Today’s Top News & Analysis
OLFI Q1 2024: Net profit grows higher than revenues
CLHO Q1 2024: Strong operations drive strong net profits
MASR Q1 2024: Net profits driven by strong operations
MFPC Q1 2024: Non-operationally driven net profits
LCSW Q1 2024: Highest quarterly revenue & net profits ever
CORPORATE
OLFI Q1 2024: Net profit grows higher than revenues
Obour Land Food Industries [OLFI] posted a 36% y/y growth in net profits to EGP157mn in Q1 2024 thanks to:
· Better revenues of EGP1.7bn (+19% y/y). The white cheese segment contribution to total revenues was down to 89% (-5pp y/y) to EGP1.6bn (+13% y/y). Meanwhile, the juice & milk segment had a 5pp y/y higher contribution to revenues to 11% at EGP184mn (+115% y/y).
· The lower losses from FX revaluations at EGP40mn (-59% y/y).
However, the gross profit margin declined by 2pp y/y to 21%.
Results imply a TTM P/E of 6.8x. (Company disclosure)
CLHO Q1 2024: Strong operations drive strong net profits
Cleopatra Hospitals Group [CLHO] posted a 93% y/y growth in net profits of EGP182mn in Q1 2024 due to the strong operation coming as:
· Higher revenues of EGP1.2bn (+52% y/y).
· Stronger gross profit margin of 37% (+3pp y/y).
· Better SG&A-to-revenues ratio of 13% (+1pp y/y).
Results imply a TTM P/E of 19.8x. (Company disclosure)
MASR Q1 2024: Net profits driven by strong operations
Madinet Masr [MASR] posted a 287% y/y growth in net profits to EGP1.2bn in Q1 2024 driven by:
· Strong revenues of EGP3bn (+195% y/y).
· Gross profit margin expanding by 24pp y/y to 81%.
Results imply a TTM P/E of 2.8x. (Company disclosure)
MFPC Q1 2024: Non-operationally driven net profits
Misr Fertilizers Production (MOPCO) [MFPC] posted a 95% y/y growth in net profits to EGP7.6bn in Q1 2024 on higher FX translations of EGP7.9bn vs. EGP2.1bn in Q1 2023.
· Revenues more than tripled to EGP4.8bn thanks to weaker EGP.
· Gross profit margin declined by 15pp y/y tp 45%. (Company disclosure)
LCSW Q1 2024: Highest quarterly revenue & net profits ever
Lecico Egypt [LCSW] reported a 5-fold increase in consolidated earnings to EGP477.5mn, primarily driven by significant non-operating gains of EGP361.5mn.
· Revenues were up 14% to EGP1.4bn, as stronger local sales offset weaker export demand
· Gross profit margin declined 7 percentage points to 31%
The CEO expects more margin pressure in upcoming quarters due to lower sales volumes and high price competition in most markets. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
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.
IDHC: EGM / Amending Article No. 3 of the company's bylaws.