Today’s Top News & Analysis
The fourth review may be soon
IMF's loan third tranche is coming
Egypt's trade deficit declines 16% y/y
MCRO Q1 2024: Turning into losses
MACRO
The fourth review may be soon
Sources said the International Monetary Fund's (IMF) fourth review of Egypt's loan is set between September and December, opening the door for a fourth tranche amounting to USD1.3bn. (Mubahser)
IMF's loan third tranche is coming
The Minister of Finance said the government expects to receive the third tranche (USD820mn) of the International Monetary Fund's (IMF) loan in the coming days. In a related matter, sources said the government plans to apply for the additional USD1.2bn financing for the environment in August, where concluding the third review opened the door for the additional financing. We note that the total loan’s value would increase to USD9.2bn vs. its current value of USD8bn. (Enterprise)
Egypt's trade deficit declines 16% y/y
Egypt's trade deficit has shown a 16% y/y decline to USD16bn in H1 FY25 vs. USD19bn last year. This comes on the back of an increase in exports by 10% y/y to USD20bn whereas imports declined by 3.3% y/y to USD36bn. (Asharq Business)
CORPORATE
MCRO Q1 2024: Turning into losses
Macro Group Pharmaceutical [MCRO] posted a net loss of EGP78mn in Q1 2024 vs. net profit of EGP9mn last year. This is due to:
· Lower revenues of EGP60mn (-62% y/y), driven by a 67% y/y lower sales volume and in-year adjustments.
· A 12pp y/y decline in gross profit margin to 61%.
MCRO said the management is seeking to normalize stock levels and manage relationship with distributors effectively. (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
CIRA: Conference Call / Discussing Q3 2023/2024 financial results.
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.
ETEL: Earnings Announcement / Announcing Q2 2024 financial results.
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)