Today’s Top News & Analysis
Electricity price to be raised in September
DOMT Q2 2024: Non-operating losses mute net profits growth
ALCN 2023/24 Prelim.: Strong net profits on better revenues
MACRO
Electricity price to be raised in September
Sources said the Cabinet approved the Ministry of Electricity & Energy's proposal to raise the electricity prices. The ministry is said to raise the prices by an average of 30% in September. The larger households will be subjected to more price increases, while smaller households will be subjected to lower price increases. (Enterprise)
CORPORATE
DOMT Q2 2024: Non-operating losses mute net profits growth
Arabian Food Industries (Domty) [DOMT] posted a 13% y/y decline in net profits to EGP88mn in Q2 2024, despite:
· A 35% y/y revenue growth to EGP2.1bn.
· A 1.2pp y/y better SG&A-to-revenues ratio of 12%.
The net profits decline is attributed to:
· A 34% y/y decline in other revenues to EGP23mn.
· A 153% y/y increase in net interest expenses to EGP129mn.
DOMT's gross profit margin came in flat at 24% (-0.3pp y/y). (Company disclosure)
ALCN 2023/24 Prelim.: Strong net profits on better revenues
Alexandria Container & Cargo Handling Co [ALCN] posted its preliminary results for FY2023/24 with a 40% y/y growth in net profits to EGP6.1bn on higher revenues of EGP6.4bn (+30% y/y). Gross profit margin came in flat at 78%. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
20-Aug-24
ACGC: EGM / Amending some Articles of the company's bylaws.
21-Aug-24
ORAS: Cash dividend / Payment date for a dividend of EGP9.69/Share.
EXPA: Stock dividend / Last date for eligibility for a 0.33-for-1 stock dividend.
22-Aug-24
EXPA: Stock dividend / Date for distributing a 0.33 for-1 stock dividend.
26-Aug-24
BINV: Cash dividend / Deadline for eligibility for a dividend of USD 0.020/Share.
28-Aug-24
TANM: Stock dividend / Last date for eligibility for a 0.2-for-1 stock dividend.
29-Aug-24
TANM: Stock dividend / Date for distributing a 0.2 for-1 stock dividend.
PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).
ZMID: Cash dividend / Payment date for a dividend of EGP0.10/Share (2nd installment)
CCAP: OGM / Discussing appointing an additional auditor for the company’s accounts for the current year ending 31 Dec. ,2024.
CCAP: EGM / Discussing the continuation of the company.
SKPC: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
BINV: Cash dividend / Payment date for a dividend of USD 0.020/Share.