A busy morning of earnings releases: Palm Hills Development (PHDC) reports a significant earnings boost, with net profit surging by 296.58% to EGP 1 billion. CI Capital (CICH) impresses with a 203% surge in net profit to EGP 999 million. Raya Holding sees a 49.55% rise in net profit, while Oriental Weavers (ORWE) reports a 38% surge in net income for Q1-2024.
PHDC shares climbed 3.30% to EGP 3.75, following a surge in CICH shares, which rose 5.79% to EGP 4.75 as of the 28 May 2024 session at 12:46 CLT.
Palm Hills Development 1Q-24 Net Profit Surges 296.58% to EGP 1 Billion
Palm Hills Development reported a significant earnings boost for the first quarter of 2024, with net profit soaring by 296.58% to EGP 1 billion, compared to EGP 252 million for the same period last year. Earnings per share rose to EGP 0.34 from EGP 0.09 year-over-year. The net profit margin reached 16%, while new sales hit EGP 32.3 billion.
Raya Holding announced its first-quarter 2024 earnings, with net profit rising 49.55% to EGP 377 million, compared to EGP 168 million in the same period last year.
Oriental Weavers (ORWE) reported a 38% surge in net income for the first quarter of 2024, reaching EGP 557 million compared to EGP 403 million in the same period last year.
CI Capital (CICH) announced an impressive 203% surge in net profit, reaching EGP 999 million for the first quarter of 2024, compared to EGP 329 million in the same period last year.
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