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CI Capital Holding [CICH]
Egypt / Non-Banking Financials / Q2 2021 Results
12MPT: EGP6.0 (+72%)
set on 14 Jan 2021
Investment Rating: Overweight | Risk Rating: Medium
Taaleem’s [TALM] exit lifts financials; slight growth ex-TALM
CI Capital Holding’s [CICH] H1 2021 results showed bottom line of EGP172mn (-4% y/y) due to the one-off expense of EGP150mn in Q1 2021 for the ESOP. Normalized earnings would have been EGP322mn (+80% y/y) in H1 2021. The 4% slippage in earnings came in despite revenues surging to EGP1.98bn (+92% y/y) on the back of consolidation of EGY EDU Invest fund proceeds from TALM’s IPO in Q2 2021. Considering only CICH’s share of the proceeds of EGP103mn, revenues would have still registered c.EGP1.2bn (+16% y/y) in H1 2021. We see CICH still showing growth across most of its business lines, with TTM ROAE of 17%.
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Sherif Eletr
Equity Analyst
T +202 3300 5720
Seletr@egy.primegroup.org