AMER GROUP HOLDING
AMER
Real estateNegative News
Amer Group's H1-24 Financials Plunge: Q2 Losses Spark Concern
Amer Group's H1-24 net profits drop by 48.4% amid declining revenues and Q2 losses, with mixed asset growth trends.
August 14, 2024 at 10:12:00 AMScore: 28
Amer Group Holding Company reported a dramatic 48.4% year-on-year decline in consolidated net profits for H1-24, dropping to EGP 13.88 million from EGP 26.92 billion in H1-23. Revenues fell 19.7% to EGP 523.33 million, while earnings per share (EPS) halved from EGP 0.02 to EGP 0.01. Total assets grew 10.8% to EGP 7.47 billion by June 2024. However, standalone results turned negative, with net losses of EGP 4.78 million versus EGP 5.40 million profit in H1-23. Q2-24 saw consolidated losses of EGP 1.08 million, a sharp reversal from EGP 14.49 million profit in Q2-23. Non-consolidated losses narrowed to EGP 2 million, but quarterly revenues dipped 3.8% to EGP 251.42 million. The group's Q1-24 profits also slumped 64% year-on-year to EGP 14.97 million.
Recommended Actions
- Avoid new investments until stability is evident
- Monitor Q3 performance for recovery signs
- Review asset growth sustainability
- Compare with sector peers for relative performance
- Consider reducing exposure if losses persist
Positive Aspects
- 10.8% asset growth
- narrowing Q2 standalone losses
Negative Aspects
- 48.4% profit decline
- 19.7% revenue drop
- Q2 consolidated losses
- EPS reduction by 50%
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