Top News & Analysis
MACRO NEWS
A shipment of Ukrainian wheat will soon make its way to Egypt from Romania, according an Egyptian Holding Co. for Silos & Storage official. (Enterprise)
Plans to link our electricity grid with Greece could move faster after the war in Ukraine. (Enterprise)
Gas export revenues almost doubled to USD3.9bn in 4M 2022. (Reuters)
CORPORATE NEWS
Palm Hills Developments [PHDC] announced its Q1 2022 consolidated results with a 44% y/y increase in net profit to EGP295mn (+56% q/q), while revenue surged to EGP2.9bn (+47% y/y, +59% q/q) vs. EGP1.9bn from Q1 2021.
Misr Beni Suef Cement [MBSC] announced its Q1 2022 consolidated results, where its bottom line reached EGP47.7mn compared to EGP37.3mn a year earlier (+28% y/y).
CI Capital Holding [CICH] reported net earnings of EGP154mn in Q1 2022 against net losses of EGP16mn a year earlier. This improvement after the losses incurred in Q1 2021 came in light of (1) a lower employee cost by 44% to EGP217mn, (2) the group's operating revenues jumping by 36% y/y to EGP763mn, where the NBFS marked an 82% contribution to total revenues.
B Investments Holding [BINV] announced its Q1 2022 results, showing consolidated net earnings of EGP22mn (-56% y/y). The dramatic drop was due to the decline in operating revenues to EGP15mn (-76% y/y).
Paradigm Logistics will acquire a 62.3% stake of Ostool, a subsidiary of Raya Holding [RAYA] for EGP266mn. RAYA’s BoD has approved to sell 53.9mn shares a value of EGP4.94/share, with proceeds of EGP237mn. (Company disclosure)
The Financial Regulatory Authority (FRA) has approved the EGP98mn capital increase of Ghazl El-Mahalla Football Club. (Hapi Journal)