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.