Arab Moltaqa Investments Company Announces Q1 Consolidated Results
Arab Moltaqa Investments Company (AMIC) (Ticker: AMIA.CA) on Thursday announced its consolidated financial results for the first quarter ending 31 March 2013. Financial Statements have been prepared in accordance with the Egyptian Accounting Standards.
Highlights for the First Quarter 2013 include:
- Total Consolidated Revenues were EGP 95.57 million up from EGP 11.17 million for the same period in 2012, an increase of 755%.
- Bottom of Form
- Consolidated Gross Profits were EGP 14.74 million up from EGP 4.77 million for the same period in 2012, an increase of 209%.
- Consolidated Operating Profits were EGP 8.39 million up from EGP 5.25 million for the same period in 2012, an increase of 60%.
- Consolidated Profit Before Taxes and Minority Interest was EGP 9.97 million up from EGP 6.30 million for the same period in 2012, an increase of 58%.
- Consolidated Net Profit was EGP 6.21 million up from EGP 4.83 million for the same period in 2012, an increase of 29%.
Managing Director’s Statement:
Commenting on the Consolidated First Quarter Results of 2013, Khaled AbouHeif, Managing Director of AMIC, said:
“Despite the continued economic malaise and the slowdown of the Egyptian economy, AMIC has witnessed a surgeinits bottom lineduring the First Quarterof 2013.
“In this context, explained AbouHeif that Total Consolidated Revenues for the First Quarter of 2013 reached EGP 95.6 million, an increase of EGP 84.4 million, when compared to the same period in 2012. Total Consolidated Revenues for the First Quarter of 2012 reached EGP 11.2 million. Thereasonforthisupsurgeis dueto the increase of AMIC’s share in A.T. Lease, our financial leasing arm, from 10% to90% afterthe acquisitionthat took placein2012througha share swap, whereRevenues of LeasingContracts of A.T. Lease reached EGP 84.8million,andotherLeasingRevenuesreached EGP 1.1million. Another main item that affected our consolidated revenues is Sales from Arab Engineering Industries, our 50.67% subsidiary, reached EGP 9.5 million in the first quarter of 2013, versus EGP 8.9 million in the same period in 2012, an increase of 6%.
“AMIC’s Consolidated Operational Expenses reached EGP 80.8 million in the First Quarter of 2013, an increase of EGP 74.4 million, when compared to the same period in 2012. Two major reasons for the increase in our consolidated operational expenses are the
value of depreciatedleased fixedassets with an amount of EGP 44.4 million andfinancingexpenseswith an amount of EGP 29.1million.
“AMIC’s Consolidated Gross Profits stood at EGP 14.7 millionfor the First Quarter of 2013, versus EGP 4.8 million for the same period in 2012, an increase of 209%.
“Consolidated Net Profit After Tax for the First Quarter of 2013 stood at EGP 6.2 million, versus EGP 4.8 million for the same period in 2012, an increase of 29%.
“It is noteworthy to mention that AMIC’s Capital reached EGP 197.9millionin March 31st,2013, anincreaseof EGP 74.9million when compared with the same period in2012 wasEGP 123millionpounds. This increasecomesaftertheownership transferof15.9 millionofA.T. Lease’s shares as a result of the 80% acquisitionvalued at EGP 308 million. The outcome of this share swap transaction, is the increase in AMIC’s number of Shares reaching almost 19.8 million shares, as indicated in the table below where Bait Al-Tawfeek Development Company has almost 7.5 million shares.
AMIC’s new shareholder structure is:
|
Shareholder’s Name |
# of Shares |
% of Ownership |
|
DallahElBaraka Holding |
9,769,200 |
49.4% |
|
Bait Al-Tawfeek Development Company |
7,493,870 |
37.8% |
|
Free Float |
2,530,800 |
12.8% |
|
Total |
19,793,870 |
100% |
AMIC’s Key Financials:
|
|
First Quarter Period Ending |
||
|
In EGP Thousands |
March 2013 |
March 2012 |
% Change |
|
Operating Revenues |
95,567 |
11,173 |
755% |
|
Gross Profit |
8,388 |
5,245 |
60% |
|
Gross Profit Margin |
8.8% |
46.9% |
|
|
|
|
|
|
|
Profit Before Taxes & Minority Interest |
9,972 |
6,298 |
58% |
|
Net Profit |
6,211 |
4,830 |
29% |
|
Net Profit Margin |
6.5% |
43.2% |
|
