Cairo – Mubasher: Alexandria Container and Cargo Handling Company recorded revenues of EGP 1.37 billion for the seven months which ended on 31 January 2017, registering a year-on-year growth of 47%, according to a new report by Pharos.
The rise in revenues “was entirely driven by the flotation [of] the Egyptian pound,” the research firm said in a note, adding that containers processed fell 7% to 505,000 during the period.
Operating income for the seven-month period increased 58% year-on-year to EGP 1.042 billion, while net income was up 51% to EGP 1.051 billion.
Net income for January surged 148% year-on-year to EGP 219 million, the report added.
“Despite the rebound in the Egyptian pound, we are not decreasing the target price, as the valuation takes into account an exchange rate of EGP 15.50. We note that a stronger pound will affect topline negatively. However, it would help boost trade activity, eventually supporting containers processed,” Pharos stated.
It added that it is confident that the company’s management will meet its net profit estimates of EGP 2.196 billion for FY16-17.
