• Madinet Masr housing and development [MASR] contracted with Smart Construction and Development (SCAD) for the Sarai multi-purpose project with a contractual value of EGP 650 mn.

• Orascom Financial Holding [OFH] plans to buy 33 mn treasury shares.

• Orascom Development Holding to sell subsidiary in UAE for USD 40 mn.

• The dollar fell marginally against the Egyptian pound to close at 48.68 pounds.

• Oil prices settled 3% equivalent to USD 2.41 closed at USD 81.43/barrel.

• Alexandria Flour Mills [AFMC] profit for the FY 2023/2024  increasedby 33.7% Y-o-Y to 55.5 M.

• Dice Sport and Casual Wear [DSCW] profit for 1H 2024 increased by 301% Y-o-Y to 485.77 M.

Key Dates

28-Aug-24

• TANM: Stock dividend / Last date for eligibility for a 0.2-for-1 stock dividend.

29-Aug-24

• TANM: Stock dividend / Date for distributing a 0.2 for-1 stock dividend.

• PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).

• ZMID: Cash dividend / Payment date for a dividend of EGP0.10/Share (2nd installment)

• CCAP: OGM / Discussing appointing an additional auditor for the company’s accounts for the current year ending 31 Dec. ,2024.

• CCAP: EGM / Discussing the continuation of the company.

• SKPC: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.

• BINV: Cash dividend / Payment date for a dividend of USD 0.020/Share.

• MFPC: Cash dividend / Payment date for a dividend of EGP3.750/Share.

2-Sep-24

• MSCI / MSCI's August 2024 Quarterly Index Review Effective Date.

3-Sep-24

• Egypt PMI / August 2024 reading.

4-Sep-24

• CERA: OGM / Approving the sale of a plot of land.

• MPCO: Stock dividend / Last date for eligibility for a 0.28-for-1 stock dividend.

5-Sep-24

• MPCO: Stock dividend / Date for distributing a 0.28 for-1 stock dividend.

9-Sep-24

• GBCO: Conference Call / Discussing Q2 2024 financial results.

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Daily Highlights

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Today’s Top News & Analysis

• Egypt to purchase 22 LNG shipments in August and September

• CBE assures every bank is responsible for its FX withdrawal policy

MACRO

Egypt to purchase 22 LNG shipments in August and September

Sources said the government is seeking the purchase of 22 LNG shipments in August and September to cover the increasing demand for electricity through the summer. The sources added the government agreed to purchase 21 shipments last July and another 5 shipments through August. (Asharq Business)

CBE assures every bank is responsible for its FX withdrawal policy

The Central Bank of Egypt (CBE) said that it did not set limitations on FX withdrawals where every bank is responsible for setting the limits independently. (Enterprise)

MARKETS PERFORMANCE

Key Dates

22-Aug-24

• EXPA: Stock dividend / Date for distributing a 0.33 for-1 stock dividend.

26-Aug-24

• BINV: Cash dividend / Deadline for eligibility for a dividend of USD 0.020/Share.

• MFPC: Cash dividend / Deadline for eligibility for a dividend of EGP3.750/Share.

28-Aug-24

• TANM: Stock dividend / Last date for eligibility for a 0.2-for-1 stock dividend.

29-Aug-24

• TANM: Stock dividend / Date for distributing a 0.2 for-1 stock dividend.

• PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).

• ZMID: Cash dividend / Payment date for a dividend of EGP0.10/Share (2nd installment)

• CCAP: OGM / Discussing appointing an additional auditor for the company’s accounts for the current year ending 31 Dec. ,2024.

• CCAP: EGM / Discussing the continuation of the company.

• SKPC: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.

• BINV: Cash dividend / Payment date for a dividend of USD 0.020/Share.

• MFPC: Cash dividend / Payment date for a dividend of EGP3.750/Share.

Latest Ratings & Price Targets

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Today’s Top News & Analysis

• Pricier electricity for the industrial sector during August

• Subsidized loans for support

MACRO

Pricier electricity for the industrial sector during August

Sources said the government will raise the electricity prices for the industrial sector through August for the first time in 4 years. This is due to the higher electricity costs, from EGP0.55/KWH to EGP1.94/KWH. (Enterprise)

Subsidized loans for support

Sources said the government will start a subsidized loan program with 15% interest rates to freezones manufacturers, agriculture companies, and renewable energy companies. Sources said the Minister of Transport & Industry added that the sectors subjected to the program are yet to be determined. (Enterprise)

MARKETS PERFORMANCE

Key Dates

21-Aug-24

• ORAS: Cash dividend / Payment date for a dividend of EGP9.69/Share.

• EXPA: Stock dividend / Last date for eligibility for a 0.33-for-1 stock dividend.

22-Aug-24

• EXPA: Stock dividend / Date for distributing a 0.33 for-1 stock dividend.

26-Aug-24

• BINV: Cash dividend / Deadline for eligibility for a dividend of USD 0.020/Share.

• MFPC: Cash dividend / Deadline for eligibility for a dividend of EGP3.750/Share.

28-Aug-24

• TANM: Stock dividend / Last date for eligibility for a 0.2-for-1 stock dividend.

29-Aug-24

• TANM: Stock dividend / Date for distributing a 0.2 for-1 stock dividend.

• PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).

• ZMID: Cash dividend / Payment date for a dividend of EGP0.10/Share (2nd installment)

• CCAP: OGM / Discussing appointing an additional auditor for the company’s accounts for the current year ending 31 Dec. ,2024.

• CCAP: EGM / Discussing the continuation of the company.

• SKPC: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.

• BINV: Cash dividend / Payment date for a dividend of USD 0.020/Share.

• MFPC: Cash dividend / Payment date for a dividend of EGP3.750/Share.

Latest Ratings & Price Targets

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Today’s Top News & Analysis

• Ministry of Electricity & Energy implemented price increases

• Expected price hikes in different drugs

• Egypt studies importing wheat from Turkey

• ETEL to restructure debt through a USD150mn loan

• KABO Q3 2023/24 Prelim.: Strong net profits despite the massive decline in GPM

MACRO

Ministry of Electricity & Energy implemented price increases

News circulated that the Ministry of Electricity & Energy has already started the implementation of price hikes for the highest consumption bracket using prepaid meters between 14-40%. The price hikes will be implemented for the households billed monthly in September. (Enterprise)

Expected price hikes in different drugs

The Head of the Federation of Egyptian Chambers of Commerce’s pharma division said there will be c.1,600 drugs subjected to price increases between September 2024 and the end of 2025. He added that c.600 drugs may undergo price increases before the end of 2024. (Enterprise)

Egypt studies importing wheat from Turkey

The Head of the General Authority for Supply & Commodities (GASC) said the Egyptian government is currently studying the potential of importing wheat from Turkey. (Asharq Business)

CORPORATE

ETEL to restructure debt through a USD150mn loan

Sources said Telecom Egypt [ETEL] is undergoing a debt restructuring process from short-term debt to medium and long-term debt. The sources added that ETEL plans to undergo the restructuring through a USD150mn loan to be received within two months. (Asharq Business)

KABO Q3 2023/24 Prelim.: Strong net profits despite the massive decline in GPM

El Nasr Clothing & Textiles Co.'s [KABO] posted its Q3 2023/24 preliminary results with a 69% y/y growth in net profits to EGP51mn on higher revenues of EGP271mn (+52% y/y). However, the gross profit margin massively declined to 14% (-23pp y/y). (Company disclosure)

MARKETS PERFORMANCE

Key Dates

20-Aug-24

• ACGC: EGM / Amending some Articles of the company's bylaws. 

