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Obour Land net income to hit EGP 370.7m in 2018: report - Daily News Egypt

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Obour Land net income to hit EGP 370.7m in 2018: report

Company projected to record sales of EGP 2.64bn


A recent report issued by Pharos Research expects Obour Land’s net income to hit EGP 370.7m in 2018.

The report also forecasted the company to record sales of EGP 2.64bn in 2018, with earnings before interest, taxes, depreciation, and amortisation (EBITDA) of EGP 476m.

The research firm has maintained its overweight recommendation for the company at a fair value of EGP 26.15 per share.

The Egyptian cheese producer has reported a 50.17% year-over-year surge in unconsolidated profits for 2017, as profits hit EGP 243.26m from EGP 161.99m in profits in 2016.

Furthermore, the standalone financial statements have revealed that revenues grew to EGP 2.06bn in 2017, compared to EGP 1.45bn a year earlier.

Meanwhile, Mubasher Trade Research has downgraded its rating for Sidi Kerir Petrochemicals (Sidpec) Company from buy/moderate risk to hold/moderate risk, according to a recent report.

The research firm also raised the stock’s price target by 45% from EGP 25.5 to EGP 37 per share.

The report cited the prevailing stability in the Egyptian economy and the expected slowdown of inflation rates, as well as the increased selling prices for polyethylene and ethylene products to reflect changes in the global commodity market.

“We adjusted the non-material cost higher to reflect 2017 performance,” the report noted.

Sidi Kerir Petrochemicals showed a 21% year-over-year drop in profits for 2017 to EGP 1.13bn from EGP 1.42bn in 2016.

However, revenues increased to EGP 4.9bn in 2017 compared to EGP 3.4bn in 2016.

On another note, the research firm has maintained its buy/moderate risk rating for Telecom Egypt’s stock with the same price target of EGP 18.80 per share, implying an upside potential of 53%.

Telecom Egypt’s top-line revenues rose by 33% year-over-year in 2017 to EGP 18.57bn, which is slightly higher than estimates of EGP 17.76bn, according to a recent report.

The research company attributed the growth in Telecom Egypt’s revenues to a 34% year-over-year surge in revenues from the home services segment to EGP 5.66bn last year.

Revenues from the US dollar-denominated segments hiked by 57% year-over-year to EGP 6.81bn in 2017, making up 36.7% of the top line, the report added.

The Egyptian telecom company’s net profit was also bolstered by its share of profit from Vodafone Egypt, which soared by 250% year-over-year to EGP 2.34bn in 2017, compared to EGP 668.4m in 2016, beating estimates of EGP 1.9bn in 2017, the report highlighted.

Topics: Obour Land

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https://www.dailynewsegypt.com/2018/03/18/obour-land-net-income-hit-egp-370-7m-2018-report/
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