Today’s Top News & Analysis
Egypt's FDI declines in FY23
JICA to grant a USD300mn loan for Cairo Metro's 4th line
BTFH renovates and introduces four new funds
SVCE Q1 2024: Wider losses on a high interest expense and an impairment charge
MACRO
Egypt's FDI declines in FY23
The cash flows from Foreign Direct Investments (FDI) in Egypt have declined to USD9.8bn in FY23 vs. USD11.4bn in FY22. However, it is expected to increase in FY24 driven by the Ras El-Hekma deal. (Asharq Business)
JICA to grant a USD300mn loan for Cairo Metro's 4th line
Sources said that the Japan International Cooperation Agency (JICA) may lend Egypt the first tranche of its USD733mn loan, worth USD300mn dedicated for the first phase of Cairo Metro's 4th line construction. (Al-Mal)
CORPORATE
BTFH renovates and introduces four new funds
Beltone Financial Holding's [BTFH] CEO said that it is planned to renovate BTFH's trading app to be a fully digital onboarding investing platform through Q3 2024. In addition, BTFH will introduce four new low-medium risk and high-risk funds ranging from fixed income to equity funds. (Enterprise)
SVCE Q1 2024: Wider losses on a high interest expense and an impairment charge
South Valley Cement [SVCE] reported wider losses of EGP46.3mn in Q1 2024 vs. EGP37.1mn in the comparable period, where:
Revenues declined 3% y/y to EGP328.4mn
Gross profit increased only 2% with GPM inching higher to 15%
Interest expense remained high at EGP88mn in Q1 2024.
An impairment charge of EGP15mn related to advanced payment to vendors was booked.
FX gains came in lower at EGP5.7mn vs. EGP9.7mn in Q1 2023. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
24-Jun-24
AIH: Stock dividend / Date for distributing a 0.099 for-1 stock dividend.
BTFH: EGM / Amending Article No. 4 of the company's bylaws.
ELSH: Cash dividend / Deadline for eligibility for a dividend of EGP0.15/Share.
RMDA: Cash dividend / Deadline for eligibility for a dividend of EGP0.067/Share.
27-Jun-24
ELSH: Cash dividend / Payment date for a dividend of EGP0.075/Share (1st installment)
RMDA: Cash dividend / Payment date for a dividend of EGP0.020/Share (1st installment)
29-Jun-24
MICH: BoD meeting / Follow up on production, sales and exports.
30-Jun-24
HELI: Cash dividend / Payment date for a dividend of EGP0.07/share (3rd installment).
1-Jul-24
MOIL: OGM / Approving financial statements ending 31 Dec. 2023 and netting contracts.
3-Jul-24
EXPA: OGM / Approving increasing the issued capital by distributing EGP0.33/share worth of stock dividends.
EXPA: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the bank's bylaws.
4-Jul-24
7-Jul-24
ZMID: OGM / Discussing netting contracts.
18-Jul-24
MPC Meeting / Determining the CBE's policy rate.
EMFD: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
31-Jul-24
TMGH: Cash dividend / Payment date for a dividend of EGP0.11/Share (2nd installment)