Today’s Top News & Analysis
USD250mn secured for the new light rail expansion
ACGC FY2022/23: Non-operational gains drive the net profit growth
EGAL Q1 2023/24: Extraordinary net profit on higher revenues and gross profit margin
A CCAP subsidiary injects USD150mn for production increase
MACRO
USD250mn secured for the new light rail expansion
A soft loan of USD250mn will be arranged by the Chinese consortium in charge of the Light Rail Transit (LRT) construction. The loan will be borrowed from a number of international banks aimed to support the project's expansions. (Enterprise)
CORPORATE
ACGC FY2022/23: Non-operational gains drive the net profit growth
Arab Cotton Ginning Co. [ACGC] posted its FY2022/23 full results with EGP280mn (+121% y/y) in net profits on higher revenues of EGP3.4bn (+62% y/y). However, the gross profit margin dropped by 5pp y/y to 15%. The massive growth in net profits was mainly driven by non-operational gains:
· Investments held for trading came in at EGP21mn vs. a negative EGP2mn last year.
· Investment gains grew to EGP102mn vs. only EGP10mn.
· Gains from assets held for sale grew to EGP37mn vs. EGP11mn.
· FX gains grew to EGP147mn vs. only EGP20mn. (Company disclosure)
EGAL Q1 2023/24: Extraordinary net profit on higher revenues and gross profit margin
Egypt Aluminum [EGAL] reported its Q1 2023/24 full results, posting a 153% y/y growth in net profits to EGP1.63bn on higher revenues of EGP5.99bn (+72% y/y) and improved gross profit margin to 33% (+7pp y/y). (Company disclosure)
A CCAP subsidiary injects USD150mn for production increase
A Qalaa Holding [CCAP] subsidiary, the Egyptian Refining Co. (ERC) plans to inject USD150mn to increase production by 10% over three years. (Al-Arabiya)
MARKETS PERFORMANCE
Key Dates
30-Nov-23
MICH: BoD meeting / Follow up on production, sales and exports.
DOMT: Cash dividend / Payment date for a dividend of EGP0.20/share.
EFID: Cash dividend / Payment date for a dividend of EGP0.428/share.
ZMID: Cash dividend / Payment date for a dividend of EGP0.10/share (2nd installment).
1-Dec-23
MSCI / MSCI's November 2023 Semi-Annual Index Review Effective Date.
3-Dec-23
MASR: OGM / Discussing netting contracts.
5-Dec-23
Egypt PMI / November 2023 reading.
11-Dec-23
LCSW: OGM / Considering the distribution of treasury shares.
12-Dec-23
ARCC: OGM / Discussing dividends distribution.
13-Dec-23
EFIH: EGM / Amending some articles of the Company's bylaws.
14-Dec-23
EGTS: OGM / Approving financial statements ending 31 Dec. 2022.
19-Dec-23
CIRA: OGM / Approving financial statements ending 31 August 2023 and the proposed dividends.
20-Dec-23
MCQE: Cash dividend / Payment date for a dividend of EGP0.50/share (2nd installment).