Cairo Poultry: 4Q19 – Depressed poultry prices pressure FY19 results, maintain EW

  • Net loss of EGP36 million vs net profit of EGP47 million in 4Q18, and EGP26 million in 3Q19.

  • Revenues of EGP959 million (-14% QoQ and -16% YoY), on lower demand and excess supply in the poultry market

  • GPM of 9.3% vs 16.5% in 4Q18 (-7.1pps) and 13.0% in 3Q19 (-3.7pps)

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