21-Aug-24

• ORAS: Cash dividend / Payment date for a dividend of EGP9.69/Share.

• EXPA: Stock dividend / Last date for eligibility for a 0.33-for-1 stock dividend.

22-Aug-24

• EXPA: Stock dividend / Date for distributing a 0.33 for-1 stock dividend.

26-Aug-24

• BINV: Cash dividend / Deadline for eligibility for a dividend of USD 0.020/Share.

• MFPC: Cash dividend / Deadline for eligibility for a dividend of EGP3.750/Share.

28-Aug-24

• TANM: Stock dividend / Last date for eligibility for a 0.2-for-1 stock dividend.

29-Aug-24

• TANM: Stock dividend / Date for distributing a 0.2 for-1 stock dividend.

• PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).

• ZMID: Cash dividend / Payment date for a dividend of EGP0.10/Share (2nd installment)

• CCAP: OGM / Discussing appointing an additional auditor for the company’s accounts for the current year ending 31 Dec. ,2024.

• CCAP: EGM / Discussing the continuation of the company.

• SKPC: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.

• BINV: Cash dividend / Payment date for a dividend of USD 0.020/Share.

• MFPC: Cash dividend / Payment date for a dividend of EGP3.750/Share.

Latest Ratings & Price Targets

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Today’s Top News & Analysis

• Electricity price to be raised in September

• DOMT Q2 2024: Non-operating losses mute net profits growth

• ALCN 2023/24 Prelim.: Strong net profits on better revenues

MACRO

Electricity price to be raised in September

Sources said the Cabinet approved the Ministry of Electricity & Energy's proposal to raise the electricity prices. The ministry is said to raise the prices by an average of 30% in September. The larger households will be subjected to more price increases, while smaller households will be subjected to lower price increases. (Enterprise)

CORPORATE

DOMT Q2 2024: Non-operating losses mute net profits growth

Arabian Food Industries (Domty) [DOMT] posted a 13% y/y decline in net profits to EGP88mn in Q2 2024, despite:

·         A 35% y/y revenue growth to EGP2.1bn.

·         A 1.2pp y/y better SG&A-to-revenues ratio of 12%.

The net profits decline is attributed to:

·         A 34% y/y decline in other revenues to EGP23mn.

·         A 153% y/y increase in net interest expenses to EGP129mn.

DOMT's gross profit margin came in flat at 24% (-0.3pp y/y). (Company disclosure)

ALCN 2023/24 Prelim.: Strong net profits on better revenues

Alexandria Container & Cargo Handling Co [ALCN] posted its preliminary results for FY2023/24 with a 40% y/y growth in net profits to EGP6.1bn on higher revenues of EGP6.4bn (+30% y/y). Gross profit margin came in flat at 78%. (Company disclosure)

MARKETS PERFORMANCE

Key Dates

20-Aug-24

• ACGC: EGM / Amending some Articles of the company's bylaws. 

21-Aug-24

• ORAS: Cash dividend / Payment date for a dividend of EGP9.69/Share.

• EXPA: Stock dividend / Last date for eligibility for a 0.33-for-1 stock dividend.

22-Aug-24

• EXPA: Stock dividend / Date for distributing a 0.33 for-1 stock dividend.

26-Aug-24

• BINV: Cash dividend / Deadline for eligibility for a dividend of USD 0.020/Share.

28-Aug-24

• TANM: Stock dividend / Last date for eligibility for a 0.2-for-1 stock dividend.

29-Aug-24

• TANM: Stock dividend / Date for distributing a 0.2 for-1 stock dividend.

• PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).

• ZMID: Cash dividend / Payment date for a dividend of EGP0.10/Share (2nd installment)

• CCAP: OGM / Discussing appointing an additional auditor for the company’s accounts for the current year ending 31 Dec. ,2024.

• CCAP: EGM / Discussing the continuation of the company.

• SKPC: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.

• BINV: Cash dividend / Payment date for a dividend of USD 0.020/Share.

Latest Ratings & Price Targets

Click here to check out our latest fundamental research.

Today’s Top News & Analysis

• AD Port's Noatum acquires a stake in Egyptian Safina Shipping Services

• The unemployment rate is down

• SWDY Q2 2024: Strong net profits on better revenues

MACRO

AD Port's Noatum acquires a stake in Egyptian Safina Shipping Services

A subsidiary of AD Ports, Noatum, acquired a majority stake in the Egyptian Safina Shipping Services, a maritime, logistics, and cargo company. The acquisition should be concluded in Q3 2024. (Enterprise)

The unemployment rate is down

Egypt's unemployment rate is down to 6.5% (-0.5pp y/y, -0.2pp q/q) for the third quarter in a row. (Enterprise)

CORPORATE

SWDY Q2 2024: Strong net profits on better revenues

Elswedy Electric [SWDY] recorded a 68% y/y growth in net profits to EGP4.5bn in Q2 2024, due to:

- Better revenues of EGP57bn, the revenues mix came in as follows:

·         The wires & cables segment recorded revenues of EGP35bn (+73% y/y), contributing 60% of total revenues.

·         The turnkey projects segment recorded revenues of EGP17bn (+45% y/y), contributing 30% of total revenues.

- Better gross profit margin of 22% (+4pp y/y), supported by improved performance across all segments. (Company disclosure)

MARKETS PERFORMANCE

Key Dates

18-Aug-24

• OFH: OGM / A board reshuffle.

20-Aug-24

• ACGC: EGM / Amending some Articles of the company's bylaws. 

21-Aug-24

• ORAS: Cash dividend / Payment date for a dividend of EGP9.69/Share.

• EXPA: Stock dividend / Last date for eligibility for a 0.33-for-1 stock dividend.

22-Aug-24

• EXPA: Stock dividend / Date for distributing a 0.33 for-1 stock dividend.

26-Aug-24

• BINV: Cash dividend / Deadline for eligibility for a dividend of USD 0.020/Share.

28-Aug-24

• TANM: Stock dividend / Last date for eligibility for a 0.2-for-1 stock dividend.

29-Aug-24

• TANM: Stock dividend / Date for distributing a 0.2 for-1 stock dividend.

• PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).

• ZMID: Cash dividend / Payment date for a dividend of EGP0.10/Share (2nd installment)

• CCAP: OGM / Discussing appointing an additional auditor for the company’s accounts for the current year ending 31 Dec. ,2024.

• CCAP: EGM / Discussing the continuation of the company.

• SKPC: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.

• BINV: Cash dividend / Payment date for a dividend of USD 0.020/Share.

Latest Ratings & Price Targets

Click here to check out our latest fundamental research.

Today’s Top News & Analysis

• PHAR Q2 2024: Declined net profits despite strong operations

• ISPH Q2 2024: Strong operations drive net profits expansion

• ORWE Q2 2024: Non-recurring other revenues drives net profits growth

• GBCO Q2 2024: Net profits decline on higher net finance expenses and lower GPM

• POUL Q2 2024: Better operations and net interest income drive higher net profits

• MTIE Q2 2024: Strong net profits on higher revenues and GPM

CORPORATE

PHAR Q2 2024: Declined net profits despite strong operations

EIPICO [PHAR] posted a 45% y/y decline in net profits to EGP176mn in Q2 2024 despite:

·         A 47% y/y growth in revenues of EGP1.9bn.

