Cairo – Mubasher: Pharos Research placed an ‘Overweight’ rating on Alexandria Container and Cargo Handling after the company announced its financial results for the first four months of current fiscal year.
Alexandria Container reported an unaudited net profit of EGP 373.1 million in the four-month period, representing a 61.4% increase compared to EGP 231.2 million reported during the same period last year.
“The reported bottom-line implies an annualized net income figure of EGP 1.1 billion, up cc 30% from EGP 860.6 million in FY-15, and versus our full-year projection of EGP 947.4 million,” said the research firm.
The cargo handling company recorded revenues of EGP 516.9 million during the period, up 47.1% y/y from EGP 351.2 million. The surge in revenues was mostly driven by a 43.3% y/y jump in revenue per container from EGP 1,147.5 to EGP 1,643.9. Meanwhile, volume of containers handled (throughput) inched up by only 2.7% y/y during the four months period.
Pharos set the stock’s fair value at EGP 409.1.
