Today’s Top News & Analysis
Remittances reach USD2.2bn in August 2022
Arabian Cement announces standalone 9M results
Juhayna announced its Q3 2022 results
Orascom Financial announces Q3 results
CI Capital announces its Q3 2022 results
Integrated Diagnostics announced its Q3 2022 results
Egytrans sells all of its treasury shares
MACRO
Remittances reach USD2.2bn in August 2022
Remittances from Egyptians abroad recorded USD2.2bn during August 2022 (-8% m/m) compared to USD2.4bn a month earlier. (Youm7)
CORPORATE
Arabian Cement announces standalone 9M results
Arabian Cement’s [ARCC] standalone 9M results showed a net profit of EGP244.7mn compared to a net loss of EGP24.5mn last year. Revenues came in at EGP3.3bn (+113% y/y), powered by the increase in cement and clinker volumes (reaching 3.53mn tons, +55% y/y) and the increase in average selling price per ton (EGP944/ton, +37% y/y). On the other hand, ARCC’s BoD approved the distribution of a cash dividend totaling EGP250mn for shareholders (i.e. a DPS of EGP0.66/share), implying a 12% yield. (Company disclosure)
Juhayna announced its Q3 2022 results
Juhayna Food Industries [JUFO] reported consolidated Q3 net profits of EGP155mn (-11% y/y), despite a 23% y/y increase in revenues to EGP3.0bn. Meanwhile, GPM decreased to 23% (-4pp y/y). (Company disclosure)
Orascom Financial announces Q3 results
Orascom Financial Holding's [OFH] Q3 2022 results showed a net loss of EGP43mn vs. a net profit of EGP19mn a year earlier. Meanwhile, OFH reported a wider operating loss of EGP22mn in Q3 2022 vs. EGP15mn a year earlier. (Company disclosure)
CI Capital announces its Q3 2022 results
CI Capital Holding's [CICH] Q3 2022 net earnings dropped by 40% y/y to EGP145mn due to the increase in direct financing and banking expenses by 108% y/y to EGP459mn. Meanwhile, revenues grew by 18% y/y to EGP904mn. With an annualized ROE of 18%, CICH is now traded at a P/BV of 1x and an annualized P/E of 7x. (Company disclosure)
Integrated Diagnostics announced its Q3 2022 results
Integrated Diagnostics Holdings [IDHC] reported Q3 2022 net losses of EGP18mn compared to net profits of EGP454mn a year earlier. Net losses took place on lower revenues of EGP846mn (-43% y/y). The revenue slippage came due to a sharp decline in COVID-19-related tests. Meanwhile, GPM dropped to 41% (-17pp y/y). (Company disclosure)
Egytrans sells all of its treasury shares
Egytrans [ETRS] said it sold all of its treasury shares of 3.07mn shares. (Mubasher)
MARKETS PERFORMANCE
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