Today’s Top News & Analysis
Government preliminary forecasts that the economy will grow at 4% in FY25
Ras Gamila is in line for a potential investment
Egypt expects USD1bn through H2 2024 for budget support
ORHD's OGM to retain profits
GBCO to expand in Jordan
MACRO
Government preliminary forecasts that the economy will grow at 4% in FY25
Yesterday, the Ministry of Finance released the preliminary budget for FY25 in a statement expecting an economic growth of 4% vs. 4.2% in the last forecast. Meanwhile, the inflation forecast was set at an average of 18.1% and the budget deficit's forecast expanded slightly to 7.3%. (Enterprise)
Ras Gamila is in line for a potential investment
Sources said that the Saudi-based Ajilan & Bros Holding may be interested in investing in Ras Gamila by developing an integrated tourism project. (enterprise)
Egypt expects USD1bn through H2 2024 for budget support
The Minister of International Cooperation said that Egypt expects USD1bn from the International Monetary Fund (IMF) through H2 2024, dedicated to the support of the government's budget. She added that the IMF will provide Egypt with a USD3bn that includes a USD500mn/year for the budget. (Asharq Business)
CORPORATE
ORHD's OGM to retain profits
Orascom Development [ORHD] OGM approved retaining 2023's profits while distributing EGP61mn for employees. (Company disclosure)
GBCO to expand in Jordan
GB Corp [GBCO] announced in a statement that it will expand in Jordan through a new joint venture named GKS. GBCO will be the only manager of the MG Motor distribution. This comes in light of GBCO being successful in being the exclusive distributor of MG Motor in Iraq. (Company disclosure)
Markets Performance
Key Dates
18-Apr-24
SWDY: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
SWDY: EGM / Discussing capital reduction & amending Articles No. 6 & 7 of the company's bylaws.
CLHO: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
CICH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
CICH: EGM / Amending some Articles of the company's bylaws.
20-Apr-24
DSCW: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
DSCW: EGM / Amending Articles No. 3, 4 & 7 of the company's bylaws.
21-Apr-24
CIEB: Cash dividend / Deadline for eligibility for a dividend of EGP1.145/Share.
EFID: Cash dividend / Deadline for eligibility for a dividend of EGP0.428/Share.
CERA: Cash dividend / Deadline for eligibility for a dividend of EGP0.025/Share.
COMI: Cash dividend / Deadline for eligibility for a dividend of EGP0.55/Share.
ETEL: Cash dividend / Deadline for eligibility for a dividend of EGP1.50/Share.
GBCO: Cash dividend / Deadline for eligibility for a dividend of EGP0.20/Share.
22-Apr-24
AMIA: Cash dividend / Deadline for eligibility for a dividend of EGP0.050/Share.
24-Apr-24
CIEB: Cash dividend / Payment date for a dividend of EGP1.145/share.
EFID: Cash dividend / Payment date for a dividend of EGP0.428/share.
CERA: Cash dividend / Payment date for a dividend of EGP0.025/share.
COMI: Cash dividend / Payment date for a dividend of EGP0.55/share.
ETEL: Cash dividend / Payment date for a dividend of EGP1.50/share.
PHAR: Cash dividend / Deadline for eligibility for a dividend of EGP2.00/Share.
ORWE: Cash dividend / Deadline for eligibility for a dividend of EGP1.25/Share.
EFIH: Cash dividend / Deadline for eligibility for a dividend of EGP0.187/Share.
EFIC: Cash dividend / Deadline for eligibility for a dividend of EGP7.00/Share.
GBCO: Cash dividend / Payment date for a dividend of EGP0.20/share.
28-Apr-24
AMIA: Cash dividend / Payment date for a dividend of EGP0.050/share.
29-Apr-24
RMDA: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
BTFH: OGM / Approving financial statements ending 31 Dec. 2023.
30-Apr-24
EGAL: OGM / Approving the estimated budget of FY 2024/2025.
PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (1st installment).
ORWE: Cash dividend / Payment date for a dividend of EGP1.25/share.
EFIH: Cash dividend / Payment date for a dividend of EGP0.187/share.
EFIC: Cash dividend / Payment date for a dividend of EGP2.00/Share (1st installment).
PRCL: OGM / Considering renting a ceramic factory.
PRCL: EGM / Amending some Articles of the company's bylaws.
1-May-24
AIH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.