Today’s Top News & Analysis
Drugs breakthrough in September
New support package
Fertilizer financing temporarily stop
ACGC 9M 2023/24: FX translations drive the net profit growth
MACRO
Drugs breakthrough in September
The head of the Federation of Egyptian Chambers of Commerce’s pharma division said the drug shortage will be resolved by 99% in September. He added that the drug shortage is caused by EGP devaluation and forced pricing. (Mubasher)
New support package
Sources said the government will announce a new social support package in September, which will be implemented in October. The package should include increased wages and pensions in addition to several ways of supporting low-income workers. (Enterprise)
Fertilizer financing temporarily stop
Sources said some local banks temporarily stopped financing fertilizer companies in fear of potential risks in the fertilizers industry in Egypt. Noting that the industry has been facing several problems in the past years. (Asharq Business)
CORPORATE
ACGC 9M 2023/24: FX translations drive the net profit growth
Arab Cotton Ginning Co. [ACGC] posted a 147% y/y growth in net profits to EGP277mn mainly driven by the 117% y/y increase in FX translations to EGP305mn. ACGC's revenues grew by 55% y/y to EGP2.6bn, however, the gross profit margin massively declined to 6% (-11pp y/y). (Company disclosure)
MARKETS PERFORMANCE
Key Dates
8-Aug-24
MPRC: Cash dividend / Payment date for a dividend of EGP0.50/Share.
11-Aug-24
MCQE: EGM / Amending Article No. 3 of the company's bylaws.
12-Aug-24
MSCI / MSCI's August 2024 Quarterly Index Review Announcement.
14-Aug-24
ICLE: EGM / Amending Article No. 3 of the company's bylaws.
ETEL: Earnings Announcement / Announcing Q2 2024 financial results.
ORAS: Cash dividend / Deadline for eligibility for a dividend of EGP9.69/Share.
17-Aug-24
MFPC: OGM / Considering distributing cash dividends.
18-Aug-24
OFH: OGM / A board reshuffle.
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.
29-Aug-24
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.