Earnings Report /
Egypt

HRHO: 3Q21| Relatively weak quarter on unfavorable base-effect despite opex control

  • The sequential decline came on the back of lower earnings across all lines of business except for “ValU”, leasing, & PE

  • 9M21 profits were driven by an outstanding performance across almost all lines of business

  • Upgrade FV to EGP19.61; Maintain Overweight

Dalia Bonna
Al Ahly Pharos Securities Brokerage
17 November 2021