Research

At a Glance | Cleopatra Hospitals Group 4Q21 Results: Sustained core earnings growth (+5% y-o-y) despite lower contribution from COVID-19 related revenue, as main assets continue to recover along with ramp up of newly acquired ones

Corporate Action | Ibnsina Pharma: Board proposes an FY21 DPS of EGP0.10, implying 3.4% yield

At a Glance | Ibnsina Pharma 4Q21 Results: 4Q21 core earnings (ex. provision expense and reversal of impairment) surged 177% y-o-y due to last year low base, yet missing our estimate; operating margins enhanced y-o-y but still lower than normal levels

At a Glance | Mouwasat Medical Services Company 4Q21 Results: Net profit came almost flat (+2% y-o-y) on sustained utilization levels and operating margins

Conference Call Highlights | Palm Hills Developments (PHD) 4Q21 Results

At a Glance │ Palm Hills Developments (PHD) 4Q21 Results: 4Q21 core earnings down 7% y-o-y, yet top and bottom lines’ performance ended FY21 on a high note, supported by a surge in units delivery and solid contracted sales

At a Glance | Madinet Nasr for Housing and Development (MNHD) 4Q21 Indicators: 4Q21 earnings significantly down by 91% y-o-y on weaker revenue and GPM contraction; board proposed 12% stock dividend

Conference Call Highlights | Rameda 4Q21 Results

Corporate Action | Rameda: Board proposed FY21 DPS of EGP0.01, yield at 0.5%; Board approved the purchase of treasury shares (maximum 10% of capital)

At a Glance | Rameda 4Q21 Results: Core earnings surge 69% y-o-y supported by higher utilization rates from new acquired molecule, new launches and demand on COVID-19 products lifting operating margins

Reminder: Conference Call Invitation | Rameda 4Q21 Results Call

At a Glance | EIPICO 4Q21 Results: Core earnings jumps 35% y-o-y on continued improvement in local sales and slight improvement in EBIT margin

Conference Call Invitation | Rameda 4Q21 Results Call

At a Glance | Speed Medical 4Q21 Results: Core earnings significantly down due to discontinuing operations of PSM; Growth in the lab business was temporarily impacted by discounts and lowering prices of COVID-19 related tests

At a Glance │ Palm Hills Developments (PHD) 4Q21 Indicators: 4Q21 contracted sales stood at EGP4.4bn mainly driven by Badya, implying a full year sales of EGP17.3bn (+35% y-o-y), beating our estimate

At a Glance │ Heliopolis for Housing and Development 2Q21/22 Results

At a Glance | Humansoft Holding Company KSCP (Humansoft) 4Q21 Results: Core earnings jumps more than 50% on recognizing most of Fall 2021 semester revenue during the quarter, beating our estimate

Corporate Action | Mouwasat Medical Services Company: Board proposes FY21 DPS of SAR2.75; yield of 1.5%

Results Preview | Saudi Healthcare: Sector growth to continue normalizing in 4Q21, before being fueled again in 2022 by new capacity additions

First Impression | Heliopolis for Housing and Development (HHD) initially awards Mountain View the 1,695-feddan Heliopark project, indicating the first significant move under its 5-year plan strategy; positive first impression