Today’s Top News & Analysis
Subsidized loan to cut drug shortages
GASC purchases only 280 thousand tons of wheat
MASR Q2 2024: Net profits growth muted by other expenses
SWDY stays in EGP
MACRO
Subsidized loan to cut drug shortages
Sources said the government approved an EGP7bn subsidized loan with a 5-7% interest rate for pharmaceutical manufacturers to support production and secure needed imports. (Enterprise)
GASC purchases only 280 thousand tons of wheat
The General Authority for Supply & Commodities (GASC), purchased only 280 thousand tons of wheat in its last tender where the target was to purchase 3.8mn tons of wheat. (Enterprise)
CORPORATE
MASR Q2 2024: Net profits growth muted by other expenses
Madinet Masr [MASR] posted a 0.3% y/y growth in net profits to EGP281mn in Q2 2024 despite:
· Better revenues of EGP1.3bn (+11% y/y).
· Improved gross profit margin of 71.8% (+4.3pp y/y).
The growth in net profits was muted by a 103% y/y increase in other expenses to c.EGP12mn. (Company disclosure)
SWDY stays in EGP
Elsewedy Electric [SWDY] said in a statement that there are no intentions to change the listing currency from EGP to USD, denying the circulated news. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
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.
EXPA: Stock dividend / Last date for eligibility for a 0.33-for-1 stock dividend.
22-Aug-24
EXPA: Stock dividend / Date for distributing a 0.33 for-1 stock dividend.
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.