Cairo – Mubasher: MubasherTrade set the price target (PT) of Lecico Egypt at EGP 3.54, with a “Hold” recommendation.
Lecico booked EGP 111.2 million of FX gains following the EGP floatation during the year.
Net losses for the year would have reached EGP 161.3 million after removing this one-off item.
Revenues grew 9.2% year-on-year to EGP 1.50 billion in 2016, backed by 16% year-on-year growth in sanitary ware revenues to reach EGP 834.0 million.
The company exported 53% of its volumes during 2016.
