Today’s Top News & Analysis
Egypt considers granting golden licenses for healthcare sector
ESRS Q3 2023: FX losses cancel top-line growth
EBRD considers lending USD85mn to Egyptian firms
MACRO
Egypt considers granting golden licenses for healthcare sector
The Egyptian government is reportedly considering granting the golden license to investors in the healthcare sector, in an attempt to facilitate the work of private companies. (Al-Borsa)
CORPORATE
ESRS Q3 2023: FX losses cancel top-line growth
Ezz Steel Co. [ESRS] released its Q3 2023 consolidated financial statements, posting net losses of EGP509mn (vs. net profits of EGP1bn in Q3 2022, EGP1bn in Q2 2023) on higher revenues of EGP41bn (+85% y/y, +19% q/q) with a GPM of 27% (+8pp y/y, +1.5pp q/q). The company’s net losses were caused by recording an FX loss of EGP10.8bn (+340% y/y). (Company disclosure)
EBRD considers lending USD85mn to Egyptian firms
The European Bank for Reconstruction and Development (EBRD) is considering giving out two loans to Arab Investment Bank (aiBank), the commercial banking arm of EFG Holding [HRHO] one for USD25mn and another for USD10mn for the purpose of lending MSMEs. Meanwhile, United Metals Company, a subsidiary of Elsewedy Electric [SWDY], is set to receive a USD50mn, two-year loan from EBRD to finance imports of raw materials and the company’s working capital needs. (Enterprise)
MARKETS PERFORMANCE
Key Dates
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.
18-Dec-23
CSAG: Cash dividend / Deadline for eligibility for a dividend of EGP1.39/Share.
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).
21-Dec-23
CSAG: Cash dividend / Payment date for a dividend of EGP1.39/share.
EAST: OGM / A board reconstitution.
EAST: EGM / Amending Articles No. 7 & 21 of the company's bylaws.
MPC Meeting / Determining the CBE's policy rate.
26-Dec-23
ELEC: EGM / Discussing capital reduction & amending Articles No. 6 & 7 of the company's bylaws.
ACGC: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
27-Dec-23
EHDR: EGM / Approving increasing the issued capital & amending ArticleS No. 6 & 7 of the company's bylaws.
28-Dec-23
ABUK: Cash dividend / Payment date for a dividend of EGP3.00/share (2nd installment).
EAST: Cash dividend / Payment date for a dividend of EGP1.75/share (2nd installment).