reports
- Salma Mohamed
Lecico: 1Q23 | Outstanding performance boosted by ASP; Upgrade FV to E...
Revenues skyrocketed on the back of a hike in ASP, despite declining volumes Revenues recorded EGP1.2 billion (+63.2% YoY, +28.0% QoQ) compared to EGP745.5 million in 1Q22 and EGP950.4 in 4Q22. The hike in revenue was driven by a rise in average selling prices where Sanitaryware’s ASP reached EGP713.5/ piece 1Q23 (+114.8 YoY, + 54.8% QoQ), tiles’ ASP reached EGP63.6/sqm in 1Q23 (+43.9% YoY, 18.7% QoQ) and brassware’s ASP increased by 65.7% YoY and almost flat QoQ to record EGP1,370.6/ piece. ...
- Marina William
Egypt Tiles Producers 3Q21 – revenue recovers on volumes and prices
Tiles & Sanitary ware producers faced a very healthy quarter, supported by both prices and volumes. Exports did not shine like the previous quarter, due to supply chain disruptions, resulting from the current energy crisis. The latest gas price hikes are expected to pressure margins and affect competitiveness in the export markets. ECAP: GOVERNMENT PROJECTS DRIVES LOCAL DEMAND; GAS PRICES RISE STILL IN FAVOUR ECAP continued to show outstanding performance in 3Q21 – 9M21 results. The bottom li...
- Marina William
Egypt: Tiles & Sanitary Ware Producers – 1Q21 – Positive start for bot...
RECOVERY IN BOTTOM-LINE, DESPITE A SEQUENTIAL DROP IN SALES 1Q21 was generally positive for ceramics and tiles producers, impacted by the effect of economies opening up and demand picking up. Interest rate cuts, lower energy prices, and low-interest-rate loans for the industrial sectors were properly utilized to drive financial performance. The positive start for 2021 paves the way for a strong year, however, the second quarter is expected to witness a slight drop in performance compared to t...
- Marina William
- Zeyad Ahmed
4Q20 Tiles & Sanitary Ware– improvement in performance backed by volum...
IMPROVEMENT IN PERFORMANCE BACKED BY VOLUMES RECOVERY 4Q20 saw a noticeable recovery, especially in the local market for ceramics and tiles producers, after economies opened and demand picked up again. Also, the companies were able to take advantage of the interest rate cuts, lower energy prices, and the low-interest-rate loans for the industrial sector. The strong closing for FY2020 puts ceramics & tiles manufacturer on a good footing for 2021, with indications suggesting that the demand rec...
- Marina William
- Zeyad Ahmed
Egypt tiles and sanitary ware: Sequential volumes recovery on eased lo...
3Q20 saw a recovery in both export and domestic sales across ceramics and tiles producers, after economies re-opened and as companies made use of government and CBE initiatives to aid the sector during 1H20, whether through lower energy prices, interest rate cuts, and or offering low-interest-rate loans for the industrial sector. Looking ahead, we expect the recovery in demand to be maintained, as long as no lockdowns occur in both local and export markets. We expect to see companies ramping ...
- Zeyad Ahmed
Egypt tiles and sanitary ware: Volume slump hits revenues; bottom line...
CHALLENGING QUARTER FOR DEMAND AND PRICES MAGNIFIED BY SEASONALITY AND SHUTDOWN OF EXPORT MARKETS The ceramics and tiles industry has been facing strong headwinds tied to weaker demand putting downward pressure on prices and volumes, and weak margins in light of relatively high energy costs. FY20 has escalated the challenges with the pandemic-induced lockdowns and Ramadan’s slow season which both massively hit volumes during 2Q20. Export volumes were hit the most, dropping significantly by no....
- Mark Adeeb
- Zeyad Ahmed
Lecico: 2020 Valuation Update: More challenges ahead
Top Line Deteriorates on Depressed Demand We expect LCSW’s top line in FY20 to continue deteriorating as a result of hammered volumes resulting from weak purchasing power and demand after the COVID-19 pandemic. Exports (which compose 53.1% of FY19 total revenues) are expected to plunge in FY20 amid COVID-19 repercussions on international trade. This will in turn significantly lower revenues especially those coming from the sanitary ware segment which has 70% of its sales coming from exports. ....
- Mark Adeeb
Egypt: Government incentives offer respite but will not prevent losses
The Government slashes natural gas and electricity prices In an attempt to alleviate the current pressure, the government has reduced natural gas prices to USD4.5/mmbtu, down from USD5.5/mmbtu for steel, aluminium and tiles producers and down from USD6/mmbtu for cement. In our view, the key beneficiaries are ESRS, IRAX, ECAP, and LCSW. The government will also reduce the electricity tariff by EGP0.10/KWh, which will have a positive impact on EGAL and our cement coverage. We do not rule out th...
A director sold 6,846,657 shares at 0.000EGP and
A director at Lecico Egypt S.A.E. sold 6,846,657 shares at 0.000EGP and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ye...
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