Today’s Top News & Analysis
AD Port's Noatum acquires a stake in Egyptian Safina Shipping Services
The unemployment rate is down
SWDY Q2 2024: Strong net profits on better revenues
MACRO
AD Port's Noatum acquires a stake in Egyptian Safina Shipping Services
A subsidiary of AD Ports, Noatum, acquired a majority stake in the Egyptian Safina Shipping Services, a maritime, logistics, and cargo company. The acquisition should be concluded in Q3 2024. (Enterprise)
The unemployment rate is down
Egypt's unemployment rate is down to 6.5% (-0.5pp y/y, -0.2pp q/q) for the third quarter in a row. (Enterprise)
CORPORATE
SWDY Q2 2024: Strong net profits on better revenues
Elswedy Electric [SWDY] recorded a 68% y/y growth in net profits to EGP4.5bn in Q2 2024, due to:
- Better revenues of EGP57bn, the revenues mix came in as follows:
· The wires & cables segment recorded revenues of EGP35bn (+73% y/y), contributing 60% of total revenues.
· The turnkey projects segment recorded revenues of EGP17bn (+45% y/y), contributing 30% of total revenues.
- Better gross profit margin of 22% (+4pp y/y), supported by improved performance across all segments. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
18-Aug-24
OFH: OGM / A board reshuffle.
20-Aug-24
ACGC: EGM / Amending some Articles of the company's bylaws.
21-Aug-24
ORAS: Cash dividend / Payment date for a dividend of EGP9.69/Share.
EXPA: Stock dividend / Last date for eligibility for a 0.33-for-1 stock dividend.
22-Aug-24
EXPA: Stock dividend / Date for distributing a 0.33 for-1 stock dividend.
26-Aug-24
BINV: Cash dividend / Deadline for eligibility for a dividend of USD 0.020/Share.
28-Aug-24
TANM: Stock dividend / Last date for eligibility for a 0.2-for-1 stock dividend.
29-Aug-24
TANM: Stock dividend / Date for distributing a 0.2 for-1 stock dividend.
PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).
ZMID: Cash dividend / Payment date for a dividend of EGP0.10/Share (2nd installment)
CCAP: OGM / Discussing appointing an additional auditor for the company’s accounts for the current year ending 31 Dec. ,2024.
CCAP: EGM / Discussing the continuation of the company.
SKPC: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
BINV: Cash dividend / Payment date for a dividend of USD 0.020/Share.