AlexCont net profit up 45% YoY

CAIRO – 18 June 2017: Alexandria Container and Cargo Handling Company, AlexCont, recorded a net profit of LE 1.89 billion ($104 million) from July 2016 to May, up 45 percent year-on-year (YoY), the company announced Sunday.

In the same period, AlexCont revenues of business activities were LE 2.45 billion, up 53.3 percent YoY, while the production quantity was 816,000, the company said in a statement to the Egyptian Exchange.

AlexCont revenues in May alone hiked 84.7 percent YoY, on recovering business activity after the Egyptian pound flotation as traded containers hiked 10.9 percent to record 80,095 containers last month.

The company has also registered LE 292 million in revenues in May, and a net profit of LE 231 million, up 70.6 percent in a month-on-month basis.

The seasonal recovery in the summer would continue boosting the number of traded containers in Q4 fiscal year 2016/2017, Beltone Financials noted in an 18 June research note.

“Our estimate for the fair value is LE 290.34 per share, which is indicating a 68 percent increase since the last closing price,” Beltone pointed out.