Today’s Top News & Analysis
CPI's fourth ease in a row
IMF's third tranche is delayed
Blackouts are temporarily paused
Drug prices should increase between 30-35%
ESRS Q1 2014: Turing into profits despite GP margin squeeze.
ACTF's private offering is 2.3x oversubscribed
TMGH's SouthMed drives exceptional sales
MACRO
CPI's fourth ease in a row
The annual urban CPI eased for the fourth consecutive month to 27.5% in June vs. 28.1% in May. (Asharq Business)
IMF's third tranche is delayed
The International Monetary Fund's (IMF) meeting for Egypt's USD820mn worth third tranche has been rescheduled to the 29th of July instead of today, the 10th of July. (Enterprise)
Blackouts are temporarily paused
The PM said the electricity blackouts should be temporarily paused until the government concludes the calculations of power usage. (Enterprise)
Drug prices should increase between 30-35%
The Minister of Health said yesterday that the prices of drugs are expected to increase between 30-35%. (Mubasher)
CORPORATE
ESRS Q1 2014: Turing into profits despite GP margin squeeze
Ezz Steel [ESRS] reported net income of EGP910mn in Q1 2024 compared to losses of EGP1.7bn in Q1 2023.
Revenues increased 80% y/y to EGP50bn, on EGP devaluation in March 2024.
Gross profits declined 1% y/y to EGP8bn on 152% y/y increase in raw materials cost
Gross profit margin declined to 16% vs. 29% in Q1 2023. (Company disclosure)
ACTF's private offering is 2.3x oversubscribed
After the opening of Act Financials' [ACTF] private offering yesterday, sources said it was 2.3x oversubscribed. We note that the private offering should be concluded on the 18th of July. (Al-Mal)
TMGH's SouthMed drives exceptional sales
Talaat Moustafa Holding's [TMGH] YTD sales came exceptional at EGP340bn (USD7.1bn) driven by TMGH's newest venture, SouthMed, that booked EGP200bn of sales in six working days. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
10-Jul-24
ADIB: Stock dividend / Last date for eligibility for a 0.2-for-1 stock dividend.
EFIH: Stock dividend / Last date for eligibility for a 0.249-for-1 stock dividend.
13-Jul-24
MICH: BoD meeting / Follow up on production, sales and exports.
14-Jul-24
ADIB: Stock dividend / Date for distributing a 0.2 for-1 stock dividend.
EFIH: Stock dividend / Date for distributing a 0.249 for-1 stock dividend.
17-Jul-24
MICH: Stock dividend / Last date for eligibility for a 0.5-for-1 stock dividend.
BIOC: Cash dividend / Deadline for eligibility for a dividend of EGP0.75/Share.
18-Jul-24
MICH: Stock dividend / Date for distributing a 0.5 for-1 stock dividend.
MPC Meeting / Determining the CBE's policy rate.
EMFD: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
IDHC: EGM / Discussing Articles No 3 & 57 of the company's bylaws.
22-Jul-24
BIOC: Cash dividend / Payment date for a dividend of EGP0.75/Share.
24-Jul-24
IFAP: EGM / Amending Articles No. 3, 4 & 6 of the company's bylaws.
EAST: OGM / Approving the sale of a plot of land and netting contracts.
EAST: EGM / Amending Article No. 7 of the company's bylaws.
28-Jul-24
EGBE: Stock dividend / Last date for eligibility for a 0.021-for-1 stock dividend.
29-Jul-24
EGBE: Stock dividend / Date for distributing a 0.021 for-1 stock dividend.
31-Jul-24
TMGH: Cash dividend / Payment date for a dividend of EGP0.11/Share (2nd installment)