View 
FILTERS (0)
* Not connected to ResearchPool

MORE FILTERS

  
reports
Belhassen Achour
  • Belhassen Achour

Resilient despite the turmoil

Resilient despite the turmoil SIGNIFICANT NEWS Jordan Ahli Bank’s 9M 2020 net profit declined by 44.80%, yoy, to JOD8.885m due to the rise of the cost of risk which more than tripled reaching JOD12.430m. Loans and deposits rose by 1.81% and 0.25%, ytd, respectively, reflecting the harsh operating context. However, we expect the bank to maintain a strong equity generation capacity and we expect JAB’s Tier 1 to stand at 14.75% by the end of 2020 (vs. 14.54% in 2019). FACT Jordan Ahli Bank an...

Belhassen Achour
  • Belhassen Achour

Tough year but better long term perspectives (Jordan Ahli Bank)

Tough year but better long term perspectives EPS CHANGE CHANGE IN EPS2020 : JOD 0.06 vs 0.05 +19.7% 2021 : JOD 0.09 vs 0.11 -15.6% We have revised upward our 2020 EPS (JOD0.06 vs. JOD0.05 previously forecasted) as we expect JAB to generate significant revenues, offsetting thus, the cost of risk’s rise (revenues would reach JOD108m vs. JOD97.2m previously expected). CHANGE IN NAVJOD 0.87 vs 0.97 -10.0% We have revised upward our NAV (JOD0.87 vs. JOD0.97 previously expected) due to JAB’s minor ...

Belhassen Achour
  • Belhassen Achour

A boost is needed

A boost is needed INITIATION COV. Founded in 1955, Jordan Ahli Bank (JAB), accumulates a banking experience that exceeds the 60 years. JAB, has been listed on Amman Stock Exchange since April 2007 and is, today, one of the 6 largest Jordanian banks in terms of assets. In 2019, Jordan Ahli Bank operated through four business segments. The most important segments are Retail and Corporate banking divisions. Meanwhile, the bank has Treasury and Financial Brokerage segments. In addition to its wid...

Myriam CHAABOUNI
  • Myriam CHAABOUNI

Heavily impacted by Q2 achievements

Heavily impacted by Q2 achievements EARNINGS/SALES RELEASES Paltel recorded a decrease across all the board for the H1 2019 period, due to the slowdown witnessed during the Q2 2019. H1 2019 revenues decreased by 6.3%, yoy, to JOD149.2m due to the increasing competition in the mobile sector in addition to the unpleasant political and economic conditions in the country. H1 2019 net profit witnessed a drop by 3.2%, yoy, to JOD35.5m, on lower revenues, higher finance costs and lower investment por...

Myriam CHAABOUNI
  • Myriam CHAABOUNI

Downgraded perspectives on lower FY 2018 results (PALTEL)

Downgraded perspectives on lower FY 2018 results EPS CHANGE CHANGE IN EPS2019 : JOD 0.51 vs 0.54 -5.06% 2020 : JOD 0.52 vs 0.56 -6.17% Paltel closed the year 2018 on lower-than-expected results on the back of the increasing competition in the mobile sector, in addition to the negative FX impact. We have updated our model based on FY 2018 figures. Therefore, we have revised our FY 2019 and FY 2020 EPS downwards (-5.6% to JOD0.51, and -7.1% to JOD0.52, respectively). Thus, the EPS decrease stems...

Myriam CHAABOUNI
  • Myriam CHAABOUNI

Lower FY 2018 results on negative FX impact and previous year one-time...

Lower FY 2018 results on negative FX impact and previous year one-time tax settlement EARNINGS/SALES RELEASES Paltel recorded lower than expected results in Q3 and Q4, which affected the group’s FY 2018 overall performance. Q4 2018 revenues decreased by 15.4%, at JOD 69.3m mainly due to the increasing competition in the mobile sector in addition to the negative FX impact, taking FY 2018 revenues to JOD 305.5m, down 8.7%, yoy. FY 2018 net profit stood at JOD 67.1m, slightly down by 4.9%, yoy,...