·         An improved gross profit margin of 51% (+4pp y/y).

·         Lower SG&A-to-revenues ratio of 13% (+3pp y/y).

Despite the strong operations, PHAR's net profits saw a decline due to:

·         Recording FX losses of 37mn vs. FX gains of EGP203mn last year.

·         An increase of 143% y/y in net interest expenses to EGP184mn. (Company disclosure)

ISPH Q2 2024: Strong operations drive net profits expansion

Ibnsina Pharma [ISPH] posted  a108% y/y growth in net profits to EGP123mn in Q2 2024 due to:

·         Stronger revenues of EGP12bn (+56% y/y).

·         Better gross profit margin of 8.4% (+0.3pp y/y).

·         Lower SG&A-to-revenues ratio of 3.7% (+0.3pp y/y). (Company disclosure)

ORWE Q2 2024: Non-recurring other revenues drives net profits growth

Oriental Weavers [ORWE] posted a 183% y/y growth in net profits to EGP821mn mainly driven by the one-off other revenues of EGP525mn vs. only EGP4mn last year. On operations level, ORWE posted a 22% y/y revenue growth to EGP5bn and the gross profit margin normalized at 14%, as the management expected. (Company disclosure)

GBCO Q2 2024: Net profits decline on higher net finance expenses and lower GPM

GB Corp [GBCO] posted a 20%% y/y decline in net profits to EGP440mn in Q2 2024 mainly due to a 142% y/y increase in net finance expenses to EGP599mn and the lower gross profit margin of 18% (-4pp y/y). Regarding revenues, GBCO posted a 69% y/y growth to EGP10bn. (Company disclosure)

POUL Q2 2024: Better operations and net interest income drive higher net profits

Cairo Poultry [POUL] posted a 181% y/y growth in net profits to EGP583mn on:

·         Higher revenues of EGP3bn (+21% y/y).

·         Improved gross profit margin to 26% (+2pp y/y).

·         A 23% higher other operating revenues of EGP108mn.

·         Recording net interest income of EGP41mn vs. net interest expenses of EGP33mn. (Company disclosure)

MTIE Q2 2024: Strong net profits on higher revenues and GPM

MM Group for Industry & International Trade [MTIE] posted a 73% y/y growth in net profits to EGP246mn on higher revenues of EGP3bn (+35% y/y) and better gross profit margin of 13% (+2pp y/y). (Company disclosure)

MARKETS PERFORMANCE

Key Dates

17-Aug-24

• MFPC: OGM / Considering distributing cash dividends.

18-Aug-24

• OFH: OGM / A board reshuffle.

20-Aug-24

• ACGC: EGM / Amending some Articles of the company's bylaws. 

21-Aug-24

• ORAS: Cash dividend / Payment date for a dividend of EGP9.69/Share.

• EXPA: Stock dividend / Last date for eligibility for a 0.33-for-1 stock dividend.

22-Aug-24

• EXPA: Stock dividend / Date for distributing a 0.33 for-1 stock dividend.

26-Aug-24

• BINV: Cash dividend / Deadline for eligibility for a dividend of USD 0.020/Share.

28-Aug-24

• TANM: Stock dividend / Last date for eligibility for a 0.2-for-1 stock dividend.

29-Aug-24

• TANM: Stock dividend / Date for distributing a 0.2 for-1 stock dividend.

• PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).

• ZMID: Cash dividend / Payment date for a dividend of EGP0.10/Share (2nd installment)

• CCAP: OGM / Discussing appointing an additional auditor for the company’s accounts for the current year ending 31 Dec. ,2024.

• CCAP: EGM / Discussing the continuation of the company.

• SKPC: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.

• BINV: Cash dividend / Payment date for a dividend of USD 0.020/Share.

Latest Ratings & Price Targets

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Today’s Top News & Analysis

• EFID Q2 2024: Declined GPM and net interest expenses drive a decline in net profit

• RMDA Q2 2024: Better revenues reflect in net profits

• ETEL Q2 2024: A decline in net profits despite revenue growth

• ARCC Q2 2024: Better operations drive the net profits growth

• SUGR Q2 2024: Lower net profits on weaker operations

CORPORATE

EFID Q2 2024: Declined GPM and net interest expenses drive a decline in net profit

Edita Food Industries [EFID] posted an 18% y/y decline in net profits to EGP313mn in Q2 2024, despite a 42% y/y growth in revenues to EGP4.1bn mainly driven by a 33% y/y increase in overall average prices to EGP3.96/pack. However, the gross profit margin declined by 3pp y/y to 29%.

Despite the strong growth in revenues, the net profits mainly declined due to recording net interest expenses of EGP79mn vs. net income interest of EGP10mn last year. (Company disclosure: 1, 2)

RMDA Q2 2024: Better revenues reflect in net profits

Rameda [RMDA] posted a 26% y/y growth in net profits to EGP62mn in Q2 2024, due to:

·         Higher revenues of EGP565mn (+25% y/y).

·         Better gross profit margin of 48% (+2pp y/y).

·         Recording FX gains of EGP7mn vs. FX losses of EGP560,905 last year. (Company disclosure)

ETEL Q2 2024: A decline in net profits despite revenue growth

Telecom Egypt [ETEL] posted a 9% y/y decline in net profits to EGP2.6bn in Q2 2024 despite a 44% y/y growth in revenues to EGP20bn. The decline in net profits is attributable to a 1.3pp y/y decline in EBITDA margin to 40% and a 255% y/y increase in net finance cost to EGP3.5bn. (Company disclosure: 1, 2)

ARCC Q2 2024: Better operations drive the net profits growth

Arabian Cement [ARCC] posted a 103% y/y growth in net profits to EGP194mn in Q2 2024, due to:

·         Higher revenues of EGP2bn (+36% y/y).

·         Improved gross profit margin of 16% (+3pp y/y).

·         Lower net interest expenses of only EGP3mn vs. EGP21mn last year. (Company disclosure)

SUGR Q2 2024: Lower net profits on weaker operations

Delta Sugar [SUGR] posted a 5% y/y decline in net profits to EGP723mn in Q2 2024, due to the lower revenues of EGP1.7bn (-51% y/y) and the lower gross profit margin of 35% (-5pp y/y). (Company disclosure)

MARKETS PERFORMANCE

Key Dates

14-Aug-24

• ICLE: EGM / Amending Article No. 3 of the company's bylaws.

• ETEL: Earnings Announcement / Announcing Q2 2024 financial results.

• ORAS: Cash dividend / Deadline for eligibility for a dividend of EGP9.69/Share.

17-Aug-24

• MFPC: OGM / Considering distributing cash dividends.

18-Aug-24

• OFH: OGM / A board reshuffle.

20-Aug-24

• ACGC: EGM / Amending some Articles of the company's bylaws. 

21-Aug-24

• ORAS: Cash dividend / Payment date for a dividend of EGP9.69/Share.

• EXPA: Stock dividend / Last date for eligibility for a 0.33-for-1 stock dividend.

22-Aug-24

• EXPA: Stock dividend / Date for distributing a 0.33 for-1 stock dividend.

26-Aug-24

• BINV: Cash dividend / Deadline for eligibility for a dividend of USD 0.020/Share.

