Today’s Top News & Analysis
For the eleventh month; Egypt's Net Foreign Reserves rise
EEHC and EGPC borrow EGP20bn to overcome the energy crisis in Egypt
Lower mazut supply to power plants this week
EGP6,000/ton increase in sugar prices in two months
CCAP EGM approves continuation
ACGC Q3 2022/23: Strong net profits on higher revenues and FX gains
Heliopolis H&D's CEO resigns
MACRO
For the eleventh month; Egypt's Net Foreign Reserves rise
Egypt's Net Foreign Reserves (NIR) recorded USD34.88bn (provisional) in July 2023, rising from USD34.81bn in June 2023. (CBE)
EEHC and EGPC borrow EGP20bn to overcome the energy crisis in Egypt
The Egyptian Electricity Holding Co. (EEHC) took an EGP10bn loan from the National Bank of Kuwait NBK - Egypt to maintain its power plant. Meanwhile, the Egyptian General Petroleum Corp. (EGPC) took an EGP10bn to import mazut. (Enterprise)
Lower mazut supply to power plants this week
Ministry of Electricity & Energy reported that this week, the power plants received a lower mazut supply declining to 26,000 tons vs. 35,000 tons last week. (Al-Mal)
EGP6,000/ton increase in sugar prices in two months
Sugar prices increased within two months by EGP6,000/ton, reaching EGP25,000/ton. Factory prices are between EGP24,000-25,500/ton, while the retail prices can reach EGP26,500/ton. Meanwhile, the Head of Sugar Division said that there is no reason for this hike in sugar prices since global sugar prices have been stable for over a month. (Al-Borsa)
CORPORATE
CCAP EGM approves continuation
Qalaa Holdings' [CCAP] EGM approved to continue operations despite incurring accumulated losses of more than half the company’s equity. (Company disclosure)
ACGC Q3 2022/23: Strong net profits on higher revenues and FX gains
Arab Cotton Ginning Co. [ACGC] reported Q3 2022/23 net profits of EGP205mn vs. EGP87mn last year. The growth in net profits is attributable to:
· Revenues growing by 47% y/y to EGP1.1bn.
· Huge FX gains of EGP83mn vs. EGP11mn only last year.
Meanwhile, the gross profit margin improved by 2pp y/y to 17%. (Company disclosure)
Heliopolis H&D's CEO resigns
Heliopolis Housing & Development's [HELI] managing director and CEO, Mr. Tamer Nasser, has resigned from his position after three years. (Enterprise)
Markets Performance
Key Dates
10-Aug-23
MSCI / MSCI's August 2023 Quarterly Index Review Announcement.
ISPH: BoD meeting / Discussing financial results.
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.
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).