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The earnings season is back in full throttle. Let’s jump right in.
Fawry’s profits more than double in 1H 2024
The Clap:
Fawry saw its bottomline more than double in the first six months of the year, recording a 111% YoY rise in profits to EGP 685.91 million.
Revenues:
The company also recorded a 59% YoY rise in its total sales to EGP 2.29 billion.
Remember:
Following a previous delay in plans due to uncertainties in exchange rates, Fawry has restarted negotiations with foreign exchange bureaus in the Gulf region to provide remittance services to Egyptian expatriates. This comes as remittances are forecast to increase 10% annually to reach USD 53 billion by 2030
Oriental Weavers rakes in 1.5 billion in net profits for 1H
The Clap:
Oriental Weavers Group doubled its profits in the first half of the year to record EGP 1.47 billion.
Sales:
The company’s sales volume also rose 28.3% YoY to EGP 10.77 billion.
Comes after a great Q1:
The company saw its net income expand 38% YoY to EGP 557.5 million during the first quarter of the year.
The Clap:
Raya Holding for Financial Investments recorded a 117.5% YoY rise in net income to EGP 762.1 million.
Revenues:
The company’s revenues also rose 38.4% YoY to over EGP 20 billion.
The Clap:
Ibnsina Pharma saw its bottom line grow 68.3% YoY in the first half of the year to EGP 221.59 million.
Revenues:
The company’s topline rose during the first half of the year to EGP 22.8 billion, compared to EGP 14.69 billion in the same interval last year.
The Clap:
Egyptian snackmaker Edita Food Industries recorded a net profit of EGP 856.28 million in the first half of the year, recording a 6% YoY rise.
Sales:
The company’s sales during the first six months of this year rose to EGP 7.98 billion, compared to EGP 5.63 billion in the comparative period of 2023.
The Clap:
Emaar properties recorded a 119.5% YoY growth in net profits to EGP 7.64 billion in 1H2024.
Revenues:
Revenues declined by -1.58 % YoY to EGP 5.6 billion.
The Clap:
Telecom Egypt (ETEL) raked in a net profit of EGP 6.51 billion during the period from January to the end of June 2024, compared to profits of EGP 6.69 billion in the comparative period of 2023, taking into account.
Revenues
The company’s revenues rose in 1H to EGP 37.95 billion, compared to EGP 28.13 billion in the comparative half of last year.
The Clap:
Misr Fertilizers Production Company (MOPCO) recorded a 114% YoY increase in net income to EGP 10.2 billion during the first half of the year.
Revenues:
MOPCO saw its topline more than triple, recording a 209.6% YoY jump to EGP 9.93 billion.
Remember:
The company’s success during the period come despite reported daily losses of EGP 58.8 million which the company incurred on a daily basis when it had to shutter its factories twice last month on the back of low gas supplies.
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