Today’s Top News & Analysis
Egypt plans to raise economic growth through FY27
EBRD to support several Egyptian banks
Egypt to export its green ammonia to Europe
TALM Q3 2023/24: Strong net profits driven by operations and net finance income
MACRO
Egypt plans to raise economic growth through FY27
Sources said that the Egyptian government plans to raise Egypt's economic growth goals in FY27 to 5.5%, whereas the goal in FY25 is set at 4.2%. Additionally, the government plans to increase the private investment contribution to the total economy to 51% by FY27 and 70% by FY30. (Asharq Business, Enterprise)
EBRD to support several Egyptian banks
The European Bank for Reconstruction and Development (EBRD) plans to support several Egyptian banks with a USD705mn fund through H2 2024. Sources added that the fund will be divided into 2 tranches USD400mn for SMEs and green energy and the remaining USD350mn for two-way trade. (Asharq Business)
Egypt to export its green ammonia to Europe
H2Global, a company supported by the German government will buy at least 259mn tons of materials used in hydrogen transport between 2027-2033. The transaction will be between H2Global and the UAE Fertiglobe based in Egypt. (Asharq Business)
CORPORATE
TALM Q3 2023/24: Strong net profits driven by operations and net finance income
Taaleem Management Services [TALM] posted a 67% y/y growth in net profits to EGP255mn in Q3 2023/24 on:
Higher revenues of EGP459mn (+58% y/y).
Better gross profit margin of 83% (+4pp y/y).
Stronger net finance income of EGP34mn (+442% y/y).
Regarding 9M 2023/24, TALM had a 78% y/y growth in net profits to EGP613mn on:
Higher revenues of EGP1.1bn (+60% y/y).
Better gross profit margin of 81% (+5pp y/y).
Stronger net finance income of EGP64mn (+239% y/y). (Company disclosure)
MARKETS PERFORMANCE
Key Dates
14-Jul-24
ADIB: Stock dividend / Date for distributing a 0.2 for-1 stock dividend.
EFIH: Stock dividend / Date for distributing a 0.249 for-1 stock dividend.
17-Jul-24
MICH: Stock dividend / Last date for eligibility for a 0.5-for-1 stock dividend.
BIOC: Cash dividend / Deadline for eligibility for a dividend of EGP0.75/Share.
18-Jul-24
MICH: Stock dividend / Date for distributing a 0.5 for-1 stock dividend.
MPC Meeting / Determining the CBE's policy rate.
EMFD: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
IDHC: EGM / Discussing Articles No 3 & 57 of the company's bylaws.
22-Jul-24
BIOC: Cash dividend / Payment date for a dividend of EGP0.75/Share.
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)