28-Aug-24

• TANM: Stock dividend / Last date for eligibility for a 0.2-for-1 stock dividend.

29-Aug-24

• TANM: Stock dividend / Date for distributing a 0.2 for-1 stock dividend.

• PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).

• ZMID: Cash dividend / Payment date for a dividend of EGP0.10/Share (2nd installment)

• CCAP: OGM / Discussing appointing an additional auditor for the company’s accounts for the current year ending 31 Dec. ,2024.

• CCAP: EGM / Discussing the continuation of the company.

• SKPC: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.

• BINV: Cash dividend / Payment date for a dividend of USD 0.020/Share.

Latest Ratings & Price Targets

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Today’s Top News & Analysis

• Subsidized loan to cut drug shortages

• GASC purchases only 280 thousand tons of wheat

• MASR Q2 2024: Net profits growth muted by other expenses

• SWDY stays in EGP

MACRO

Subsidized loan to cut drug shortages

Sources said the government approved an EGP7bn subsidized loan with a 5-7% interest rate for pharmaceutical manufacturers to support production and secure needed imports. (Enterprise)

GASC purchases only 280 thousand tons of wheat

The General Authority for Supply & Commodities (GASC), purchased only 280 thousand tons of wheat in its last tender where the target was to purchase 3.8mn tons of wheat. (Enterprise)

CORPORATE

MASR Q2 2024: Net profits growth muted by other expenses

Madinet Masr [MASR] posted a 0.3% y/y growth in net profits to EGP281mn in Q2 2024 despite:

·         Better revenues of EGP1.3bn (+11% y/y).

·         Improved gross profit margin of 71.8% (+4.3pp y/y).

The growth in net profits was muted by a 103% y/y increase in other expenses to c.EGP12mn. (Company disclosure)

SWDY stays in EGP

Elsewedy Electric [SWDY] said in a statement that there are no intentions to change the listing currency from EGP to USD, denying the circulated news. (Company disclosure)

MARKETS PERFORMANCE

Key Dates

14-Aug-24

• ICLE: EGM / Amending Article No. 3 of the company's bylaws.

• ETEL: Earnings Announcement / Announcing Q2 2024 financial results.

• ORAS: Cash dividend / Deadline for eligibility for a dividend of EGP9.69/Share.

17-Aug-24

• MFPC: OGM / Considering distributing cash dividends.

18-Aug-24

• OFH: OGM / A board reshuffle.

20-Aug-24

• ACGC: EGM / Amending some Articles of the company's bylaws. 

21-Aug-24

• ORAS: Cash dividend / Payment date for a dividend of EGP9.69/Share.

• EXPA: Stock dividend / Last date for eligibility for a 0.33-for-1 stock dividend.

22-Aug-24

• EXPA: Stock dividend / Date for distributing a 0.33 for-1 stock dividend.

29-Aug-24

• PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).

• ZMID: Cash dividend / Payment date for a dividend of EGP0.10/Share (2nd installment)

• CCAP: OGM / Discussing appointing an additional auditor for the company’s accounts for the current year ending 31 Dec. ,2024.

• CCAP: EGM / Discussing the continuation of the company.

• SKPC: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.

Latest Ratings & Price Targets

Click here to check out our latest fundamental research.

Today’s Top News & Analysis

• Egypt sets a fixed regasification unit in partnership with Eni

• JUFO Q2 2024: Strong operations drive extraordinary net profits

• RACC Q2 2024: Strong net profits on better operations and FX translations

• ORHD Q2 2024: Strong operations drive the net profits growth

• SWDY denies delisting

MACRO

Egypt sets a fixed regasification unit in partnership with Eni

Sources said the Egyptian government partnered with the Italian Eni to set up a fixed regasification unit in Damietta with investments of USD150mn. (Asharq Business)

CORPORATE

JUFO Q2 2024: Strong operations drive extraordinary net profits

Juhayna Food Industries [JUFO] posted a 361% y/y growth in net profits to EGP1bn in Q2 2024 due to:

·         Stronger revenues of EGP6bn (+70% y/y), driven by a double-digit increase in juice sales volumes and the strong growth in exports.

·         An 11pp y/y better gross profit margin of 32%.

Regarding H1 2024, JUFO posted a 166% y/y growth in net profits to EGP1.5bn due to:

·         Higher revenues of EGP11bn (+69% y/y).

·         Stronger gross profit margin of 35% (+10pp y/y).

Results imply a TTM P/E of 10.5x. (Company disclosure)

RACC Q2 2024: Strong net profits on better operations and FX translations

Raya Contact Center [RACC] posted a 252% y/y growth in profits to EGP135mn in Q2 2024 due to:

·         Better revenues of EGP641mn (+33% y/y).

·         Better gross profit margin of 41% (+7pp y/y).

·         Excessive FX translations of EGP117mn (+495% y/y).

Regarding H1 2024, RACC posted a 183% y/y growth in net profits to EGP242mn on:

·         Better revenues of EGP1.3bn (+36% y/y).

·         Better gross profit margin of 45% (+11pp y/y).

·         A 199% y/y expansion in FX translations to EGP119mn.

The results imply a TTM P/E of 4.4x. (Company disclosure)

ORHD Q2 2024: Strong operations drive the net profits growth

Orascom Development [ORHD] posted a 218% y/y growth in net profits to EGP1.9bn in Q2 2024 due to:

·         Strong revenues of EGP6bn (+86% y/y).

·         A 13pp y/y higher gross profit margin of 46%.

·         Higher investment income of EGP310mn (+129% y/y). (Company disclosure)

SWDY denies delisting

Elsewedy Electric [SWDY] said in a statement that there is no intention to delist, denying the circulated news. (Company disclosure)

MARKETS PERFORMANCE

Key Dates

12-Aug-24

• TMGH: BoD meeting / Discussing financial results.

• MSCI / MSCI's August 2024 Quarterly Index Review Announcement.

14-Aug-24

• ICLE: EGM / Amending Article No. 3 of the company's bylaws.

• ETEL: Earnings Announcement / Announcing Q2 2024 financial results.

• ORAS: Cash dividend / Deadline for eligibility for a dividend of EGP9.69/Share.

17-Aug-24

• MFPC: OGM / Considering distributing cash dividends.

18-Aug-24

• OFH: OGM / A board reshuffle.

20-Aug-24

• ACGC: EGM / Amending some Articles of the company's bylaws. 

21-Aug-24

• ORAS: Cash dividend / Payment date for a dividend of EGP9.69/Share.

• EXPA: Stock dividend / Last date for eligibility for a 0.33-for-1 stock dividend.

22-Aug-24

• EXPA: Stock dividend / Date for distributing a 0.33 for-1 stock dividend.

29-Aug-24

• PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).

• ZMID: Cash dividend / Payment date for a dividend of EGP0.10/Share (2nd installment)

• CCAP: OGM / Discussing appointing an additional auditor for the company’s accounts for the current year ending 31 Dec. ,2024.

• CCAP: EGM / Discussing the continuation of the company.

• SKPC: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.