Kais KRIAA
  • Kais KRIAA

Q3 results below expectations (Sanad)

Q3 results below expectations TARGET CHANGE CHANGE IN TARGET PRICE$ 2.44 vs 2.55 -4.47% We reduced our 2018 estimates after the release of Q3 2018 sales below our expectations. We are now expecting US$211m sales, i.e. a stable Q4 2018 revenues after the 4.1% drop recorded in Q3 2018. We have also revised downward our 2018 EBITDA from US$9.11m to US$8.41m. We reaffirm our forecasts regarding the balance sheet structure as our model is still based on the launch of projects (especially the Cement...

Myriam CHAABOUNI
  • Myriam CHAABOUNI

Q3 2018 results affected by previous year one-time tax settlement

Q3 2018 results affected by previous year one-time tax settlement EARNINGS/SALES RELEASES Paltel recorded lower than expected Q3 2018 results affecting the group’s 9M 2018 overall performance. Q3 2018 revenues decreased by 12.1%, at JOD76.8m due to the increasing competition in the mobile sector in addition to the negative FX impact experienced in Q3 2018. Q3 2018 net profit dropped by 27.1% at JOD15.5m due to the non-recurring tax settlement recorded in Q3 2017 (JOD+13.6m). Consequently, 9M...

Myriam CHAABOUNI
  • Myriam CHAABOUNI

Downgrading outlook (PALTEL)

Downgrading outlook EPS CHANGE CHANGE IN EPS2018 : JOD 0.52 vs 0.58 -10.0% 2019 : JOD 0.54 vs 0.60 -9.76% Paltel’s 9M 2018 bottom line comes far below our projections on lower revenues and increased finance and tax costs. We have updated our model based on Q3 2018 figures. Therefore, we have revised our FY 2018 and FY 2019 EPS downwards (-10.3% to JOD0.52, and -10% to JOD0.54, respectively). The decrease in our 2018-2020 net profits is mainly attributable to the downward revision of our rev...

Kais KRIAA
  • Kais KRIAA

Solid growth but margins under-pressure

Solid growth but margins under-pressure EARNINGS/SALES RELEASES H1 2018 revenue growth exceeded our expectations thanks to a progression in construction steel’s sales. However, the EBITDA margin decline is in line with our forecasts. Sanad released a solid H1 2018 set of figures, but the market is expecting an update on its ongoing projects. FACT Amid a lasting tough context, Sanad has succeeded to strengthen its market share. Furthermore, the construction steel operations also showed sol...

Kais KRIAA
  • Kais KRIAA

Donwgraded objectives (Sanad)

Donwgraded objectives EPS CHANGE CHANGE IN EPS2018 : $ 0.04 vs 0.08 -42.1% 2019 : $ 0.10 vs 0.11 -4.14% We reduced our 2018-2019 growth targets due to continued margin pressures on adverse FX effect and oil prices recovery. A solid H1 sales growth has partially offset the pressure on margins. CHANGE IN NAV$ 2.39 vs 2.64 -9.20% We have confirmed the valuation of the various BU. However, we have revised upward Sanad's 2019-2020 net financial debt and minority interests at fair value.

Myriam CHAABOUNI
  • Myriam CHAABOUNI

H1 2018, A solid bottom line

H1 2018, A solid bottom line EARNINGS/SALES RELEASES Paltel recorded mixed H1 2018 results with lower revenues and healthy bottom line growth. H1 2018 revenues decreased by 3.7%, yoy, to JOD159.3m, due to the increasing competition in the mobile sector in addition to the persistent unpleasant economic conditions in the country. H1 2018 net profit witnessed a healthy increase by 10.8%, yoy, to JOD36.6m, thanks to the decrease in the operating expenses and income tax in addition to the improveme...

Myriam CHAABOUNI
  • Myriam CHAABOUNI

Upgrading outlook (PALTEL)

Upgrading outlook EPS CHANGE CHANGE IN EPS2018 : JOD 0.58 vs 0.51 +13.4% 2019 : JOD 0.60 vs 0.53 +13.1% Paltel’s ongoing efforts to strengthen its revenues and improve its operational efficiency are clearly visible. We have updated our model based on FY 2017 and Q1 2018 figures. Therefore, we have revised our FY 2018 and FY 2019 EPS upwards (+13.7% to JOD0.58, and +13.2% to JOD0.60, respectively). The increase of our 2018-2020 net profits is mainly attributable to the upward revision of our ...

