Today’s Top News & Analysis
Annual CPI increase in February 2024
More USD flows into Egypt
QIA is back to negotiate for VODE
CIRA gets the green light to start Saxony Egypt; OGM approves retaining profits
ORHD 2023: Strong net profits on higher revenues and investment income
MACRO
Annual CPI increase in February 2024
The annual headline urban CPI increased to 35.7% in February 2024, from 29.8% in January 2024. As for the core inflation, it increased to 35.1% in February 2024 vs. 29% in January 2024. (CBE)
More USD flows into Egypt
The Minister of Finance, said yesterday that the government is expecting a fund from the World Bank and European Union with a combined total of USD8-9bn in finance to Egypt. The Minister further illustrated that the World Bank will give Egypt USD3bn, while the European Union will give USD5-6bn. (Enterprise, Asharq Business)
QIA is back to negotiate for VODE
Sources said that Qatar Investment Authority (QIA) is back again in negotiations to acquire the remaining stake of the Egyptian government in Vodafone Egypt [VODE], which is worth a 45% stake through Telecom Egypt [ETEL]. The sources added that the talks for VODE started again after the government held the FX free following Ras El Hekma deal. (Al-Borsa)
CORPORATE
CIRA gets the green light to start Saxony Egypt; OGM approves retaining profits
CIRA Education [CIRA] announced that its subsidiary Al Ahly CIRA got the cabinet's approval to start the construction of its newest project, Saxony University. The university is expected to be launched by the coming academic year September 2024. On a separate note, CIRA's OGM approved retaining 2022/23 profits. (Company disclosure: 1, 2)
ORHD 2023: Strong net profits on higher revenues and investment income
Orascom Development [ORHD] posted its 2023 results with a 69% y/y growth in net profits to EGP2.8bn on:
· A 49% y/y growth in revenues to EGP15.3bn.
· A 56% y/y increase in investment income to EGP571mn.
However, the gross profit margin decreased to 35.8% (-0.9pp y/y). (Company disclosure)
Markets Performance
Key Dates
11-Mar-24
QNBA: Cash dividend / Deadline for eligibility for a dividend of EGP1.00/Share.
14-Mar-24
QNBA: Cash dividend / Payment date for a dividend of EGP1.00/share.
PORT: OGM / Discussing netting contracts.
18-Mar-24
EGBE: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
EGBE: EGM / Amending Articles No. 6, 7 & 24 of the bank's bylaws.
20-Mar-24
EGCH: OGM / Approving the estimated budget of FY 2024/2025.
EGCH: EGM / Approving increasing the issued capital & amending Articles No. 6 & 4 of the company's bylaws.
21-Mar-24
ADIB: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
ADIB: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the bank's bylaws.
23-Mar-24
TMGH: OGM / Approving financial statements ending 31 Dec. 2023.
25-Mar-24
SAUD: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
CERA: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
PHDC: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
27-Mar-24
EXPA: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
GBCO: EGM / Amending Articles No. 5 of the company's bylaws.
28-Mar-24
CIEB: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
MCQE: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
HDBK: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
EMFD: OGM / Approving financial statements ending 31 Dec. 2023.
ISPH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
EFID: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
30-Mar-24
PHAR: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
31-Mar-24
ARCC: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
LCSW: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.