Today’s Top News & Analysis
ORAS Q1 2024: Once again, non-operating gains drive the net profits growth
EFIH acquires stakes in Al Ahly Momken and EasyCash
MASR to invest EGP70bn through 10 years
ORHD denies investing in projects outside Egypt
SWDY denies appointing Maatok Bassiouny & Henawy
CORPORATE
ORAS Q1 2024: Once again, non-operating gains drive the net profits growth
Orascom Construction [ORAS] posted a 28% y/y growth in net profits to USD46mn in Q1 2024 despite:
· A 5% y/y decline in revenues to USD766mn.
· The flat gross profit margin of 8.8% (+0.2pp y/y).
The growth in net profits was driven by the solid non-operating gains:
· Recording other income of USD1.7mn vs. other losses of USD0.5mn last year.
· A 122% y/y growth in net interest income of USD46mn. (Company disclosure)
EFIH acquires stakes in Al Ahly Momken and EasyCash
e-Finance for Digital and Financial Investments [EFIH] acquired a 25% stake in Al Ahly Momken and a 13% stake in EasyCash for Digital payments. This is part of EFIH's expansion strategy to reach larger customer bases. EFIH did not disclose the acquisition price for both companies. (Company disclosure)
MASR to invest EGP70bn through 10 years
Madinet Masr [MASR] said in a statement that it will invest EGP70bn over the coming 10 years in Taj City and Saray City on 1.5mn sqm land with expected cash inflows of EGP6bn/year. (company disclosure)
ORHD denies investing in projects outside Egypt
Orascom Development Egypt [ORHD] denied the news related to investing USD500mn through 2024 in its projects locally and internationally. In addition, ORHD said that it has only projects in Egypt and it is not intended currently to expand outside. (Company disclosure)
SWDY denies appointing Maatok Bassiouny & Henawy
Elsewedy Electric [SWDY] denied the circulating news about appointing Maatok Bassiouny & Henawy as its legal advisor. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
23-May-24
HELI: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
MPC Meeting / Determining the CBE's policy rate.
25-May-24
MICH: BoD meeting / Follow up on production, sales and exports.
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.
CICH: Cash dividend / Deadline for eligibility for a dividend of EGP0.2169/Share.
SWDY: Cash dividend / Deadline for eligibility for a dividend of EGP0.50/Share.
27-May-24
TMGH: Cash dividend / Deadline for eligibility for a dividend of EGP0.22/Share.
MASR: Cash dividend / Deadline for eligibility for a dividend of EGP0.20/Share.
ZMID: Cash dividend / Deadline for eligibility for a dividend of EGP0.150/Share.
29-May-24
SKPC: Cash dividend / Payment date for a dividend of EGP0.75/Share (1st installment)
CICH: Cash dividend / Payment date for a dividend of EGP0.2169/Share.
AMIA: Stock dividend / Last date for eligibility for a 0.10-for-1 stock dividend.
SWDY: Cash dividend / Payment date for a dividend of EGP0.50/Share.
30-May-24
MASR: Cash dividend / Payment date for a dividend of EGP0.10/Share (1st installment)
AMIA: Stock dividend / Date for distributing a 0.10 for-1 stock dividend.
CCAP: OGM / Discussing agenda items.
TMGH: Cash dividend / Payment date for a dividend of EGP0.11/Share (1st installment)
ZMID: Cash dividend / Payment date for a dividend of EGP0.05/Share (1st installment)
ETEL: Earnings Announcement / Announcing Q1 2024 financial results.
2-Jun-24
CSAG: OGM / Approving the estimated budget of FY 2024/2025.
DSCW: Cash dividend / Deadline for eligibility for a dividend of EGP0.167/Share.
3-Jun-24
MSCI / MSCI's May 2024 Semi-Annual Index Review Effective Date.
5-Jun-24
DSCW: Cash dividend / Payment date for a dividend of EGP0.167/Share.
6-Jun-24
ALCN: OGM / Approving the use of Corporate reserve shown in the audited financial statements.
ALCN: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
8-Jun-24
ESRS: OGM / Approving financial statements ending 31 Dec. 2023 and netting contracts.
ESRS: EGM / Discussing capital reduction.
9-Jun-24
BINV: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
BINV: EGM / Amending Article No. 19 of the company's bylaws.
CCAP: OGM / Approving financial statements ending 31 Dec. 2023.