{"id":655390,"date":"2024-11-18T00:00:00","date_gmt":"2024-11-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/18\/egypt-kuwait-holding-contact-financial-idh-gb-corp-juhayna-and-tmg-report-3q-earnings\/"},"modified":"2024-11-18T00:00:00","modified_gmt":"2024-11-18T00:00:00","slug":"egypt-kuwait-holding-contact-financial-idh-gb-corp-juhayna-and-tmg-report-3q-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/18\/egypt-kuwait-holding-contact-financial-idh-gb-corp-juhayna-and-tmg-report-3q-earnings\/","title":{"rendered":"Egypt Kuwait Holding, Contact Financial, IDH, GB Corp, Juhayna, and TMG report 3Q earnings"},"content":{"rendered":"

A whole lotta earnings: <\/strong>The 3Q earnings season is still in motion \u2014 we have earnings from Egypt Kuwait Holding, Contact Financial, IDH, GB Corp, Talaat Moustafa Group, and Juhayna. <\/p>\n

CONTACT FINANCIAL SEES INCOME RISE- <\/p>\n

Contact Financial\u2019s bottomline inches higher:<\/strong> Non-banking financial services firm Contact Financial\u2019s normalized net income jumped 66% y-o-y to record EGP 261 mn during the third quarter of the year, according to its latest earnings release (pdf)<\/a>. <\/p>\n

Driving the jump: <\/strong>The firm recorded growth across the board during the three-month period, with net income from its financing division seeing a 72% y-o-y increase to record EGP 204 mn thanks to higher lending volumes. This came despite dips across the division\u2019s two largest segments, auto and consumer finance, which dragged new financing down 13% y-o-y to EGP 3.6 bn during the quarter. Net income from its ins. division was up 12% y-o-y to record EGP 23 mn. <\/p>\n

The bigger picture: <\/strong>Contact saw its normalized net income shrink 12% y-o-y to record EGP 477 mn throughout the first nine months of the year thanks to a 23% y-o-y dip in net income from its financing division. <\/p>\n

More expansion ahead? <\/strong>The third quarter of 2024 saw the company step into the GCC market, setting up a branch in Dubai<\/a> to cater to Egyptian expats there. \u201cWith our inaugural Dubai branch marking the group\u2019s initial foray into the GCC market, over the coming period we will continue exploring opportunities to expand further into the GCC region and beyond,\u201d management said. <\/p>\n

GB CORP REPORTS 3Q EARNINGS- <\/p>\n

GB Corp\u2019s net income saw a 12.6% y-o-y increase during 3Q 2024 <\/strong>to EGP 746 mn, according to the company\u2019s most recent earnings report (pdf)<\/a>. Revenues rose 85.0% y-o-y to EGP 16.2 bn during the same quarter. <\/p>\n

The breakdown:<\/strong> GB Corp\u2019s GB Auto recorded revenues increasing 88.1% y-o-y to EGP 14.4 bn during the quarter \u201cdriven by enhanced pricing strategies and an improved product mix.\u201d The group\u2019s NBFS arm GB Capital saw its revenues \u2014 before intercompany eliminations \u2014 rise 69.8% y-o-y to record EGP 2.0 bn. <\/p>\n

On a 9M basis:<\/strong> Net income rose 41.2% y-o-y to EGP 1.8 bn in 9M 2024 and revenues grew 81.4% y-o-y to EGP 35.4 bn.<\/p>\n

Looking ahead: <\/strong>\u201cWe are confident in our capacity to navigate challenges and capitalize on emerging opportunities from the ongoing economic reforms and improving market conditions to achieve sustainable long-term growth and create value for our shareholders,\u201d said CEO Nader Ghabbour.<\/p>\n

EKH\u2019S BOTTOM LINE DOWN IN 3Q- <\/p>\n

Our friends at Egypt Kuwait Holding (EKH) saw its attributable net income fell 5% y-o-y <\/strong>during 3Q 2024 to record USD 34.1 mn, according to its latest earnings release (<\/a>pdf<\/a>)<\/a>. Revenues saw a 24% y-o-y decrease, coming in at USD 154 mn for the same quarter, on the back of weaker global urea prices and the float of the EGP. <\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

On a 9M basis:<\/strong> EKH saw its attributable net income decrease by 9% y-o-y to record USD 124 mn during the first nine months of 2024. Revenues came in at USD 475 mn for the period, marking a 19% y-o-y decrease. The company\u2019s fertilizer and petrochemicals segment accounted for some 54% of the group\u2019s revenues. <\/p>\n

Looking ahead: <\/strong>\u201cAs we approach year-end, the outlook for EKH remains promising. We are well-positioned to capitalize on recent expansions, particularly as we anticipate local price recovery to further materialize and take hold. Our focus remains on maximizing bottom-line performance and enhancing operational efficiencies across our diversified portfolio,\u201d CEO Jon Rokk said. <\/p>\n

