Today’s Top News & Analysis
CBE cancels its upcoming MPC meeting; the special was enough
ORAS 2023: Non-operating gains drive the net profits growth
ORWE plans to raise its export contribution to total revenues
MACRO
CBE cancels its upcoming MPC meeting; the special was enough
The Central Bank of Egypt (CBE) has decided to cancel its upcoming MPC meeting which was planned for 28 March 2024, as the special meeting was enough. We note that in the special meeting, the CBE raised the interest by 6%. (Asharq Business)
CORPORATE
ORAS 2023: Non-operating gains drive the net profits growth
Orascom Construction [ORAS] posted its 2023 consolidated results with a 40% y/y growth in net profits to USD159mn despite the decline in operations where revenues declined by 18% y/y to USD3.4bn and the gross profit margin decreased by 0.35pp y/y to 7.95%. The growth in net profits is attributable to:
· Booking other income of USD130mn vs. only USD5mn last year.
· Booking lower finance expense of USD53mn vs. USD95mn last year, which resulted in net finance income of USD6mn vs. net finance expense of USD18mn last year.
· Foreign currency translation differences decreased by 44% y/y to negative USD51.3mn. (Company disclosure)
ORWE plans to raise its export contribution to total revenues
Oriental Weavers' [ORWE] president said that it is planned to raise the contribution of export revenues in 2024 to 70% of the total revenues vs. 65% in 2023, through expansion in both the Saudi Arabia and American markets. She added that the focus will mainly be on the American market as it is the most profitable at the point, where it is planned to raise its contribution to 36% vs. 30% in 2023. Meanwhile, it is planned to raise the contribution of the Saudi market to 20% vs. 10% in 2023. (Asharq Business)
Markets Performance
Key Dates
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.
MICH: BoD meeting / Follow up on production, sales and exports.
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.
FAIT: Cash dividend / Deadline for eligibility for a dividend of EGP1.853/Share.
COMI: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
COMI: EGM / Discussing agenda items.
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
FAIT: Cash dividend / Payment date for a dividend of EGP1.853/share.
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.
EFIH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
RACC: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
RACC: EGM / Amending Articles No. 6 & 7 of the company's bylaws.
EKHO: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.