Today’s Top News & Analysis
CPI's third ease in a row
Government rejects a proposal to raise subsidized sugar prices
ELEC Q1 2024: Earnings grew 165% y/y
CIRA and MASR to establish a sports Swiss international school
ORHD does not hold any stake in FTI or Meeting Point
MACRO
CPI's third ease in a row
The annual headline urban CPI eased for the third consecutive month to 28.1% in May vs. 32.5% in April. (Asharq Business)
Government rejects a proposal to raise subsidized sugar prices
The Minister of Supply & Internal Trade said that the government refused the proposal to raise the subsidized sugar prices by 43% to EGP18/kg. We note that last week the minister proposed the increase to cover the increasing burden of sugar costs for the government. (Asharq Business)
CORPORATE
ELEC Q1 2024: Earnings grew 165% y/y
Electro Cable [ELEC] reported a strong set of results in Q1 2024:
· Revenues doubled to EGP3bn
· Gross profit increased 170% y/y to EGP1bn bringing a higher GPM of 33% vs. 25% in Q1 2023
· Earnings increased 165% y/y to EGP535.3mn. (Company disclosure)
CIRA and MASR to establish a sports Swiss international school
CIRA Education [CIRA] and Madinet Masr [MASR] signed an MOU to establish the first sports-focused Swiss International School to be located in MASR's Taj City, the project will cost c.EGP350mn. In addition, there is a collaboration between MASR and Blue Ribbon, to establish Klub Kayan worth EGP2bn investments. (Company disclosure)
ORHD does not hold any stake in FTI or Meeting Point
Concerning the recent reports regarding the insolvency of the German tour operator "FTI Touristik GmbH" (FTI) on June 3, 2024, and the related information about Meeting Point Egypt Company guaranteeing FTI's debts in Egypt. Orascom Development Egypt [ORHD] sent a statement to EGX clarifying that it does not hold any stakes in either FTI or Meeting Point. However, the impact of FTI’s insolvency on the overall business will be assessed in the forthcoming months. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
10-Jun-24
HELI: Cash dividend / Deadline for eligibility for a dividend of EGP1.34/Share.
11-Jun-24
GBCO: Conference Call / Discussing Q1 2024 financial results.
12-Jun-24
EGCH: EGM / Amending Article No. 4 of the company's bylaws.
IDHC: EGM / Amending Article No. 3 of the company's bylaws.
13-Jun-24
HELI: Cash dividend / Payment date for a dividend of EGP1.34/Share.
23-Jun-24
EGTS: OGM / Approving financial statements ending 31 Dec. 2023.
AIH: Stock dividend / Last date for eligibility for a 0.099-for-1 stock dividend.
24-Jun-24
AIH: Stock dividend / Date for distributing a 0.099 for-1 stock dividend.
BTFH: EGM / Amending Article No. 4 of the company's bylaws.
ELSH: Cash dividend / Deadline for eligibility for a dividend of EGP0.15/Share.
27-Jun-24
ELSH: Cash dividend / Payment date for a dividend of EGP0.075/Share (1st installment)
30-Jun-24
HELI: Cash dividend / Payment date for a dividend of EGP0.07/share (3rd installment).