IDH REPORTS A 38% JUMP IN INCOME-<\/p>\n

IDH sees a 38% increase in income: <\/strong>Regional diagnostic services provider Integrated Diagnostics Holdings\u2019 (IDH) net income jumped 38% y-o-y to EGP 244 mn in 3Q 2024, according to the company\u2019s earnings release (pdf)<\/a>. Revenues for the period grew 36% y-o-y to EGP 1.6 bn. <\/p>\n

It was an eventful quarter for IDH: <\/strong>During 3Q 2024, the company completed its delisting from the EGX. \u201cWhile our listing on the EGX has helped us increase our local visibility in the market where we generate the majority of our business, we are excited to build on the original path we started on the LSE,\u201d CEO Hend El Sherbini said. <\/p>\n

On a 9M basis:<\/strong> Net income saw a 87% y-o-y increase to record EGP 724 mn in 9M 2024, \u201cboosted by the substantial increase in foreign exchange gain from intercompany transactions.\u201d Revenues increased 34% y-o-y to record EGP 4.1 bn.<\/p>\n

Egypt drove the growth<\/strong>, contributing 82.1% of the company\u2019s total revenues recorded during 9M 2024. The company recorded EGP 3.4 bn in revenues from its Egypt operations during the nine-month period, marking a 35% y-o-y increase. This was driven by an increase in tests performed and an increase in prices that pushed up the average revenue per test. Jordan operations came in second, contributing 16.1% of total revenues, followed by Nigeria, Saudi Arabia, and Sudan. <\/p>\n

\n

TMG REPORTS 236% SURGE IN NET INCOME- <\/p>\n

TMG sees net income rise 236% in 9M 2024:<\/strong> Real estate giant Talaat Moustafa Holding Group (TMG) reported a net income of EGP 9.1 bn in 9M 2024, up 236% y-o-y from EGP 2.7 bn, according to the company\u2019s latest earnings statements here (pdf)<\/a> and here (pdf)<\/a>. Revenues for the period also rose 52% y-o-y to EGP 28 bn. <\/p>\n

Driving the growth were TMG\u2019s Saudi and North Coast expansions: <\/strong>TMG two major projects launched this year \u2014 the Benan sustainable city project<\/a> in Saudi Arabia and the North Coast\u2019s SouthMed<\/a> \u2014 saw TMG rake in over EGP 53 bn in sales for Banan and over EGP 280 bn for SouthMed. Total sales for the first nine months of the year reached EGP 454 bn, a nearly 340% y-o-y increase over the EGP 93 bn in sales generated last year.<\/p>\n

TMG\u2019s hospitality operations also helped push the top and bottomline up: <\/strong>The company also added 2.5k rooms to its total stock during the period, with hospitality sector revenues increasing 190% y-o-y to EGP 7.8 bn in 9M 2024. The increase in keys also helped drive higher recurring income revenue, which increased 2.4x in 9M 2024 from the same period last year and contributed 43% of total consolidated revenue in the nine-month period. TMG also noted in its press release that the company had paid off its USD 217 mn in hotel sector FX debt during the nine month period, eliminating significant FX risk.<\/p>\n

\n

JUHAYNA\u2019S INCOME SOARS IN 3Q-<\/p>\n

Juhayna sees income, revenues jump in 3Q:<\/strong> Dairy giant Juhayna saw its net income jump 197% y-o-y to EGP 958 mn during 3Q 2024, according the company\u2019s latest earnings<\/a>release (<\/a>pdf<\/a>)<\/a>. Revenues increased by 57% y-o-y to reach some EGP 6.9 bn during the quarter, \u201cdriven by the continued success of both the concentrates segment and the export of finished products.\u201d<\/p>\n

In 9M 2024:<\/strong> The company reported a 177% y-o-y increase in net income during the first nine months of the year to record EGP 2.4 bn. Revenues during the same period came in at EGP 18.3 bn, up 64% y-o-y. <\/p>\n

Driving the growth:<\/strong> \u201cThe company experienced a significant surge in export revenues across concentrates, dairy, fermented and juice categories,\u201d seeing a 308% y-o-y increase in 3Q to reach EGP 1.1 bn and a 223% jump in 9M 2024 to record EGP 3.0 bn. Juhayna hiked its prices during the quarter, helping offset rising operational costs.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt Kuwait Holding saw its attributable net income dip 5% y-o-y during 3Q 2024<\/p>\n","protected":false},"author":1,"featured_media":655391,"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":[933,302,409,1668,72,6543,1406,1027,1517],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-655390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-contact-financial","tag-earnings","tag-earnings-watch","tag-egypt-kuwait-holding","tag-enterpriseam","tag-gb-corp","tag-integrated-diagnostics-holding","tag-juhayna","tag-talaat-moustafa-group","wpautop","entry"],"acf":{"mongo_id":"a7c94468-c278-42fa-9eee-345d3ad37937","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/4.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Contact 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