Latest Ratings & Price Targets

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Today’s Top News & Analysis

• Egypt and UAE sign 3 agreements worth more than USD3bn

• Government to raise taxes

• FRA approves extending SIEC's offer to CIRA

MACRO

Egypt and UAE sign 3 agreements worth more than USD3bn

Sources said Egypt and UAE signed an MoU to build an oil logistics zone in Al Hamra Port with investments of USD3bn, supporting Egypt's oil supply chain. Sources added that there are studies to set up an Emirati Industrial Zone in East Port Said to meet local market needs. Also, the Chinese Hisense and the Emirati FBB Tech signed an agreement worth USD38mn with the Egyptian TEDA to establish a manufacturing facility for electronic devices in the China-Egypt TEDA trade zone. (Enterprise)

Government to raise taxes

The Deputy of the Ministry of Finance for Taxes said the government is considering the rise of taxes in response to the recent economic changes. (Enterprise)

CORPORATE

FRA approves extending SIEC's offer to CIRA

The Financial Regulatory Authority (FRA) approved the extension of the mandatory offer by Saudi Egyptian Investment Co. (SIEC) to acquire 75-100% of CIRA Education's [CIRA] current major shareholder, Social Impact Capital (SIC), for 60 working days. (FRA disclosure)

MARKETS PERFORMANCE

Key Dates

11-Aug-24

• MCQE: EGM / Amending Article No. 3 of the company's bylaws.

12-Aug-24

• MSCI / MSCI's August 2024 Quarterly Index Review Announcement.

14-Aug-24

• ICLE: EGM / Amending Article No. 3 of the company's bylaws.

• ETEL: Earnings Announcement / Announcing Q2 2024 financial results.

• ORAS: Cash dividend / Deadline for eligibility for a dividend of EGP9.69/Share.

17-Aug-24

• MFPC: OGM / Considering distributing cash dividends.

18-Aug-24

• OFH: OGM / A board reshuffle.

20-Aug-24

• ACGC: EGM / Amending some Articles of the company's bylaws. 

21-Aug-24

• ORAS: Cash dividend / Payment date for a dividend of EGP9.69/Share.

• EXPA: Stock dividend / Last date for eligibility for a 0.33-for-1 stock dividend.

22-Aug-24

• EXPA: Stock dividend / Date for distributing a 0.33 for-1 stock dividend.

29-Aug-24

• PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).

• ZMID: Cash dividend / Payment date for a dividend of EGP0.10/Share (2nd installment)

• CCAP: OGM / Discussing appointing an additional auditor for the company’s accounts for the current year ending 31 Dec. ,2024.

• CCAP: EGM / Discussing the continuation of the company.

• SKPC: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.

Latest Ratings & Price Targets

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Today’s Top News & Analysis

• CPI's fifth ease in a row

• Optimistic growth forecasts

• Two new hydropower projects in Luxor & Qena

• Remittances from Egyptians abroad increased by 66% y/y in June

• EDA greenlights increasing prices for RMDA

MACRO

CPI's fifth ease in a row

The annual urban CPI eased for the fifth consecutive month to 25.7% in July vs. 27.5% in June. (Asharq Business)

Optimistic growth forecasts

The government announced in a cabinet statement its optimistic forecasts for the economy growth in the current FY25 being 4.2%, FY27 being 5.5%, and FY30 being 6.5%. (Enterprise)

Two new hydropower projects in Luxor & Qena

Sources said the government concluded the studies of setting up two pumped storage hydropower projects in Luxor and Qena with a capacity of 1,000 MW each and an expected cost of USD2.5bn. (Asharq Business)

Remittances from Egyptians abroad increased by 66% y/y in June

Sources said the remittances from Egyptians abroad increased to USD2.6bn(+66% y/y, -3.7% m/m) in June. (Enterprise)

CORPORATE

EDA greenlights increasing prices for RMDA

Rameda [RMDA] announced the Egyptian Drugs Authority (EDA) giving the green light to increase the average prices of 22 SKUs by 40-50%. RMDA said the approved price increases will relieve pressure on its gross profit margins in addition to supporting RMDA's developments, production, and supply of needed medications in the Egyptian market. (Company disclosure)

MARKETS PERFORMANCE

Key Dates

8-Aug-24

• MPRC: Cash dividend / Payment date for a dividend of EGP0.50/Share.

11-Aug-24

• MCQE: EGM / Amending Article No. 3 of the company's bylaws.

12-Aug-24

• MSCI / MSCI's August 2024 Quarterly Index Review Announcement.

14-Aug-24

• ICLE: EGM / Amending Article No. 3 of the company's bylaws.

• ETEL: Earnings Announcement / Announcing Q2 2024 financial results.

• ORAS: Cash dividend / Deadline for eligibility for a dividend of EGP9.69/Share.

17-Aug-24

• MFPC: OGM / Considering distributing cash dividends.

18-Aug-24

• OFH: OGM / A board reshuffle.

20-Aug-24

• ACGC: EGM / Amending some Articles of the company's bylaws. 

21-Aug-24

• ORAS: Cash dividend / Payment date for a dividend of EGP9.69/Share.

• EXPA: Stock dividend / Last date for eligibility for a 0.33-for-1 stock dividend.

22-Aug-24

• EXPA: Stock dividend / Date for distributing a 0.33 for-1 stock dividend.

29-Aug-24

• PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).

• ZMID: Cash dividend / Payment date for a dividend of EGP0.10/Share (2nd installment)

• CCAP: OGM / Discussing appointing an additional auditor for the company’s accounts for the current year ending 31 Dec. ,2024.

• CCAP: EGM / Discussing the continuation of the company.

• SKPC: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.

Latest Ratings & Price Targets

Click here to check out our latest fundamental research.

Today’s Top News & Analysis

• NIR increase again in July 2024

• Narrower budget deficit in FY24

• Internal and external debt decrease in FY24

• The drug shortage ends in 3 months

MACRO

NIR increase again in July 2024

Net Foreign Reserves (NIR) in the Central Bank of Egypt (CBE) marginally increased in July 2024 to USD46.5bn (provisional) vs. USD46.4bn a month earlier. (CBE)

Narrower budget deficit in FY24

The Minister of Finance said the government's budget deficit in FY24 narrowed to 3.6% of total GDP vs. 6% in FY23, supported by the Ras El-Hekma deal and the increase of tax revenues by 30% y/y to EGP1.5tn. He added that the government expects to collect EGP2tn in taxes through FY25. (Asharq Business)

Internal and external debt decrease in FY24

The Minister of Finance said the government's internal debt decreased in FY24 to 4.7% of the total GDP, meanwhile, the external debt declined to 4%. (Mubasher)

The drug shortage ends in 3 months

The Minister of Health said the drug shortage is expected to fully end in 3 months in light of the full recovery in manufacturing. (Mubasher)

MARKETS PERFORMANCE

Key Dates

8-Aug-24

• MPRC: Cash dividend / Payment date for a dividend of EGP0.50/Share.

11-Aug-24

• MCQE: EGM / Amending Article No. 3 of the company's bylaws.

12-Aug-24

• MSCI / MSCI's August 2024 Quarterly Index Review Announcement.

14-Aug-24

• ICLE: EGM / Amending Article No. 3 of the company's bylaws.

• ETEL: Earnings Announcement / Announcing Q2 2024 financial results.

• ORAS: Cash dividend / Deadline for eligibility for a dividend of EGP9.69/Share.

17-Aug-24

• MFPC: OGM / Considering distributing cash dividends.

18-Aug-24

• OFH: OGM / A board reshuffle.

20-Aug-24

• ACGC: EGM / Amending some Articles of the company's bylaws. 

