Today’s Top News & Analysis
Agthia owns 70% of Abu Auf now
PHAR 2023: Lower FX gains and higher net finance expenses slightly mute net profit growth
ARCC 2023: Higher net profits on higher revenues, GPM, lower finance expenses and FX losses
TMGH 2023: Higher net profits on higher revenues and other income
GBCO 2023: Lower net profits on higher FX losses despite the better revenues
MACRO
Agthia owns 70% of Abu Auf now
The Emirati-based Agthia announced the approval of restructuring its indirect stake in Abu Auf Netherlands, raising its original indirect stake by 10% for EGP691mn which is equal to c.USD22mn. The restructure brought Agthia's indirect stake in Abu Auf to 70%. (Company disclosure)
CORPORATE
PHAR 2023: Lower FX gains and higher net finance expenses slightly mute net profit growth
EIPICO [PHAR] posted its consolidated 2023 net profits of EGP822mn (+28% y/y) on:
· Revenues crossing the 5bn mark at EGP5.2bn (+32% y/y).
· Better gross profit margin of 45% (+2.8pp y/y).
· Improved SG&A-to-revenues ratio to 15% (+2pp y/y).
However, the net profits were slightly muted by:
· Lower FX gains at EGP140mn (-51% y/y).
· Higher net finance expenses of EGP408mn (+89% y/y).
Regarding Q4 2023, PHAR posted a 21% y/y lower net profits coming at EGP179mn (+33% q/q) despite the better operational performance coming as follows:
· Revenues growing to EGP1.6bn (+22% y/y, +10% q/q):
· Gross profit margin improving to 41% (+3.4pp y/y, -2.3pp q/q).
· Better SG&A-to-revenues ratio at 14% (+2pp y/y, +1pp q/q).
However, the y/y decline in the net profits' growth is attributable to:
· Recording FX losses of EGP39mn vs. FX gains of EGP183mn a year earlier.
· Higher net finance expenses of EGP123mn (+34% y/y). (Company disclosure)
ARCC 2023: Higher net profits on higher revenues, GPM, lower finance expenses and FX losses
Arabian Cement [ARCC] posted its consolidated results of 2023, reporting a 94% y/y growth in net profits to EGP697mn on:
· Higher revenues of EGP6bn (+29% y/y).
· Better gross profit margin of 21.2% (+2.3pp y/y).
· Lower net finance expenses of EGP46mn (-4% y/y).
· Lower FX losses of EGP115mn vs. EGP192mn last year. (Company disclosure)
TMGH 2023: Higher net profits on higher revenues and other income
Talaat Moustafa Holding [TMGH] posted its 2023 consolidated results reporting a 44% y/y growth in net profits to EGP3.3bn on:
· Higher revenues of EGP28bn (+43% y/y).
· Better SG&A-to-revenues ratio of 4.4% (-1pp y/y).
· Higher other income at EGP1.3bn (-163% y/y).
However, the gross profit margin slightly slipped to 30.4% (-1pp y/y). (Company disclosure)
GBCO 2023: Lower net profits on higher FX losses despite the better revenues
GB Corp [GBCO] posted its 2023 consolidated results reporting EGP1.9bn (-81% y/y) net profits despite:
· A 10% y/y growth in revenues to EGP29bn.
· The better gross profit margin of 24% (+5.2pp y/y).
The drop in the net profit is driven by the huge FX losses of EGP1.49bn (+603% y/y), driven the most by GB Auto's FX losses of EGP1.48bn. (Company disclosure)
Key Dates
4-Mar-24
EAST: OGM / Discussing agenda items.
EAST: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
ALCN: Cash dividend / Deadline for eligibility for a dividend of EGP1.936/Share.
5-Mar-24
Egypt PMI / February 2023 reading.
7-Mar-24
ALCN: Cash dividend / Payment date for a dividend of EGP1.936/share.
AMOC: Cash dividend / Payment date for a dividend of EGP0.20/share (2nd installment).
FAIT: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
OCDI: OGM / Approving financial statements ending 31 Dec. 2023.
9-Mar-24
MICH: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
MFPC: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
10-Mar-24
SKPC: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
11-Mar-24
QNBA: Cash dividend / Deadline for eligibility for a dividend of EGP1.00/Share.
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.
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.
27-Mar-24
EXPA: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
28-Mar-24
CIEB: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.