Today’s Top News & Analysis
Egypt is in line for the third USD820mn tranche
Regional raw materials pharma hub in Egypt
CIRA Q3 2023/24: Higher net finance expense drives a net profit decline
ETEL studies borrowing an EGP18bn loan
MACRO
Egypt is in line for the third USD820mn tranche
Yesterday, the International Monetary Fund (IMF) concluded the third review for Egypt's loan, allowing the government to withdraw its third tranche of the loan amounting to USD820mn. (Enterprise)
Regional raw materials pharma hub in Egypt
Sources said the government proposed to the private sector to set up a regional raw materials pharma hub in Egypt for investments of EGP80mn. The government plans to use the proposed hub in meeting the Egyptian market needs of raw materials. Sources added that ACDIMA and EIPICO [PHAR] will be the first to join this project, with plans to gather other private investors in the future. (Enterprise)
CORPORATE
CIRA Q3 2023/24: Higher net finance expense drives a net profit decline
CIRA Education [CIRA] posted a 6% y/y decline in net profits to EGP122mn in Q3 2023/24 due to a 75% y/y increase in net finance expenses to EGP157mn. However, CIRA's operations was stable with a 29% y/y growth in revenues to EGP903mn and better gross profit margin of 55% (+1pp y/y).
Regarding 9M 2023/24, CIRA's net profits growth was muted to 17% y/y to EGP410mn due to a 62% y/y increase in net finance expenses to EGP440mn despite the revenues growth to EGP2.9bn (+46% y/y). Gross profit margin witnessed a decline to 49% (-3pp y/y). (Company disclosure)
ETEL studies borrowing an EGP18bn loan
Telecom Egypt [ETEL] announced that it is currently studying to borrow an EGP18bn loan from a local banks alliance. However, ETEL assured its plans to restructure its short-term debts to be medium-term debts and long-term debts. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
31-Jul-24
TMGH: Cash dividend / Payment date for a dividend of EGP0.11/Share (2nd installment)
ACAMD: EGM / Amending Article No. 21 of the company's bylaws.
MTIE: Stock dividend / Last date for eligibility for a 0.25-for-1 stock dividend.
1-Aug-24
MTIE: Stock dividend / Date for distributing a 0.25 for-1 stock dividend.
5-Aug-24
Egypt PMI / July 2024 reading.
MPRC: Cash dividend / Deadline for eligibility for a dividend of EGP0.50/Share.
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.
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.
29-Aug-24
PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).
29-Aug-24
ZMID: Cash dividend / Payment date for a dividend of EGP0.10/Share (2nd installment)