Today’s Top News & Analysis
Egypt sets a fixed regasification unit in partnership with Eni
JUFO Q2 2024: Strong operations drive extraordinary net profits
RACC Q2 2024: Strong net profits on better operations and FX translations
ORHD Q2 2024: Strong operations drive the net profits growth
SWDY denies delisting
MACRO
Egypt sets a fixed regasification unit in partnership with Eni
Sources said the Egyptian government partnered with the Italian Eni to set up a fixed regasification unit in Damietta with investments of USD150mn. (Asharq Business)
CORPORATE
JUFO Q2 2024: Strong operations drive extraordinary net profits
Juhayna Food Industries [JUFO] posted a 361% y/y growth in net profits to EGP1bn in Q2 2024 due to:
· Stronger revenues of EGP6bn (+70% y/y), driven by a double-digit increase in juice sales volumes and the strong growth in exports.
· An 11pp y/y better gross profit margin of 32%.
Regarding H1 2024, JUFO posted a 166% y/y growth in net profits to EGP1.5bn due to:
· Higher revenues of EGP11bn (+69% y/y).
· Stronger gross profit margin of 35% (+10pp y/y).
Results imply a TTM P/E of 10.5x. (Company disclosure)
RACC Q2 2024: Strong net profits on better operations and FX translations
Raya Contact Center [RACC] posted a 252% y/y growth in profits to EGP135mn in Q2 2024 due to:
· Better revenues of EGP641mn (+33% y/y).
· Better gross profit margin of 41% (+7pp y/y).
· Excessive FX translations of EGP117mn (+495% y/y).
Regarding H1 2024, RACC posted a 183% y/y growth in net profits to EGP242mn on:
· Better revenues of EGP1.3bn (+36% y/y).
· Better gross profit margin of 45% (+11pp y/y).
· A 199% y/y expansion in FX translations to EGP119mn.
The results imply a TTM P/E of 4.4x. (Company disclosure)
ORHD Q2 2024: Strong operations drive the net profits growth
Orascom Development [ORHD] posted a 218% y/y growth in net profits to EGP1.9bn in Q2 2024 due to:
· Strong revenues of EGP6bn (+86% y/y).
· A 13pp y/y higher gross profit margin of 46%.
· Higher investment income of EGP310mn (+129% y/y). (Company disclosure)
SWDY denies delisting
Elsewedy Electric [SWDY] said in a statement that there is no intention to delist, denying the circulated news. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
12-Aug-24
TMGH: BoD meeting / Discussing financial results.
MSCI / MSCI's August 2024 Quarterly Index Review Announcement.
14-Aug-24
ICLE: EGM / Amending Article No. 3 of the company's bylaws.
ETEL: Earnings Announcement / Announcing Q2 2024 financial results.
ORAS: Cash dividend / Deadline for eligibility for a dividend of EGP9.69/Share.
17-Aug-24
MFPC: OGM / Considering distributing cash dividends.
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.
29-Aug-24
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.