CPC 3Q18 earnings quadruple on margin gains, higher other and operating income
Cairo Poultry Co. [POUL.CA] posted KPIs for 3Q18 with net income of EGP54mn (+423% Y-o-Y) as all margins trended upwards and other operating income nearly doubled, as well as the company booking other income for the quarter compared to other loss in 3Q17. Recurring earnings increased 88% Y-o-Y. Revenue remained flat (+1% Y-o-Y) at EGP1,186mn as the impact of a lower-priced government-imported chicken offering on the market was offset by Koki volumes increasing 12% Y-o-Y. In 9M18 CPC raised parent chick sales 9% Y-o-Y (prices +22%), broiler chicks’ volume was maintained, (prices -12%) and live bird volumes saw an 11% increase (prices flat). Feed volumes increased 6% in 9M18 (trend has slowed in 3Q18 in response to the dumping activities), while prices rose 7% to offset an increase in costs. Gross profit increased 21% in 3Q18, with gross margin expanding 3.9pps to 23.5%, while EBITDA increased 44% Y-o-Y to EGP141mn, with the margin up 3.5pps to 11.9pps.
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