Today’s Top News & Analysis
Egyptian real estate firms eye a project in Oman
DOMT 2023: Strong net profits on higher revenues and other income
MACRO
Egyptian real estate firms eye a project in Oman
Sources said that a consortium of local real estate firms is planning to execute a project worth USD1bn in Oman, which will include residential, commercial, and administrative units. The consortium is led by Alexandria Co. for Investment & Development in cooperation with Alshams for Contracting, Real Mark, Construction & Project Management Consultancy (CMP), and a fifth unnamed company. Meanwhile, the consortium and the Omani government are still in talks to set up the project's timeline and investment size. (Al-Borsa)
CORPORATE
DOMT 2023: Strong net profits on higher revenues and other income
Arabian Food Industries (Domty) [DOMT] posted its 2023 consolidated results recording a 71% y/y growth in net profits to EGP454mn on higher revenues of EGP7.5bn (+48% y/y) and other income of EGP112nm (+110% y/y). Meanwhile, the gross profit margin decreased to 21.1% (-1.3pp y/y).
Regarding Q4 2023, DOMT posted a 3% y/y decline in net profits to EGP100mn (-2pp q/q) despite the better revenues of EGP2.2bn (+47% y/y, +9% q/q). The decline in net profits is attributable to a decline in gross profit margin to 13% (-6pp y/y, -9pp q/q), and the higher finance expenses of EGP77mn vs. EGP25mn a year earlier.
We note that based on yesterday's closing price DOMT's P/E is 8.6x. (Company disclosure)
Markets Performance
Key Dates
14-Mar-24
QNBA: Cash dividend / Payment date for a dividend of EGP1.00/share.
PORT: OGM / Discussing netting contracts.
18-Mar-24
EGBE: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
EGBE: EGM / Amending Articles No. 6, 7 & 24 of the bank's bylaws.
20-Mar-24
EGCH: OGM / Approving the estimated budget of FY 2024/2025.
EGCH: EGM / Approving increasing the issued capital & amending Articles No. 6 & 4 of the company's bylaws.
21-Mar-24
ADIB: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
ADIB: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the bank's bylaws.
23-Mar-24
TMGH: OGM / Approving financial statements ending 31 Dec. 2023.
25-Mar-24
SAUD: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
CERA: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
PHDC: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
27-Mar-24
EXPA: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
GBCO: EGM / Amending Articles No. 5 of the company's bylaws.
28-Mar-24
CIEB: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
MCQE: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
HDBK: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
EMFD: OGM / Approving financial statements ending 31 Dec. 2023.
ISPH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
EFID: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
30-Mar-24
PHAR: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
31-Mar-24
ARCC: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
LCSW: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.