Obour Land’s consolidated profits leap in H1-24; sales exceed $78.48mln

PHOTO

Obour Land for Food Industries posted year-on-year (YoY) higher consolidated net profits at EGP 422.91 million in the first half (H1) of 2024, versus EGP 212.08 million, according to the financial statements.

Basic and diluted earnings per share (EPS) grew to EGP 0.91 in H1-24 from EGP 0.45 in the year-ago period, while the sales hiked to EGP 3.83 billion from EGP 2.95 billion.

During the first six months (6M) of 2024, the total assets amounted to EGP 3.88 billion, compared to EGP 2.58 billion as of 31 December 2023.

In the second quarter (Q2) of 2024, the consolidated net profits of Obour Land hit EGP 265.89 million, up YoY from EGP 96.92 million

Revenues climbed to EGP 2.08 billion in Q2-24 from EGP 1.48 billion a year earlier, while the basic and diluted EPS jumped to EGP 0.57 from EGP 0.20.

Standalone Results

The company’s standalone net profit after tax stood at EGP 424.26 million as of 30 June 2024, an annual leap from EGP 212.48 million. Meanwhile, the basic and diluted EPS soared to EGP 0.91 from EGP 0.46.

In Q2-24, non-consolidated profits increased to EGP 267.07 million from EGP 97.10 million, whereas the EPS rose to EGP 0.57 from EGP 0.21.

During the January-March 2024 period, the EGX-listed firm registered consolidated net profits after tax worth EGP 157.02 million, higher than EGP 115.16 million in Q1-23.