Today’s Top News & Analysis
Egypt's external debt decrease in May
OLFI Q2 2024: Strong net profits driven by stronger operations and FX translations
CIRA received approvals to start Saxony University construction
MACRO
Egypt's external debt decrease in May
Sources said that Egypt's external debt witnessed a decline in May 2024 by 8% to USD154bn compared to the recorded levels in December 2023. (Enterprise)
CORPORATE
OLFI Q2 2024: Strong net profits driven by stronger operations and FX translations
Obour Land Food Industries [OLFI] posted a 174% y/y growth in net profits to EGP266mn in Q2 2024 thanks to:
· Better revenues of EGP2.1bn (+40% y/y).
· Strong gross profit margin of 26% (+7pp y/y).
· Booking positive FX revaluations of EGP30mn.
Regarding H1 2024, OLFI posted a 99% y/y growth in net profits to EGP423mn on:
· Higher revenues of EGP3.8bn (+30% y/y).
· Better gross profit margin of 24% (+3pp y/y).
· Booking lower losses from FX revaluations of EGP10mn vs. EGP100mn last year.
Results imply a TTM P/E of 6.0x. (Company disclosure)
CIRA received approvals to start Saxony University construction
CIRA Education [CIRA] announced that its subsidiary, Al Ahly CIRA, received the approvals to start the construction of Saxony University which will include 10 different faculties including (1) Civil Engineering Technology, (2) Electrical, Electronic, and Computer Engineering Technology, and (3) Mechanical Engineering Technology. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
24-Jul-24
IFAP: EGM / Amending Articles No. 3, 4 & 6 of the company's bylaws.
EAST: OGM / Approving the sale of a plot of land and netting contracts.
EAST: EGM / Amending Article No. 7 of the company's bylaws.
28-Jul-24
EGBE: Stock dividend / Last date for eligibility for a 0.021-for-1 stock dividend.
29-Jul-24
EGBE: Stock dividend / Date for distributing a 0.021 for-1 stock dividend.
31-Jul-24
TMGH: Cash dividend / Payment date for a dividend of EGP0.11/Share (2nd installment)
ACAMD: EGM / Amending Article No. 21 of the company's bylaws.
MTIE: Stock dividend / Last date for eligibility for a 0.25-for-1 stock dividend.
1-Aug-24
MTIE: Stock dividend / Date for distributing a 0.25 for-1 stock dividend.
5-Aug-24
Egypt PMI / July 2024 reading.