Today’s Top News & Analysis
IFC to provide Egypt's private sector USD1bn through 2024
JUFO to pay EGP0.2/share cash dividends
MTIE to pay EGP0.25/share cash dividends
HELI: High dividend yield of 14%
EFID signed an 8-year financing medium-term loan
COMI Q1 2024: Earnings surge 96% y/y to EGP12bn
ALCN 9M 2023/24 prelim.: Growth in earnings by 26% y/y
SWDY: Plans to spend EGP5bn as part of 2024 capex plan
CCAP: FRA extends the debt purchase offer
MACRO
IFC to provide Egypt's private sector USD1bn through 2024
It is said that the International Financial Corporation (IFC) will finance Egypt's private sector by providing USD1bn through 2024. This will come as credit facilities to banks, financial companies, and health, education, and manufacturing projects. Meanwhile, the IFC's portfolio in Egypt reached USD2.5bn from 2020 to 2023. (Asharq Business)
CORPORATE
JUFO to pay EGP0.2/share cash dividends
Juhayna Food Industries [JUFO] OGM approved the distribution of cash dividends worth EGP0.2/share, implying 1.4% yield. (Company disclosure)
MTIE to pay EGP0.25/share cash dividends
MM Group for Industry & International Trade [MTIE] OGM approved the BoD's proposal to distribute cash dividends of EGP0.25/share, implying 3.7% yield. (Company disclosure)
HELI: High dividend yield of 14%
Heliopolis Housing & Development’s [HELI] BoD approved a cash dividend distribution of EGP1.34/share, implying a dividend yield of 14%. (Company disclosure)
EFID signed an 8-year financing medium-term loan
Edita Food Industries [EFID] announced signing a medium-term agreement to borrow a loan worth EGP990mn with an 8-year maturity. The loan will be dedicated to capacity expansions and the acquisition of new production lines. (Company disclosure)
COMI Q1 2024: Earnings surge 96% y/y to EGP12bn
Commercial International Bank (CIB) [COMI] reported the standalone figures for Q1 2024 with 96% y/y increase in earnings to EGP12bn, thanks to 73% y/y increase in net interest income. ROAE increased from 37.5% in Q1 2023 to 50.2% in Q1 2024, while asset quality improved with NPLs to gross loans reaching 4.28% vs. 5.2% in Q1 2023. Results imply P/B of 2.2x. (Bank disclosure)
ALCN 9M 2023/24 prelim.: Growth in earnings by 26% y/y
Alexandria Container & Cargo Handling Co [ALCN] reported its 9M 2023/24 preliminary unaudited consolidated financials with a 26% y/y increase in earnings to EGP4bn, backed by a 21% y/y increase in revenues to EGP4.1bn. Results imply a TTM P/E of 9.9x. (Company disclosure)
SWDY: Plans to spend EGP5bn as part of 2024 capex plan
Elsewedy Electric [SWDY] plans to spend EGP5bn in 2024 as part of its capex plan that will be directed to increasing production capacities and to current investment projects that includes Saudi Arabia project. (Company disclosure)
CCAP: FRA extends the debt purchase offer
Qalaa Holdings [CCAP] disclosed yesterday that in reference to the offer to purchase its debt, and the letter received from the Financial Regulatory Authority (FRA), FRA decided to extend the period during which CCAP shareholders can participate in the debt purchase to 27 May 2024. In addition, participation in the capital increase will be proportional to each type of issued shares. (Company disclosure)
Markets Performance
Key Dates
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.
14-May-24
MSCI / MSCI's May 2024 Semi-Annual Index Review Announcement.
18-May-24
HRHO: OGM / Approving financial statements ending 31 Dec. 2023.
ISPH: BoD meeting / Discussing financial results.
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.
MPC Meeting / Determining the CBE's policy rate.
26-May-24
OIH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
SKPC: Cash dividend / Deadline for eligibility for a dividend of EGP1.25/Share.
OFH: OGM / Approving financial statements ending 31 Dec. 2023.
MCRO: OGM / Approving financial statements ending 31 Dec. 2023.
29-May-24
SKPC: Cash dividend / Payment date for a dividend of EGP0.75/Share (1st installment)
30-May-24
CCAP: OGM / Discussing agenda items.