + Juhayna release 3Q \/ 9M 2022 numbers","author":"enterpriseam admin","date":"17 November 2022","format":false,"excerpt":"EFG Hermes\u2019 net income before tax and minority interest surged 70% y-o-y to EGP 650 mn in 3Q 2022 as operating revenues nearly doubled to EGP 2.3 bn during the quarter, boosted by the consolidation of revenues at its recently acquired aiBank and growth across all of its verticals, the\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\/2022\/11\/280.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577282,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/16\/so-many-earnings\/","url_meta":{"origin":655111,"position":2},"title":"So. Many. Earnings.","author":"enterpriseam admin","date":"16 November 2022","format":false,"excerpt":"More robust results as we go down to the wire on earnings season: Yesterday saw another flurry of earnings releases land in our inbox, with contractors, tech, and pharma firms all posting strong results. Here\u2019s the rundown:ELSEWEDY ELECTRIC-Elsewedy Electric\u2019s revenues rose 53% to EGP 62.6 bn in 9M 2022, according\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\/2022\/11\/263.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":610204,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/16\/efg-holding-e-finance-palm-hills-macro-group-report-3q-earnings\/","url_meta":{"origin":655111,"position":3},"title":"EFG Holding, E-Finance, Palm Hills + Macro Group report 3Q earnings","author":"enterpriseam admin","date":"16 November 2023","format":false,"excerpt":"EFG Holding income, revenues up on investment, commercial bank growth:EFG Holding\u2019s net income after tax and minority interest rose 24% y-o-y to EGP 395 mn in 3Q 2023 on the back of strong growth at its investment bank and aiBank, according to its earnings release(pdf). Revenues during the quarter climbed\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\/2023\/8\/530.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576993,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/06\/mnhd-income-more-than-doubles-in-9m-2022-cibs-bottomline-rises-16-in-3q-2022\/","url_meta":{"origin":655111,"position":4},"title":"MNHD income more than doubles in 9M 2022 + CIB\u2019s bottomline rises 16% in 3Q 2022","author":"enterpriseam admin","date":"6 November 2022","format":false,"excerpt":"Madinet Nasr Housing and Development\u2019s (MNHD) net income was up 112% to record EGP 545 mn in the first nine months of 2022, according to the company\u2019s earnings release (pdf). Revenues were up 129% to EGP 3.0 bn for the nine-month period. The strong results came on the back of\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\/2022\/11\/93.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576957,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/03\/macro-group-earnings-rise-19-y-o-y-in-the-first-nine-months-of-2022\/","url_meta":{"origin":655111,"position":5},"title":"Macro Group earnings rise 19% y-o-y in the first nine months of 2022","author":"enterpriseam admin","date":"3 November 2022","format":false,"excerpt":"Macro Group\u2019s net income is up 19% in 9M 2022 when adjusted for IPO an ESOP expenses, the cosmeceuticals firm said in its earnings release (pdf) out yesterday. Revenues are up 25% year-to-date at EGP 520 mn. 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