Today’s Top News & Analysis
Midea to launch a new factory
JUFO H1 2023: Higher net profits on higher revenues
ETHYDCO intends to borrow USD250mn
MOPCO standalone Q2 2023: still pressing ahead
Egytrans to finalize NOSCO'S acquisition in Q4 2023
New CEO for Heliopolis H&D
MACRO
Midea to launch a new factory
China’s Midea is planning to launch a USD25mn factory in SCZone, with an expected production of 1.5mn washing machines. (Enterprise)
CORPORATE
JUFO H1 2023: Higher net profits on higher revenues
Juhayna Food Industries [JUFO] reported H1 consolidated net profits of EGP556mn (+74% y/y) due to:
· Higher revenues of EGP7.2bn (+39% y/y).
· SG&A-to-revenues ratio improved by 5pp to 30%.
· Higher other income of EGP72mn (+20% y/y).
Meanwhile, gross profit margin improved marginally by 0.5pp y/y to 52%.
In Q2 2023, JUFO reported net profits of EGP217mn (+24% y/y) on higher revenues of EGP3.7bn (+35% y/y). Despite the higher revenues, gross profit margin decreased by 2pp y/y to 24%. (Company disclosure)
ETHYDCO intends to borrow USD250mn
The Egyptian Ethylene Production Co. (ETHYDCO) is reportedly seeking to acquire a 2-year loan worth USD250mn from Mashreq Bank UAE. The funds will be used to settle the company’s outstanding debt to local banks, which was originally part of a USD1.25bn loan obtained in 2014 to finance the project (representing 65% of the company’s initial investment). (Asharq Business)
MOPCO standalone Q2 2023: still pressing ahead
Misr Fertilizers Production Co. (MOPCO) [MFPC] announced the standalone results for Q2 2023. MFPC's net profit increased by 3% y/y to EGP848mn despite an 8% y/y decline in revenues to EGP1.6bn on lower global urea prices. This is mainly attributed to a lower effective tax rate of 22.5% against 29% last year. Sequentially, Q2 is operationally better as the topline increased by 8% q/q. However, net income declined by 78% q/q on absent FX gains. Meanwhile, H1 2023 revenues were 7% y/y lower on lower urea prices, yet GPM was still maintained at 60%. Net income on the other hand came in higher 67% y/y on huge FX gains in Q1 2023. (Company disclosure)
Egytrans to finalize NOSCO'S acquisition in Q4 2023
Egytrans [ETRS] is set to finalize the acquisition of NOSCO by Q4 2023. After the acquisition, Eng. Abir Lahita, ETRS's CEO, and Eng. Mohamed Nadim, NOSCO's CEO, will assume Co-CEOs of the merged entity with different roles. (Enterprise)
New CEO for Heliopolis H&D
Heliopolis Housing & Development [HELI] appointed Eng. Sameh Hammouda as the new managing director and CEO of the company, following the departure of Eng. Tamer Nasser earlier this week. (Enterprise)
Key Dates
10-Aug-23
MSCI / MSCI's August 2023 Quarterly Index Review Announcement.
ISPH: BoD meeting / Discussing financial results.
13-Aug-23
EKHO: BoD meeting / Discussing financial results.
CANA: OGM / Approving increasing the issued capital.
14-Aug-23
ETEL: Financial results Announcement / Q2 2023 financial results' announcement.
16-Aug-23
DOMT: EGM / Amending Articles No. 3 & 4 of the company's bylaws.
RMDA: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
17-Aug-23
EGTS: OGM / Approving financial statements ending 31 Dec. 2022.
20-Aug-23
BINV: Cash dividend / Deadline for eligibility for a dividend of USD0.032/Share.
21-Aug-23
BINV: Cash dividend / Ex-dividend date for USD0.032/Share.
23-Aug-23
BINV: Cash dividend / Payment date for a dividend of USD0.032/Share.
MTIE: Stock dividend / Last date for eligibility for a 0.25-for-1 stock dividend.
24-Aug-23
MTIE: Stock dividend / Date for distributing a 0.25 for-1 stock dividend.
27-Aug-23
SPMD: OGM / Approving financial statements ending 31 Dec. 2022.
28-Aug-23
ZMID: Cash dividend / Deadline for eligibility for a dividend of EGP0.150/Share.
31-Aug-23
ZMID: Cash dividend / Payment date for a dividend of EGP0.05/share (1st installment).
PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).