Today’s Top News & Analysis
CBE expects to repay 21.7% of foreign debts through 2024
FAIT Q1 2024: Earnings almost tripled on higher revenues and FX gains
TAQA Q1 2024: Earnings grew 16% on 22% higher revenues
MACRO
CBE expects to repay 21.7% of foreign debts through 2024
The Central Bank of Egypt (CBE) expects 21.7% of Egypt's total foreign debt to be repaid through 2024 accounting for USD36.4bn. The CBE added that the repayments will be from the medium and long-term debt. We note that Egypt's foreign debt increased to USD168bn in Q2 FY24 vs. USD165bn in Q1 FY24. (Enterprise)
CORPORATE
FAIT Q1 2024: Earnings almost tripled on higher revenues and FX gains
Faisal Islamic Bank of Egypt [FAIT] reported a 181% y/y increase in consolidated earnings to EGP6.2bn in Q1 2024, on higher revenues of 79% y/y to EGP11.7bn and higher FX gains. Return of average equity (ROAE) came at 29% vs. 18% in 2023. (Company Disclosure)
TAQA Q1 2024: Earnings grew 16% on 22% higher revenues
Taqa Arabia [TAQA] reported a 16% y/y increase in consolidated earnings to EGP102.8mn in Q1 2024 on 22% y/y increase in top line figure to EGP3.6bn. Reported gross profit margin declined from 12% in Q1 2023 to 10% in Q1 2024. Results imply a TTM P/E ratio of 24x. (Company Disclosure)
Markets Performance
Key Dates
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.
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.
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.