B Investments Holding: Strong Financials, Growing Investments
Overweight and 12M PT maintained
B Investments Holding [BINV]
Egypt / Non-Banking Financials / Q1 2021 Results
Fair Value EGP16.4
set on 18 May 2021
Investment Rating: Overweight | Risk Rating: Medium
Strong, debt-free, and growing financials: B Investments Holding’s [BINV] Q1 2021 results showed solid financials with revenues growing 13% y/y to EGP61mn and net profits surging 34% y/y to EGP51mn. Revenue growth was mainly attributed to Giza Systems share of profits (representing 54% of BINV’s total revenues) which jumped to EGP33.1mn vs. EGP0.35mn a year before. BINV’s net profit margin stood at a high of 83% with a return on equity (ROE) of 14%. BINV continues to enjoy a healthy, debt-free balance sheet with a rich cash position. Indeed, cash and cash equivalents amounted to EGP657mn at end of Q1 2021, representing 29% of BINV’s market cap.
Sherif El Etr
Equity Analyst
T +202 3300 5720