Today’s Top News & Analysis
Ministry of Electricity & Energy implemented price increases
Expected price hikes in different drugs
Egypt studies importing wheat from Turkey
ETEL to restructure debt through a USD150mn loan
KABO Q3 2023/24 Prelim.: Strong net profits despite the massive decline in GPM
MACRO
Ministry of Electricity & Energy implemented price increases
News circulated that the Ministry of Electricity & Energy has already started the implementation of price hikes for the highest consumption bracket using prepaid meters between 14-40%. The price hikes will be implemented for the households billed monthly in September. (Enterprise)
Expected price hikes in different drugs
The Head of the Federation of Egyptian Chambers of Commerce’s pharma division said there will be c.1,600 drugs subjected to price increases between September 2024 and the end of 2025. He added that c.600 drugs may undergo price increases before the end of 2024. (Enterprise)
Egypt studies importing wheat from Turkey
The Head of the General Authority for Supply & Commodities (GASC) said the Egyptian government is currently studying the potential of importing wheat from Turkey. (Asharq Business)
CORPORATE
ETEL to restructure debt through a USD150mn loan
Sources said Telecom Egypt [ETEL] is undergoing a debt restructuring process from short-term debt to medium and long-term debt. The sources added that ETEL plans to undergo the restructuring through a USD150mn loan to be received within two months. (Asharq Business)
KABO Q3 2023/24 Prelim.: Strong net profits despite the massive decline in GPM
El Nasr Clothing & Textiles Co.'s [KABO] posted its Q3 2023/24 preliminary results with a 69% y/y growth in net profits to EGP51mn on higher revenues of EGP271mn (+52% y/y). However, the gross profit margin massively declined to 14% (-23pp y/y). (Company disclosure)
MARKETS PERFORMANCE
Key Dates
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.
26-Aug-24
BINV: Cash dividend / Deadline for eligibility for a dividend of USD 0.020/Share.
MFPC: Cash dividend / Deadline for eligibility for a dividend of EGP3.750/Share.
28-Aug-24
TANM: Stock dividend / Last date for eligibility for a 0.2-for-1 stock dividend.
29-Aug-24
TANM: Stock dividend / Date for distributing a 0.2 for-1 stock dividend.
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.
BINV: Cash dividend / Payment date for a dividend of USD 0.020/Share.
MFPC: Cash dividend / Payment date for a dividend of EGP3.750/Share.