21-Aug-24

• ORAS: Cash dividend / Payment date for a dividend of EGP9.69/Share.

• EXPA: Stock dividend / Last date for eligibility for a 0.33-for-1 stock dividend.

22-Aug-24

• EXPA: Stock dividend / Date for distributing a 0.33 for-1 stock dividend.

29-Aug-24

• PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).

• ZMID: Cash dividend / Payment date for a dividend of EGP0.10/Share (2nd installment)

• CCAP: OGM / Discussing appointing an additional auditor for the company’s accounts for the current year ending 31 Dec. ,2024.

• CCAP: EGM / Discussing the continuation of the company.

• SKPC: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.

Latest Ratings & Price Targets

Click here to check out our latest fundamental research.

Today’s Top News & Analysis

• Drugs breakthrough in September

• New support package

• Fertilizer financing temporarily stop

• ACGC 9M 2023/24: FX translations drive the net profit growth

MACRO

Drugs breakthrough in September

The head of the Federation of Egyptian Chambers of Commerce’s pharma division said the drug shortage will be resolved by 99% in September. He added that the drug shortage is caused by EGP devaluation and forced pricing. (Mubasher)

New support package

Sources said the government will announce a new social support package in September, which will be implemented in October. The package should include increased wages and pensions in addition to several ways of supporting low-income workers. (Enterprise)

Fertilizer financing temporarily stop

Sources said some local banks temporarily stopped financing fertilizer companies in fear of potential risks in the fertilizers industry in Egypt. Noting that the industry has been facing several problems in the past years. (Asharq Business)

CORPORATE

ACGC 9M 2023/24: FX translations drive the net profit growth

Arab Cotton Ginning Co. [ACGC] posted a 147% y/y growth in net profits to EGP277mn mainly driven by the 117% y/y increase in FX translations to EGP305mn. ACGC's revenues grew by 55% y/y to EGP2.6bn, however, the gross profit margin massively declined to 6% (-11pp y/y). (Company disclosure)

MARKETS PERFORMANCE

Key Dates

8-Aug-24

• MPRC: Cash dividend / Payment date for a dividend of EGP0.50/Share.

11-Aug-24

• MCQE: EGM / Amending Article No. 3 of the company's bylaws.

12-Aug-24

• MSCI / MSCI's August 2024 Quarterly Index Review Announcement.

14-Aug-24

• ICLE: EGM / Amending Article No. 3 of the company's bylaws.

• ETEL: Earnings Announcement / Announcing Q2 2024 financial results.

• ORAS: Cash dividend / Deadline for eligibility for a dividend of EGP9.69/Share.

17-Aug-24

• MFPC: OGM / Considering distributing cash dividends.

18-Aug-24

• OFH: OGM / A board reshuffle.

20-Aug-24

• ACGC: EGM / Amending some Articles of the company's bylaws. 

21-Aug-24

• ORAS: Cash dividend / Payment date for a dividend of EGP9.69/Share.

29-Aug-24

• PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).

• ZMID: Cash dividend / Payment date for a dividend of EGP0.10/Share (2nd installment)

• CCAP: OGM / Discussing appointing an additional auditor for the company’s accounts for the current year ending 31 Dec. ,2024.

• CCAP: EGM / Discussing the continuation of the company.

• SKPC: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.

Latest Ratings & Price Targets

Click here to check out our latest fundamental research.

Today’s Top News & Analysis

• Slightly lower PMI, but still high

• Subsidized bread wheat price is 20% higher

• DSCW buys 16.677% in United Dyers Co.

MACRO

Slightly lower PMI, but still high

Egypt’s purchasing Manager’s Index (PMI) for the non-oil private sector saw its reading in July 2024 slightly decreasing to 49.7 vs. 49.9 in June. However, July's reading is considered the second-highest reading in 3 years. This comes in return for a decline in activity levels at the beginning of Q3 2024. The reading is still in the contraction area, however, it is close to reaching the growth zone at 50. (S&P Global)

Subsidized bread wheat price is 20% higher

Sources said the Ministry of Supply & Internal Trade has raised the wheat supplied to subsidized bread by 20% to EGP13,750/ton starting August. Additionally, the flour mills raised the price of the flour starting August by 36% to EGP16,000/ton vs. EGP11,800. (Asharq Business)

CORPORATE

DSCW buys 16.677% in United Dyers Co.

Dice Sport & Casual Wear's [DSCW] announced the acquisition of a minority stake of 16.677% in its sister company, United Dyers Co., raising its stake to 99.278% vs. 82.6% before the transaction. We note that DSCW's BoD initially approved the acquisition of 17.4% of United Dyers Co. (Company disclosure)

MARKETS PERFORMANCE

Key Dates

5-Aug-24

• EGTS: BoD meeting / Discussing financial results.

• CIRA: Conference Call / Discussing Q3 2023/2024 financial results.

• Egypt PMI / July 2024 reading.

• MPRC: Cash dividend / Deadline for eligibility for a dividend of EGP0.50/Share.

8-Aug-24

• MPRC: Cash dividend / Payment date for a dividend of EGP0.50/Share.

11-Aug-24

• MCQE: EGM / Amending Article No. 3 of the company's bylaws.

12-Aug-24

• MSCI / MSCI's August 2024 Quarterly Index Review Announcement.

14-Aug-24

• ICLE: EGM / Amending Article No. 3 of the company's bylaws.

• ETEL: Earnings Announcement / Announcing Q2 2024 financial results.

• ORAS: Cash dividend / Deadline for eligibility for a dividend of EGP9.69/Share.

17-Aug-24

• MFPC: OGM / Considering distributing cash dividends.

18-Aug-24

• OFH: OGM / A board reshuffle.

20-Aug-24

• ACGC: EGM / Amending some Articles of the company's bylaws. 

21-Aug-24

• ORAS: Cash dividend / Payment date for a dividend of EGP9.69/Share.

29-Aug-24

• PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).

• ZMID: Cash dividend / Payment date for a dividend of EGP0.10/Share (2nd installment)

• CCAP: OGM / Discussing appointing an additional auditor for the company’s accounts for the current year ending 31 Dec. ,2024.

• CCAP: EGM / Discussing the continuation of the company.

Latest Ratings & Price Targets

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Today’s Top News & Analysis

• IMF's loan received

• Lower Net Foreign Asset surplus in June

• Auto sales grow for three months in a row

• 17 LNG shipments targeted

MACRO

IMF's loan received

The PM said on Thursday that the government has received the third tranche of the International Monetary Fund's (IMF) loan, amounting to USD820mn. (Enterprise)

Lower Net Foreign Asset surplus in June

In June, the Central Bank of Egypt's (CBE) net foreign assets recorded the second surplus in two months, coming at  USD12.9bn. However, the surplus declined by 10% m/m vs. May's reading of USD14.3bn. (Enterprise)

Auto sales grow for three months in a row

According to the Automotive Marketing Information Council (AMIC), Egypt’s auto sales increased by 28% m/m in June 2024 to 8,000 vehicles. The volumes came as follows:

·         Passenger car sales drove the growth by a 34% m/m increase to 6,500 units.

·         Bus sales increased by 36% m/m to 613 units.

