Today’s Top News & Analysis
Minister of Finance shares Egypt's plans for the economy
Government plans to hit the IPO program target within 3 to 5 years
Egypt's exports grew by 5.3% to USD9.6nm in Q1 FY24
MCRO 2023: Net losses were driven by massively declined operations
MACRO
Minister of Finance shares Egypt's plans for the economy
The Minister of Finance said in a meeting with the International Monetary Fund (IMF) that the government plans to:
· Lower the inflation towards the average inflation target in the Central Bank of Egypt (CBE) between 7-9%.
· Lowering the interest rates.
· Supporting human development through improving healthcare and education. (Enterprise)
Government plans to hit the IPO program target within 3 to 5 years
The Minister of Finance said that the Egyptian government plans to reach its IPO program target within 3 to 5 years. He added that the IPO program is still in process, however, it includes a huge number of companies that would need a long time horizon. (Asharq Business)
Egypt's exports grew by 5.3% to USD9.6bn in Q1 FY24
In a report, the Ministry of Trade said Egypt's exports grew in Q1 FY24 to USD9.6bn (+5.3% y/y). Coming in the first place, Turkey imported Egyptian goods worth USD874mn followed by Saudi Arabia with USD792mn. (Asharq Business)
CORPORATE
MCRO 2023: Net losses were driven by massively declined operations
Macro Group Pharmaceutical [MCRO] posted its consolidated 2023 results with a net loss of EGP273mn due to:
A 28% y/y decline in revenues to EGP526mn driven by:
a 29% y/y decline in sales volumes,
EGP135mn adjustment in pharmacy chain discounts and rebate liabilities.
In return, the gross profit margin witnessed a 9pp y/y decline to 68%.
The SG&A-to-revenues ratio excessively widened to 67% (-24pp y/y).
Huge net finance expense of EGP63mn (+803% y/y). (Company disclosure)
Markets Performance
Key Dates
17-Apr-24
MASR: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
18-Apr-24
SWDY: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
SWDY: EGM / Discussing capital reduction & amending Articles No. 6 & 7 of the company's bylaws.
CLHO: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
CICH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
CICH: EGM / Amending some Articles of the company's bylaws.
20-Apr-24
DSCW: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
DSCW: EGM / Amending Articles No. 3, 4 & 7 of the company's bylaws.
21-Apr-24
CIEB: Cash dividend / Deadline for eligibility for a dividend of EGP1.145/Share.
EFID: Cash dividend / Deadline for eligibility for a dividend of EGP0.428/Share.
CERA: Cash dividend / Deadline for eligibility for a dividend of EGP0.025/Share.
COMI: Cash dividend / Deadline for eligibility for a dividend of EGP0.55/Share.
ETEL: Cash dividend / Deadline for eligibility for a dividend of EGP1.50/Share.
GBCO: Cash dividend / Deadline for eligibility for a dividend of EGP0.20/Share.
22-Apr-24
AMIA: Cash dividend / Deadline for eligibility for a dividend of EGP0.050/Share.
24-Apr-24
CIEB: Cash dividend / Payment date for a dividend of EGP1.145/share.
EFID: Cash dividend / Payment date for a dividend of EGP0.428/share.
CERA: Cash dividend / Payment date for a dividend of EGP0.025/share.
COMI: Cash dividend / Payment date for a dividend of EGP0.55/share.
ETEL: Cash dividend / Payment date for a dividend of EGP1.50/share.
PHAR: Cash dividend / Deadline for eligibility for a dividend of EGP2.00/Share.
ORWE: Cash dividend / Deadline for eligibility for a dividend of EGP1.25/Share.
EFIH: Cash dividend / Deadline for eligibility for a dividend of EGP0.187/Share.
EFIC: Cash dividend / Deadline for eligibility for a dividend of EGP7.00/Share.
GBCO: Cash dividend / Payment date for a dividend of EGP0.20/share.
28-Apr-24
AMIA: Cash dividend / Payment date for a dividend of EGP0.050/share.
29-Apr-24
RMDA: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
BTFH: OGM / Approving financial statements ending 31 Dec. 2023.
30-Apr-24
EGAL: OGM / Approving the estimated budget of FY 2024/2025.
PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (1st installment).
ORWE: Cash dividend / Payment date for a dividend of EGP1.25/share.
EFIH: Cash dividend / Payment date for a dividend of EGP0.187/share.
EFIC: Cash dividend / Payment date for a dividend of EGP2.00/Share (1st installment).
PRCL: OGM / Considering renting a ceramic factory.
PRCL: EGM / Amending some Articles of the company's bylaws.
1-May-24
AIH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.