Earnings avalanche: Elsewedy Electric reports record profits, CI Capital’s income more than doubles, GB Corp swells its bottom line almost 70%, & more

Elsewedy Electric reported all-time high revenues and profits in 1H 2024, raking in over EGP eight billion in net income after minority during the six months ending in June.

Revenues:

The company’s top line surged 47.4% YoY during 1H 2024 to reach EGP 102.6 billion on the back of currency translation effects and boosted income across all segments, with additional contributions from increased sales volumes in the cables segment. The wires & cables segment led revenue growth, followed by turnkey projects.

Gross profit:

Elsewedy’s gross income rose to EGP 22.6 billion, representing a 76.2% YoY hike from 1H 2023.

Operating profit:

The company’s earnings before interest and tax rose 79.1% YoY to EGP 13.75 billion, it noted.

Net profit:

The firm’s bottom line after minority interest increased 51.6%YoY to reach EGP 8.43 billion in 1H.

GB Corp records an almost 70% profit hike in 1H

GB Corp recorded a 68.5% YoY growth in net profits to EGP 1.1 billion in the first six months of the year.

Revenues:

The company's top line also grew 78.4 % YoY to EGP 19.1 billion.

Remember, the firm will roll out a locally manufactured car soon:

In June, GB Auto subsidiary Itamco said it is teaming up with Helwan Company for Machinery & Equipment to assemble and locally manufacture Bajaj Auto's Qute car model.

CI Capital’s profits more than doubles in 1H

CI Capital Asset Management raked in a net profit of EGP 1.31 billion during the period from January to the end of June 2024, recording a 146% YoY leap.

Revenues:

The company’s revenues rose 26.1% YoY in 1H to EGP 3.33 billion, compared to EGP 2.64 billion in the comparative half of last year.

Remember:

The company’s board of directors approved a corporate expansion into the UAE and Saudi markets. CI will reportedly launch in both countries within seven months.

CI Capital also announced plans to launch Egypt's first shariah-adherent investment fund following the kick off of Egypt's Islamic index (EGX33).

Orascom Development more than triples its profits in Q2 2024

Orascom Development Egypt (ORHD) raised its net profits 209.8% YoY to EGP 1.9 billion in Q2 2024, marking the group’s most profitable quarter to date.?

Revenues:

The company’s topline surged 86.4% YoY to EGP 6 billion.?

Gross profit

ORHD’s gross income rose 164.1% YoY to EGP 2.8 billion, boasting a healthy margin of 45.8%.?

On a 1H basis:

The company recorded a net profit of EGP 942.7 million in the first half of 2024. ORHD’s bottomline, after excluding currency exchange losses, soared 135.7% YoY to reach EGP 3.2 billion.

Driving the growth:

Real estate sales reached EGP 15.7 billion, which represents a 109.5% YoY leap and the highest half-yearly sales ever recorded in the company’s history.?

The company’s revenues from the hotel sector also rose? 34% YoY to EGP 1.9 billion despite being affected by ongoing regional conflicts amid Israel’s war on Gaza.

Remember:

ORHD was among the five firms delisted at the start of the month from the EGX30 index (which comprises the most highly capitalized and liquid stocks traded on the Egyptian Exchange) after the bourse completed its semi-annual periodic review of market indices.

Juhayna rakes in EGP 1.5 billion in profits in 1H 2024

Juhayna Food Industries raised its net income 166% YoY in the first half of 2024, bringing in EGP 1.48 billion, according to its latest earnings release. The company attributes its success in the period to strong performance in the concentrate segment and a rise in exports of finished products.?

Revenues:

The local food production giant hiked its revenues 68.8% YoY to EGP 11.5 billion.

Gross profit:

Sales profit soared 142% to reach EGP 3.8 billion in 1H, reflecting a gross profit margin of 33.2%, the company noted.

On a Q2 basis:

The company saw its top line grow 70% YoY to EGP 6.03 billion during the second quarter of the year, and raised its net income 16.6% YoY to just over EGP one billion. Meanwhile, the company’s net debt rose 1033% YTD to EGP 2.17 billion.

Exports:

?The firm saw a significant surge in export sales across its concentrates, dairy, fermented and juice categories, achieving a YoY growth rate of 201% in 2Q24 and 190% in 1H24, reaching EGP 1.1 billion and EGP 1.9 billion, respectively.?

Exports accounted for 19% and 17% of the company’s total revenues for 2Q 2024 and 1H 2024, a notable increase from 10.6% in 2Q 2023 and 9.8% in 1H 2023.?

Ambitious plans ahead:

Juhayna plans to inject EGP 309 million in 2024 as part of its strategy to expand into new markets in Africa in the upcoming period. Juhayna currently exports to approximately 62 countries.

Raya Customer Experience triples its profits in 1H 2024

Raya Customer Experience (RACC) tripled its net profit in the first six months of the year, recording a 199.9% YoY leap to EGP 245.35 million.?

Revenues:

The firm’s revenues rose 38.5% YoY to EGP 1.26 billion.?

The company derived 74% of its 1H 2024 revenues from its domestic facilities, which recorded a 44.7% YoY rise to EGP 935.4 million. The second largest contribution came from Gulf operations, which saw revenues increase by 20.3% YoY to reach EGP 289.7 million during the period.

Gross profit:

RACC’s sales income soared 77.9% YoY to reach EGP 573.3 million during 1H 2024.?

Big overseas plan:

“Regionally, we are continuously strengthening our foothold in the GCC, and expect to add more delivery facilities in the Kingdom of Saudi Arabia, and fully utilize our facility in mainland Dubai, UAE. Our operations in Europe are also under?strategic review to identify growth opportunities, with Europe representing a market of immense potential,” the company’s CEO Alaa Elkhishen noted.

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