Today’s Top News & Analysis
EFID Q1 2024: Net interest expenses mute the net profit's growth
GBCO's Drive Finance closed its fifth securitization bond issuance
EFIH signed a contract with the Real Estate Tax Authority
BTFH: Cash cooperates with Microfinanza Italia
EXPA Q1 2024: Earnings doubled to EGP1bn
CSAG 2024/25 Budget: Expectations for higher earnings of 63% y/y
MASR: "Tajed" the first integrated commercial project in New Cairo
CORPORATE
EFID Q1 2024: Net interest expenses mute the net profit's growth
Edita Food Industries [EFID] posted a 16% y/y growth in net profits to EGP436mn in Q1 2024 on higher revenues of EGP3.9bn (+41% y/y) mainly driven by a 30% y/y growth in overall average prices to EGP3.5/pack. However, the gross profit margin declined by 1.1pp y/y to 31%.
Despite the strong growth in revenues, the net profit's growth was clearly muted by recording net interest expenses of EGP20mn vs. net interest income of EGP11mn last year.
Results imply a TTM P/E of 12.6x. (Company disclosure)
GBCO's Drive Finance closed its fifth securitization bond issuance
GB Corp [GBCO] announced in a statement that GB Capital's subsidiary, Drive Finance, closed the second tranche worth EGP1.4bn, of its fifth securitization bond issuance with a total of EGP5bn. The previous issuance took place in December 2023. (Company disclosure)
EFIH signed a contract with the Real Estate Tax Authority
e-Finance for Digital and Financial Investments [EFIH] signed a contract with the Real Estate Tax Authority through eTax, a tax solutions company owned by the Ministry of Finance and EFIH, to implement the authority's digitalization framework. (Company disclosure)
BTFH: Cash cooperates with Microfinanza Italia
Beltone Holding [BTFH] reported that its subsidiary Cash for Microfinance (Cash) signed a cooperation protocol worth EUR2.2mn with Microfinanza Italia to launch a project for the economic support and empowerment of entrepreneurs. (Company disclosure)
EXPA Q1 2024: Earnings doubled to EGP1bn
Export Development Bank of Egypt [EXPA] reported standalone financials with earnings more than doubling in Q1 2024 to EGP1bn, thanks to a 72% y/y increase in net interest income to EGP1.9bn. On a related note, the BoD approved a capital increase with paid-in capital reaching EGP9.9bn through a stock dividend distribution. (Company disclosure)
CSAG 2024/25 Budget: Expectations for higher earnings of 63% y/y
Canal Shipping Agencies [CSAG] expects to report revenues of EGP90mn in the financial budget for 2024/25 vs. EGP82mn in 2023/24. Earnings are expected to reach EGP827.2mn vs. EGP508.3mn in the comparable period and EGP365mn in H1 2023. The budgeted earnings imply a forward PE of 6.3x. (Company disclosure)
MASR: "Tajed" the first integrated commercial project in New Cairo
Madinet Masr [MASR] announced the launch of “Tajed” the first integrated commercial district located in New Cairo, catering to all customer needs and various commercial activities. (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.