Today’s Top News & Analysis
Urban CPI rises to a new high in July 2023, above our expectations
Indian Ocior Energy to invest USD4bn in a green hydrogen plant in Egypt
SPMD Q1 2023: Lower net losses despite the lower revenues
Madinet Masr H1 2023: net profit more than doubled on higher revenues and margins
SODIC made EGP2.5bn of contracted sales in three days
Travco raises hotel capacity by 18% over the next 2 years
MACRO
Urban CPI rises to a new high in July 2023, above our expectations
Headline urban CPI rose 36.5% y/y in July 2023 (vs. 35.7% y/y in June 2023). Meanwhile, it increased by 1.9% in July vs. 2.1% in June. This is above our expectations which was 35.9% y/y and 1.4% m/m. (Bloomberg)
Indian Ocior Energy to invest USD4bn in a green hydrogen plant in Egypt
Indian Ocior Energy signed preliminary contracts to build a USD4bn green hydrogen plant in the Suez Canal Economic Zone (SCZone). The plant would be powered by 15GW of solar energy and export USD1bn of green hydrogen annually to Europe. (Enterprise)
CORPORATE
SPMD Q1 2023: Lower net losses despite the lower revenues
Speed Medical [SPMD] reported consolidated net losses of EGP24mn in Q1 2023 vs. EGP38mn last year as revenues declined by 77% y/y to EGP16mn. SPMD recorded a gross loss of EGP5mn vs. gross profit of EGP24mn the previous year. On a separate note, EGX announced that SPMD's new shares would be tradable starting 15 August 2023. (Company disclosure)
Madinet Masr H1 2023: net profit more than doubled on higher revenues and margins
Madinet Masr Housing & Development’s [MNHD] H1 2023 net income came in at EGP584.7mn compared to EGP236.9mn (+147% y/y) on revenues' of EGP2.2bn (+23% y/y). GPM recorded 62.7% (+32.2pp y/y) on higher margin units sales. Gross contracted sales grew to EGP5.3bn (+55% y/y), with another EGP1.5bn of contracted sales from the acquisition of Egycan Properties and Minka Developments, which were not consolidated in MNHD’s results. Delivery of units shrank by 42% y/y to 479 units during H1 2023 compared to 832 units in the comparable period. (Company disclosure)
SODIC made EGP2.5bn of contracted sales in three days
SODIC [OCDI] signed up new sales worth EGP2.5bn in June Sodic North Coast project which is expected to be completed by 2029. New sales contributed 55% of the total project which consists of 2,800 units. (Economy Plus)
Travco raises hotel capacity by 18% over the next 2 years
Travco Travel, Egypt’s global tourism company, intends to increase its hotel capacity by 18% over the next two years, reaching a total of 20,000 rooms. This expansion aims to keep up with the growing activity in the country's tourism. Travco manages approximately 65 hotels distributed across all tourist regions in Egypt, particularly the Red Sea, Luxor, Aswan, and the North Coast sector. (Asharq Business)
Key Dates
10-Aug-23
MSCI / MSCI's August 2023 Quarterly Index Review Announcement.
ISPH: BoD meeting / Discussing financial results.
13-Aug-23
EKHO: BoD meeting / Discussing financial results.
CANA: OGM / Approving increasing the issued capital.
14-Aug-23
ETEL: Financial results Announcement / Q2 2023 financial results' announcement.
16-Aug-23
DOMT: EGM / Amending Articles No. 3 & 4 of the company's bylaws.
RMDA: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
17-Aug-23
EGTS: OGM / Approving financial statements ending 31 Dec. 2022.
20-Aug-23
BINV: Cash dividend / Deadline for eligibility for a dividend of USD0.032/Share.
21-Aug-23
BINV: Cash dividend / Ex-dividend date for USD0.032/Share.
23-Aug-23
BINV: Cash dividend / Payment date for a dividend of USD0.032/Share.
MTIE: Stock dividend / Last date for eligibility for a 0.25-for-1 stock dividend.
24-Aug-23
MTIE: Stock dividend / Date for distributing a 0.25 for-1 stock dividend.
27-Aug-23
SPMD: OGM / Approving financial statements ending 31 Dec. 2022.
28-Aug-23
ZMID: Cash dividend / Deadline for eligibility for a dividend of EGP0.150/Share.
31-Aug-23
ZMID: Cash dividend / Payment date for a dividend of EGP0.05/share (1st installment).
PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).