Today’s Top News & Analysis
A slight improvement in Net Foreign Reserves in October 2023
Egyptian government to offer airports' management to the private sector
Egypt resumes gas supplies to fertilizers producers at its normal levels
ORHD signs a EGP6bn loan agreement to fund its projects
EFID Q3 2023: Strong net profits and revenues; costs mute gross profit margin
CIRA inaugurates Cosmic Village's School Complex
MACRO
A slight improvement in Net Foreign Reserves in October 2023
Egypt's Net Foreign Reserves (NIR) increased slightly in October 2023 to USD35.1bn from USD34.97bn in September 2023. (CBE)
Egyptian government to offer airports' management to the private sector
In a meeting held yesterday, Prime Minister announced that the government intends to offer the management and operation of airports to the private sector. Also, the government is looking to launch tenders for the operation and management of seaports, dry ports, and public transport lines. (Cabinet)
Egypt resumes gas supplies to fertilizers producers at its normal levels
After reducing gas supplied by approximately 30% last week on the back of severely reduced gas imports, Egypt has resumed its natural gas supply to local fertilizers producers at their usual levels. This comes after the increase in Israeli gas imports to Egypt last Thursday. (Asharq business)
CORPORATE
ORHD signs a EGP6bn loan agreement to fund its projects
In a statement published yesterday, Orascom Development Egypt [ORHD] announced that it has signed a 10-year EGP6bn loan agreement through its subsidiary, Orascom Real Estate (ORE), to finance the development of O-West project (Company disclosure)
EFID Q3 2023: Strong net profits and revenues; costs mute gross profit margin
Edita Food Industries [EFID] posted its 9M 2023 consolidated net profits of EGP1.2bn (+88% y/y) on:
· Stronger revenues of EGP8.8bn (+70% y/y), driven by higher volumes and prices at c.3mn packs (+22% y/y) and average price of EGP2.93/pack (+c.40% y/y).
· Posting a net finance income of EGP14mn vs. a net finance loss of EGP6mn a year earlier.
However, the gross profit margin dropped by 1.8pp y/y to 32.3% on higher costs.
Regarding Q3 2023, EFID had a strong performance as well, posting a 50% y/y growth in net profits to EGP431mn (+12% q/q) on the strong revenues of EGP3.1bn (+55% y/y, +9% q/q). The revenue growth was mainly driven by higher prices with an average price of EGP3.15/pack (+46% y/y). However, the net profit growth was slightly muted by:
· The gross profit margin slightly slipped to 33.2% (-0.6pp y/y, +1.2pp q/q).
· The net finance cost increased to EGP7mn vs. only EGP1mn last year. (Company disclosure: 1, 2)
CIRA inaugurates Cosmic Village's School Complex
Yesterday, CIRA Education [CIRA] announced the inauguration of the first phase of the Cosmic Village's School Complex in partnership with Elsewedy Capital Holding and The Sovereign Fund of Egypt (TSFE). (Company disclosure)
MARKETS PERFORMANCE
Key Dates
6-Nov-23
EFIH: Cash dividend / Deadline for eligibility for a dividend of EGP0.177/Share.
7-Nov-23
EFIH: Cash dividend / Ex-dividend date for EGP0.177/Share.
CIRA: Cash dividend / Deadline for eligibility for a dividend of EGP0.24/Share.
8-Nov-23
AMOC: Cash dividend / Payment date for a dividend of EGP0.45/share (1st installment).
9-Nov-23
EFIH: Cash dividend / Payment date for a dividend of EGP0.177/share
DOMT: OGM / Approving the proposed dividends.
12-Nov-23
CIRA: Cash dividend / Payment date for a dividend of EGP0.24/share
14-Nov-23
MSCI: MSCI's November 2023 Semi-Annual Index Review Announcement.
23-Nov-23
CSAG: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
CSAG: EGM / Approving increasing the issued capital & amending Article No. 3 of the company's bylaws.
TALM: OGM / Approving financial statements ending 31 August 2023 and the proposed dividends.
26-Nov-23
EFID: EGM / Discussing capital reduction & amending Articles No. 3, 6 & 7 of the company's bylaws.
27-Nov-23
ETEL: EGM / Amending Article No. 5 of the company's bylaws.
30-Nov-23
ZMID: Cash dividend / Payment date for a dividend of EGP0.10/share (2nd installment).