Today’s Top News & Analysis
CBE facilitates restrictions on credit cards overseas
Eni expects Egypt to resume exporting LNG
TALM FY 2022/23: Modest y/y growth
MACRO
CBE facilitates restrictions on credit cards overseas
The Central Bank of Egypt (CBE) facilitated the restrictions on using credit cards overseas after the EGP was strongly affected in the black market. The rules now oblige users to prove that they used their credit cards while abroad. (Enterprise)
Eni expects Egypt to resume exporting LNG
Eni expects that Egypt's LNG exports to resume after the domestic demand has declined. (Asharq Business)
CORPORATE
TALM FY 2022/23: Modest y/y growth
Taaleem Management Services [TALM] reported consolidated FY 2022/23 net profits of EGP297mn (+30% y/y) on:
· A 21% y/y increase in revenues to EGP750mn.
· A 2.3pp y/y growth in gross profit margin to 70%.
Revenues growth is attributable to:
· A 13% y/y increase in the student base to 6,913 students.
· An 8% y/y increase in revenues per student due to rolling out the medicine and physiotherapy faculties.
However, the EBITDA margin decreased by 1.4pp y/y to 56%. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
29-Oct-23
PRCL: OGM / Approving financial statements ending 30 June 2023.
PRCL: EGM / Amending Article No. 3 of the company's bylaws.
31-Oct-23
ORAS: Cash dividend / Payment date for a dividend of EGP8.51/share.
MCRO: Cash dividend / Payment date for a dividend of EGP0.096/share (2nd installment).
2-Nov-23
MPC Meeting / Determining the CBE's policy rate.
4-Nov-23
MFPC: EGM / Approving the merger contract & amending some articles of the Company's bylaws.
5-Nov-23
Egypt PMI / October 2023 reading.
EFID: OGM / Approving proposed dividends for 31 Dec. 2022.
AMOC: Cash dividend / Deadline for eligibility for a dividend of EGP0.65/Share.
6-Nov-23
EFIH: Cash dividend / Deadline for eligibility for a dividend of EGP0.177/Share.
7-Nov-23
EFIH: Cash dividend / Ex-dividend date for EGP0.177/Share.
8-Nov-23
AMOC: Cash dividend / Payment date for a dividend of EGP0.45/share (1st installment).
9-Nov-23
EFIH: Cash dividend / Payment date for a dividend of EGP0.177/share
DOMT: OGM / Approving the proposed dividends.