Myriam CHAABOUNI
  • Myriam CHAABOUNI

A rather satisfactory year

A rather satisfactory year EARNINGS/SALES RELEASES Despite the modest revenue growth (+0.7% at JOD335m), Paltel’s FY2017 EBITDA recorded a significant increase by 6.4% to JOD152m, with an improved EBITDA margin of 45.3%, up by 240 bps indicating the group’s strong operational performance. On a like-for-like basis, Paltel’s FY2017 net profit would remain stable (+0.2%, yoy, at JOD81m). The group maintained a dividend of JOD0.4/share for 2017, which equals 2016 dividend. On a like-for-like...

Salma KHARBACHI
  • Salma KHARBACHI

9M Good performance on a turnaround plan

Royal Jordanian achieved a JOD31.8m net profit in the third quarter of 2017 against JOD12.9m attained in the same period of the previous year (+146%).The seat load factor went up from 73% in the third quarter of last year to 75% this year, i.e. a 3% increase. Q3 2017 revenues reached JOD202m, marking an 8% increase over the JOD187m made over the same period last year. The number of passengers the airline transported in the third quarter rose by 5% over last year, with RJ aircraft carrying 955,0...

Salma KHARBACHI
  • Salma KHARBACHI

Always performing

As of September 30, 2017, Taqa Morocco posted a consolidated revenue from MAD6.10bn to MAD5.97bn, down by 2% compared to last year. The consolidated operating profit increased from MAD1.923bn to MAD1.949bn as at September 30, 2017. Consolidated net profit amounted to MAD996m, up by 1% compared to September 2016. As of September 30, 2017, the overall availability rate decreased from 94.1% to 91.1% as of September 30, 2017. The rate of availability of Units 1 to 4 was 91.8%, compared to 96.6% on S...

Selima MRABET
  • Selima MRABET

Business is good !

Emaar properties released its Q3 2017 results, showing an increase of 45%, yoy, in its revenues which amounted to AED5.59bn. On the other hand, direct costs increased by 49.6% to AED2.77bn resulting in a 50% decrease in the gross margin (vs. 52% in Q3 2016). The company enhanced its cost management, reducing its SG&A/Sales ratio to 16.4% compared to a stable c19% over the past 6 quarters. Emaar recorded a net profit of AED4,347m over 9M, an increase of 20% compared to the same period a year earl...

Selima MRABET
  • Selima MRABET

Under pressure

Drake & Scull released its Q3 1017 results showing a decrease of 32%, yoy, in its revenues to AED590m. The gross margin deteriorated further to -38% (vs. -1.1% in Q3 2016). The company was not able to control its general and administrative expenses that have almost doubled to AED114m, compared to AED58m in Q2 2016. On the balance sheet side, the company is showing an 11.5% increase in its bank borrowings compared to FY 2016 up to AED2,930m. The company’s backlog dropped by 28% to AED6.3bn (vs...

Salma KHARBACHI
  • Salma KHARBACHI

A double digit growth

Jazeera Airways achieved a year-on-year increase of 35.6% in profits to KWD8.2m in the third quarter of 2017. The operating revenues grew by 16.8%, on an annual basis, to KWD21.9m in Q3-17. During the first nine months of 2017, the airline recorded a drop of 20.3% in net profits to KWD9.54m from YTD 2016 (9M/YTD 2016 net results included a one-off KWD2.4m transfer from Foreign Currency Translation Reserve, reclassified to Statement of Income).

Selima MRABET
  • Selima MRABET

Dance to the rythm of the music

Aldar properties released its Q3 2017 results showing a 27.3% decrease, yoy, in its revenues to AED1,380m. On the other hand, direct cost decreased by 22% which resulted in a decrease in the gross margin to 42.5% (vs. 46.5% in Q3 2016). General and administrative expenses decreased by 8.6% to AED50m (3.7% of its revenue) in Q3 2017, compared to AED55m (3% of its revenue) in Q3 2016. The company reported AED601m net profit, 18.5% down from Q3 2016. On the balance sheet side, gross debt remained a...

Loading...
New interest

Save your current filters as a new Interest

Please enter a name for this interest

Email alerts

Would you like to receive real-time email alerts when a new report is published under this interest?

Save This Search

These search results will show up under 'Saved searches' in the left panel

Please enter a name for this saved search

ResearchPool Subscriptions

Get the most out of your insights

Get in touch