Today’s Top News & Analysis
Capital gains collection starts in 2025
Xinxing Ductile Iron Pipes Co. to invest USD400mn in Egypt
Cabinet approves several projects and decisions
ACGC H1 2023/24: Operations and non-operational gains drive the net profits growth
MACRO
Capital gains collection starts in 2025
In a cabinet statement, the government announced its intention to start the collection of capital gains from the companies listed in the EGX starting March-April 2025. The government has not yet announced the capital gain tax calculation. (Enterprise)
Xinxing Ductile Iron Pipes Co. to invest USD400mn in Egypt
The CEO of Xinxing Ductile Iron Pipes Co. said that the company plans to invest USD400mn in Egypt over five years. He added that the first manufactory is planned to be launched by the end of 2024, which includes a USD150mn investment through 3 production lines. (Asharq Business)
Cabinet approves several projects and decisions
Yesterday, the cabinet approved several projects and decisions as follows:
· Coficab: a Tunisian auto cables and electrical wires company will establish a plant in the Tenth of Ramadan Industrial Zone on a 30,000 sqm land with an investment of up to USD88mn.
· Egypt to become an African Trade & Investment Development Ins. (ATIDI) member allows a reduced transaction and credit cost between Egyptian and African investors, lenders, exporters, and importers.
· Expansion in the West Alexandria Waste Water Plant through an additional fund from the European Investment Bank and the European Union.
· USD5.5mn is added to the Egypt-US climate change agreement.
· Economic governance will be further supported by a USD13.5mn from USAID. (Enterprise)
CORPORATE
ACGC H1 2023/24: Operations and non-operational gains drive the net profits growth
Arab Cotton Ginning Co. [ACGC] posted its H1 2023/24 full results with EGP157mn (+416% y/y) in net profits on:
· Higher revenues of EGP1.4bn (+144% y/y).
· An improved gross profit margin of 24% (+7pp y/y).
· Investments held for trading came in at EGP182mn vs. only EGP299,000 last year.
Gains from assets held for sale grew to EGP8mn. (Company disclosure)
Markets Performance
Key Dates
2-May-24
OLFI: Cash dividend / Deadline for eligibility for a dividend of EGP0.950/Share.
8-May-24
Egypt PMI / April 2024 reading.
ELSH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
ELSH: EGM / Amending Article No. 7 of the company's bylaws.
DOMT: Cash dividend / Deadline for eligibility for a dividend of EGP0.50/Share.
9-May-24
JUFO: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
OLFI: Cash dividend / Payment date for a dividend of EGP0.950/share.
12-May-24
RAYA: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
RAYA: EGM / Discussing capital reduction & amending Articles No. 6 & 7 of the company's bylaws.
13-May-24
EFIH: OGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
DOMT: Cash dividend / Payment date for a dividend of EGP0.50/Share.
18-May-24
HRHO: OGM / Approving financial statements ending 31 Dec. 2023.
20-May-24
ORAS: OGM / Approvig financial statements ending 31 Dec. 2023 and the proposed dividends.
23-May-24
HELI: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
26-May-24
OIH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
26-May-24
SKPC: Cash dividend / Deadline for eligibility for a dividend of EGP1.25/Share.
29-May-24
SKPC: Cash dividend / Payment date for a dividend of EGP0.75/Share (1st installment)