·         Truck sales saw a decline of 8% m/m to 938 units. (Enterprise)

17 LNG shipments targeted

Sources said the Egyptian government is seeking the purchase of 17 LNG shipments to cover the needs of Q4 2024. The sources added that the government already purchased 21 LNG shipments in June to cover the increasing demand for electricity in the summer months. (Asharq Business)

MARKETS PERFORMANCE

Key Dates

5-Aug-24

• EGTS: BoD meeting / Discussing financial results.

• CIRA: Conference Call / Discussing Q3 2023/2024 financial results.

• Egypt PMI / July 2024 reading.

• MPRC: Cash dividend / Deadline for eligibility for a dividend of EGP0.50/Share.

8-Aug-24

• MPRC: Cash dividend / Payment date for a dividend of EGP0.50/Share.

11-Aug-24

• MCQE: EGM / Amending Article No. 3 of the company's bylaws.

12-Aug-24

• MSCI / MSCI's August 2024 Quarterly Index Review Announcement.

14-Aug-24

• ICLE: EGM / Amending Article No. 3 of the company's bylaws.

• ETEL: Earnings Announcement / Announcing Q2 2024 financial results.

• ORAS: Cash dividend / Deadline for eligibility for a dividend of EGP9.69/Share.

17-Aug-24

• MFPC: OGM / Considering distributing cash dividends.

18-Aug-24

• OFH: OGM / A board reshuffle.

20-Aug-24

• ACGC: EGM / Amending some Articles of the company's bylaws. 

21-Aug-24

• ORAS: Cash dividend / Payment date for a dividend of EGP9.69/Share.

29-Aug-24

• PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).

29-Aug-24

• ZMID: Cash dividend / Payment date for a dividend of EGP0.10/Share (2nd installment)

Latest Ratings & Price Targets

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Today’s Top News & Analysis

• EGX studies listing of 11 companies temporarily

• Government to partner up with private sector for hydroelectric projects

• SPMD Q1 2024: Net losses expanded on revenue decline and aggressive GL increase

• JUFO denies receiving acquisition offers

MACRO

EGX studies listing of 11 companies temporarily

EGX's head said there are current studies to list 11 companies temporarily, expecting the conclusion of 2-3 companies during 2024. He added that the 11 companies are divided as:

·         8 companies in the primary market.

·         3 companies in the SMEs market.

Additionally, he announced the intention to set up an index for companies under registration. (Mubasher)

Government to partner up with private sector for hydroelectric projects

Sources said the Ministry of Electricity & Energy is studying to partner up with the private sector to set up hydroelectric projects worth USD4bn. For the implementation of the projects, the Ministry will arrange with global hydropower companies and financers. Sources added the Ministry is planning to set up a water pumping and storage station with a capacity of 2.4 GW. (Enterprise)

CORPORATE

SPMD Q1 2024: Net losses expanded on revenue decline and aggressive GL increase

Speed Medical [SPMD] net losses expanded by 5% y/y to EGP25mn in Q1 2024 due to a 29% y/y decline in revenue to EGP11mn, however, this expansion was mainly driven by a 102% y/y expansion in gross losses to EGP10mn. (Company disclosure)

JUFO denies receiving acquisition offers

Juhayna Food Industries [JUFO] announced in a statement that it did not receive any official acquisition offers from any entity, denying some trending news. (Company disclosure)

MARKETS PERFORMANCE

Key Dates

1-Aug-24

• MTIE: Stock dividend / Date for distributing a 0.25 for-1 stock dividend.

5-Aug-24

• EGTS: BoD meeting / Discussing financial results.

• CIRA: Conference Call / Discussing Q3 2023/2024 financial results.

• Egypt PMI / July 2024 reading.

• MPRC: Cash dividend / Deadline for eligibility for a dividend of EGP0.50/Share.

8-Aug-24

• MPRC: Cash dividend / Payment date for a dividend of EGP0.50/Share.

11-Aug-24

• MCQE: EGM / Amending Article No. 3 of the company's bylaws.

12-Aug-24

• MSCI / MSCI's August 2024 Quarterly Index Review Announcement.

14-Aug-24

• ICLE: EGM / Amending Article No. 3 of the company's bylaws.

• ETEL: Earnings Announcement / Announcing Q2 2024 financial results.

• ORAS: Cash dividend / Deadline for eligibility for a dividend of EGP9.69/Share.

17-Aug-24

• MFPC: OGM / Considering distributing cash dividends.

18-Aug-24

• OFH: OGM / A board reshuffle.

20-Aug-24

• ACGC: EGM / Amending some Articles of the company's bylaws. 

21-Aug-24

• ORAS: Cash dividend / Payment date for a dividend of EGP9.69/Share.

29-Aug-24

• PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).

29-Aug-24

• ZMID: Cash dividend / Payment date for a dividend of EGP0.10/Share (2nd installment)

Latest Ratings & Price Targets

Click here to check out our latest fundamental research.

Today’s Top News & Analysis

• The fourth review may be soon

• IMF's loan third tranche is coming

• Egypt's trade deficit declines 16% y/y

• MCRO Q1 2024: Turning into losses

MACRO

The fourth review may be soon

Sources said the International Monetary Fund's (IMF) fourth review of Egypt's loan is set between September and December, opening the door for a fourth tranche amounting to USD1.3bn. (Mubahser)

IMF's loan third tranche is coming

The Minister of Finance said the government expects to receive the third tranche (USD820mn) of the International Monetary Fund's (IMF) loan in the coming days. In a related matter, sources said the government plans to apply for the additional USD1.2bn financing for the environment in August, where concluding the third review opened the door for the additional financing. We note that the total loan’s value would increase to USD9.2bn vs. its current value of USD8bn. (Enterprise)

Egypt's trade deficit declines 16% y/y

Egypt's trade deficit has shown a 16% y/y decline to USD16bn in H1 FY25 vs. USD19bn last year. This comes on the back of an increase in exports by 10% y/y to USD20bn whereas imports declined by 3.3% y/y to USD36bn. (Asharq Business)

CORPORATE

MCRO Q1 2024: Turning into losses

Macro Group Pharmaceutical [MCRO] posted a net loss of EGP78mn in Q1 2024 vs. net profit of EGP9mn last year. This is due to:

·         Lower revenues of EGP60mn (-62% y/y), driven by a 67% y/y lower sales volume and in-year adjustments.

·         A 12pp y/y decline in gross profit margin to 61%.

MCRO said the management is seeking to normalize stock levels and manage relationship with distributors effectively. (Company disclosure)

MARKETS PERFORMANCE

Key Dates

31-Jul-24

• TMGH: Cash dividend / Payment date for a dividend of EGP0.11/Share (2nd installment)

• ACAMD: EGM / Amending Article No. 21 of the company's bylaws.

• MTIE: Stock dividend / Last date for eligibility for a 0.25-for-1 stock dividend.

1-Aug-24

• MTIE: Stock dividend / Date for distributing a 0.25 for-1 stock dividend.

5-Aug-24

• CIRA: Conference Call / Discussing Q3 2023/2024 financial results.

• Egypt PMI / July 2024 reading.

• MPRC: Cash dividend / Deadline for eligibility for a dividend of EGP0.50/Share.

8-Aug-24

• MPRC: Cash dividend / Payment date for a dividend of EGP0.50/Share.

11-Aug-24

• MCQE: EGM / Amending Article No. 3 of the company's bylaws.

12-Aug-24

• MSCI / MSCI's August 2024 Quarterly Index Review Announcement.

14-Aug-24

• ICLE: EGM / Amending Article No. 3 of the company's bylaws.

