Today’s Top News & Analysis
EGP320bn bill for social support programs
ISPH Q1 2024: Net finance expenses mute the net profit growth
RACC Q1 2024: Strong net profits on better operations
MFPC Q1 2024: Earnings leapt 95% y/y
SWDY: An acquisition offer at a 33% premium
ETEL did not receive any official offers
CCAP: More details on Debt Purchase Offer for CCAP shareholders
GBCO expands in Iraqi market
MACRO
EGP320bn bill for social support programs
It is said that the House Budget Committee approved a draft of an EGP320bn bill that is thought to be dedicated to social support programs. (Enterprise)
CORPORATE
ISPH Q1 2024: Net finance expenses mute the net profit growth
Ibnsina Pharma [ISPH] posted a 35% y/y growth in net profits to EGP98mn in Q1 2024 on:
· Higher revenues of EGP11bn (+55% y/y).
· Better SG&A-to-revenues ratio of 3.8% (+0.5pp y/y).
However, the gross profit margin decreased to 7.4% (-0.6pp y/y).
The doubled growth of the net finance expenses to EGP282mn has subdued the net profit growth.
The results imply a TTM P/E of 10x. (Company disclosure)
RACC Q1 2024: Strong net profits on better operations
Raya Contact Center [RACC] posted a 128% y/y growth in profits to EGP108mn due to the strong operations:
· Higher revenues of EGP634mn (+39% y/y).
· Improved gross profit margin of 49% (+14pp y/y).
The results imply a TTM P/E of 5.2x. (Company disclosure)
MFPC Q1 2024: Earnings leapt 95% y/y
MOPCO [MFPC] posted a 95% y/y increase in earnings to EGP7.6bn in Q1 2024, thanks to a 220% y/y increase in revenues to EGP4.8bn and higher FX gains of EGP5.7bn. Results imply a TTM P/E of 11x. (Company disclosure)
SWDY: An acquisition offer at a 33% premium
The Financial Regulatory Authority (FRA) revealed the receipt of an offer submitted by Electra Investment Holding to acquire a minimum of 15% to 24.5% stake in Elsewedy Electric [SWDY] at USD1.05/share, equivalent to EGP49.3/share and 33% higher than the close price on 16 May 2024. (Company disclosure)
ETEL did not receive any official offers
In response to the trending news yesterday, Telecom Egypt [ETEL] said in a statement that it did not receive any acquisition offers officially. (Company disclosure)
CCAP: More details on Debt Purchase Offer for CCAP shareholders
After obtaining approval from the Financial Regulatory Authority (FRA), QHRI provided more details on the debt purchase offer. The key details are:
1. Payment in EGP: CCAP shareholders will be able to participate by paying the required amount in EGP.
2. Participation Forms: CCAP shareholders can access the participation form on CCAP's website.
3. Submission Process: Shareholders will need to submit the completed participation forms and pay the required funds at their brokerage firms, which will then transfer the funds to the Arab African International Bank (AAIB). (Company disclosure)
GBCO expands in Iraqi market
GB Corp [GBCO] sent a statement to the EGX yesterday that it has penetrated the Iraqi market through the GQ venture to distribute the leading Jac and Foton brands. (Company disclosure)
Markets Performance
Key Dates
20-May-24
ORAS: OGM / Approvig financial statements ending 31 Dec. 2023 and the proposed dividends.
23-May-24
HELI: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
MPC Meeting / Determining the CBE's policy rate.
25-May-24
MICH: BoD meeting / Follow up on production, sales and exports.
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.
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.