Today’s Top News & Analysis
CBE keeps key policy rates unchanged
HELI approves MASR's offer to develop New Heliopolis
DOMT Q1 2024: Muted net profits growth despite strong revenue growth
EGAL 9M 2023/24: FX losses mute the net profits growth
RIMCO EGT raised its stake in EFID
MACRO
CBE keeps key policy rates unchanged
On Thursday, the Central Bank of Egypt’s Monetary Policy Committee (MPC) decided in its ninth meeting of the year to maintain the overnight deposit rate, the overnight lending rate, and the rate of the main operation at the special meeting’s figures at 27.25%, 28.25%, and 27.75%, respectively. (CBE)
CORPORATE
HELI approves MASR's offer to develop New Heliopolis
Madinet Masr [MASR] said that Heliopolis Housing & Development’s [HELI] approved its offer to develop 491 feddans in new Heliopolis for at least EGP53.2bn to be paid over 9 years, starting from the contract's date. MASR will receive 36.5% of the revenues of the semi-finished units and 20% of the finished and sold units. In addition, MASR will receive a down payment of EGP1.1bn to be paid in bulk while signing the contract. Heli added that the expected revenues are EGP194.4bn through 12 years, with HELI's share at EGP70.9bn. (Company disclosure: 1, 2)
DOMT Q1 2024: Muted net profits growth despite strong revenue growth
Arabian Food Industries (Domty) [DOMT] posted a 1.3% y/y growth in net profits to EGP153mn in Q1 2024 despite:
· A 34% y/y growth in revenues to EGP2.3bn.
· Lower net interest expenses of EGP30mn (-38% y/y).
The muted net profit growth is attributable to:
· A lower gross profit margin of 22% (-2.3pp y/y).
· Higher SG&A-to-revenues ratio of 11.6% (-1pp y/y).
· A 320% y/y increase in other provisions to EGP11mn.
Results imply a TTM P/E of 6.1x. (Company disclosure)
EGAL 9M 2023/24: FX losses mute the net profits growth
Egypt Aluminum [EGAL] posted a 33% y/y growth in net profits to EGP5bn on:
· Higher revenues of EGP22bn (+52% y/y).
· Better gross profit margin of 33% (+2pp y/y).
However, the net profits growth was muted by booking FX losses of EGP829mn.
Results imply a TTM P/E of 7.8x. (Company disclosure)
RIMCO EGT raised its stake in EFID
Edita Food Industries [EFID] said that RIMCO EGT Investment LLC raised its stake by 2.86% to 10.08% through buying 20mn shares at an average price of EGP29.5/share. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
26-May-24
OIH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
SKPC: Cash dividend / Deadline for eligibility for a dividend of EGP1.25/Share.
OFH: OGM / Approving financial statements ending 31 Dec. 2023.
MCRO: OGM / Approving financial statements ending 31 Dec. 2023.
CICH: Cash dividend / Deadline for eligibility for a dividend of EGP0.2169/Share.
SWDY: Cash dividend / Deadline for eligibility for a dividend of EGP0.50/Share.
27-May-24
TMGH: Cash dividend / Deadline for eligibility for a dividend of EGP0.22/Share.
MASR: Cash dividend / Deadline for eligibility for a dividend of EGP0.20/Share.
ZMID: Cash dividend / Deadline for eligibility for a dividend of EGP0.150/Share.
29-May-24
SKPC: Cash dividend / Payment date for a dividend of EGP0.75/Share (1st installment)
CICH: Cash dividend / Payment date for a dividend of EGP0.2169/Share.
AMIA: Stock dividend / Last date for eligibility for a 0.10-for-1 stock dividend.
SWDY: Cash dividend / Payment date for a dividend of EGP0.50/Share.
30-May-24
MASR: Cash dividend / Payment date for a dividend of EGP0.10/Share (1st installment)
AMIA: Stock dividend / Date for distributing a 0.10 for-1 stock dividend.
CCAP: OGM / Discussing agenda items.
TMGH: Cash dividend / Payment date for a dividend of EGP0.11/Share (1st installment)
ZMID: Cash dividend / Payment date for a dividend of EGP0.05/Share (1st installment)
ETEL: Earnings Announcement / Announcing Q1 2024 financial results.
2-Jun-24
CSAG: OGM / Approving the estimated budget of FY 2024/2025.
DSCW: Cash dividend / Deadline for eligibility for a dividend of EGP0.167/Share.
3-Jun-24
MSCI / MSCI's May 2024 Semi-Annual Index Review Effective Date.
4-Jun-24
Egypt PMI / May 2024 reading.
5-Jun-24
DSCW: Cash dividend / Payment date for a dividend of EGP0.167/Share.
6-Jun-24
ALCN: OGM / Approving the use of Corporate reserve shown in the audited financial statements.
ALCN: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
8-Jun-24
ESRS: OGM / Approving financial statements ending 31 Dec. 2023 and netting contracts.
ESRS: EGM / Discussing capital reduction.
9-Jun-24
BINV: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
BINV: EGM / Amending Article No. 19 of the company's bylaws.
CCAP: OGM / Approving financial statements ending 31 Dec. 2023.
12-Jun-24
EGCH: EGM / Amending Article No. 4 of the company's bylaws.