• ETEL: Earnings Announcement / Announcing Q2 2024 financial results.

17-Aug-24

• MFPC: OGM / Considering distributing cash dividends.

18-Aug-24

• OFH: OGM / A board reshuffle.

20-Aug-24

• ACGC: EGM / Amending some Articles of the company's bylaws. 

29-Aug-24

• PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).

29-Aug-24

• ZMID: Cash dividend / Payment date for a dividend of EGP0.10/Share (2nd installment)

Latest Ratings & Price Targets

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Today’s Top News & Analysis

• Egypt is in line for the third USD820mn tranche

• Regional raw materials pharma hub in Egypt

• CIRA Q3 2023/24: Higher net finance expense drives a net profit decline

• ETEL studies borrowing an EGP18bn loan

MACRO

Egypt is in line for the third USD820mn tranche

Yesterday, the International Monetary Fund (IMF) concluded the third review for Egypt's loan, allowing the government to withdraw its third tranche of the loan amounting to USD820mn. (Enterprise)

Regional raw materials pharma hub in Egypt

Sources said the government proposed to the private sector to set up a regional raw materials pharma hub in Egypt for investments of EGP80mn. The government plans to use the proposed hub in meeting the Egyptian market needs of raw materials. Sources added that ACDIMA and EIPICO [PHAR] will be the first to join this project, with plans to gather other private investors in the future. (Enterprise)

CORPORATE

CIRA Q3 2023/24: Higher net finance expense drives a net profit decline

CIRA Education [CIRA] posted a 6% y/y decline in net profits to EGP122mn in Q3 2023/24 due to a 75% y/y increase in net finance expenses to EGP157mn. However, CIRA's operations was stable with a 29% y/y growth in revenues to EGP903mn and better gross profit margin of 55% (+1pp y/y).

Regarding 9M 2023/24, CIRA's net profits growth was muted to 17% y/y to EGP410mn due to a 62% y/y increase in net finance expenses to EGP440mn despite the revenues growth to EGP2.9bn (+46% y/y). Gross profit margin witnessed a decline to 49% (-3pp y/y). (Company disclosure)

ETEL studies borrowing an EGP18bn loan

Telecom Egypt [ETEL] announced that it is currently studying to borrow an EGP18bn loan from a local banks alliance. However, ETEL assured its plans to restructure its short-term debts to be medium-term debts and long-term debts. (Company disclosure)

MARKETS PERFORMANCE

Key Dates

31-Jul-24

• TMGH: Cash dividend / Payment date for a dividend of EGP0.11/Share (2nd installment)

• ACAMD: EGM / Amending Article No. 21 of the company's bylaws.

• MTIE: Stock dividend / Last date for eligibility for a 0.25-for-1 stock dividend.

1-Aug-24

• MTIE: Stock dividend / Date for distributing a 0.25 for-1 stock dividend.

5-Aug-24

• Egypt PMI / July 2024 reading.

• MPRC: Cash dividend / Deadline for eligibility for a dividend of EGP0.50/Share.

8-Aug-24

• MPRC: Cash dividend / Payment date for a dividend of EGP0.50/Share.

11-Aug-24

• MCQE: EGM / Amending Article No. 3 of the company's bylaws.

12-Aug-24

• MSCI / MSCI's August 2024 Quarterly Index Review Announcement.

14-Aug-24

• ICLE: EGM / Amending Article No. 3 of the company's bylaws.

17-Aug-24

• MFPC: OGM / Considering distributing cash dividends.

18-Aug-24

• OFH: OGM / A board reshuffle.

20-Aug-24

• ACGC: EGM / Amending some Articles of the company's bylaws. 

29-Aug-24

• PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).

29-Aug-24

• ZMID: Cash dividend / Payment date for a dividend of EGP0.10/Share (2nd installment)

Latest Ratings & Price Targets

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Today’s Top News & Analysis

• The third tranche is on the way; additional financing

• Government to invest in auto-feeding industry

• Egypt-Singapore fertilizer plant in Ain Sokhna

• CBCO's investee acquired a Turkish fintech company

• EAST's OGM approve the sell of land, buildings, and equipment

MACRO

The third tranche is on the way; additional financing

The International Monetary Fund’s (IMF) third review of Egypt’s loan is set to be today, opening the door for the third tranche of USD820mn. We note that the IMF’s loan currently amounts to USD8bn, and Egypt received two tranches totaling USD1.6bn. Whereas the third review will allow for applying to an additional USD1.2bn financing for climate, raising Egypt’s total loan to USD9.2bn. (Enterprise)

Government to invest in auto-feeding industry

Sources said the Egyptian government will invest USD1.4bn in auto-feeding industry, setting 3 factories for:

·         interior parts and paint components,

·         lithium and nickel-cadmium batteries,

·         and steel structures, panels, and EV batteries. (Enterprise)

Egypt-Singapore fertilizer plant in Ain Sokhna

The Ministry of Petroleum & Mineral Resources said in a statement that the EgyptianPhosphate Misr partered up with the Singapore-based Indorama to set up a phosphate fertilizers plant in Ain Sokhna for USD400-500mn to start implementing in 2025. (Enterprise)

CORPORATE

CBCO's investee acquired a Turkish fintech company

GB Corp [GBCO] announced that its investee, MNT Halan, completed the acquisition of the Turkish Tam Finans. This increases MNT's presence to be in Egypt, Turkey, UAE, and Pakistan. GBCO's stake in MNT Halan will be diluted to 42.6% vs. 48.5% before the transaction. (Company disclosure)

EAST's OGM approve the sell of land, buildings, and equipment

Eastern Co.'s [EAST] OGM approved the sale of land, buildings, and equipment in the 6th of October industrial complex to United Tobacco Co. (UTC) for EGP1.6bn. (Company disclosure)

MARKETS PERFORMANCE

Key Dates

29-Jul-24

• IMF Review / IMF loan third review

• EGBE: Stock dividend / Date for distributing a 0.021 for-1 stock dividend.

31-Jul-24

• TMGH: Cash dividend / Payment date for a dividend of EGP0.11/Share (2nd installment)

• ACAMD: EGM / Amending Article No. 21 of the company's bylaws.

• MTIE: Stock dividend / Last date for eligibility for a 0.25-for-1 stock dividend.

1-Aug-24

• MTIE: Stock dividend / Date for distributing a 0.25 for-1 stock dividend.

5-Aug-24

• Egypt PMI / July 2024 reading.

• MPRC: Cash dividend / Deadline for eligibility for a dividend of EGP0.50/Share.

8-Aug-24

• MPRC: Cash dividend / Payment date for a dividend of EGP0.50/Share.

11-Aug-24

• MCQE: EGM / Amending Article No. 3 of the company's bylaws.

12-Aug-24

• MSCI / MSCI's August 2024 Quarterly Index Review Announcement.

14-Aug-24

• ICLE: EGM / Amending Article No. 3 of the company's bylaws.

17-Aug-24

• MFPC: OGM / Considering distributing cash dividends.

18-Aug-24

• OFH: OGM / A board reshuffle.

20-Aug-24

• ACGC: EGM / Amending some Articles of the company's bylaws. 

29-Aug-24

• PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).

29-Aug-24

• ZMID: Cash dividend / Payment date for a dividend of EGP0.10/Share (2nd installment)

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Click here to check out our latest fundamental research.