Results in brief: Last Wednesday, CI Capital Holding (CICH) announced its Q1 2019 results, posting net earnings of EGP116mn (+41% y/y, -6% q/q) on the largest revenues ever recorded in a single quarter, hitting EGP729mn (+34% y/y, +9% q/q). Net operating margin improved moderately to 26.0% (+56bps y/y, +34bps q/q), as opex and employment costs retreated relative to the top line to 19.3% (-105bps y/y, -5bps q/q). Meanwhile, bottom-line figures were sequentially overshadowed by two items:
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