The Exchange

PRIME Research

Nov 23, 2022

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Today’s Top News & Analysis

Egypt’s Commodities Exchange to commence next week
Arabian Cement reports consolidated Q3 2022 results
Beltone reports Q3 2022 results – announces a massive capital increase
Hisham Ezz Al-Arab is back to CIB
Elsewedy Electric to open new companies in Saudi Arabia

MACRO

Egypt’s Commodities Exchange to commence next week

The Egyptian Mercantile Exchange (EMX) will go live on Sunday, according to the Supply Ministry. (Enterprise)

CORPORATE

Arabian Cement reports consolidated Q3 2022 results

Arabian Cement [ARCC] achieved net earnings of EGP142.8mn in Q3 2022, compared to a mere EGP.065mn last year. Q3 2022 bottom line contributed almost 55% of the eternity of 9M 2022. Top line came in at EGP1.3bn (+92.4% y/y), powered by the increase in cement and clinker volumes, reaching 3,530 thousand tons (+55% y/y) during 9M 2022. Meanwhile, average selling prices per ton upped, reaching EGP930/ton (+35% y/y). (Company disclosure)

Beltone reports Q3 2022 results – announces a massive capital increase

Beltone Financial Holding's [BTFH] announced Q3 2022 results. BTFH recorded a net loss of EGP34mn in Q3 2022 vs a net profit of EGP2mn a year earlier on the back of (1) Higher provisions of EGP19mn, compared to EGP2mn a year earlier, and (2) Higher other operating expenses of EGP33mn (+75% y/y).

Meanwhile, BTFH's operating revenues decreased by 27% y/y to EGP76mn in Q3 2022. On a separate note, BoD suggested increasing paid-in capital from EGP926mn to EGP10.9bn by EGP10bn, through the issuance of 5.0bn shares, at a par value of EGP2.0/per share. (Company disclosure, Mubasher)

Hisham Ezz Al-Arab is back to CIB

Commercial International Bank [COMI] announced that Hisham Ezz Al-Arab is rejoining the bank's BoD as a Non-Executive Director. Also, it was announced that Ezz Al-Arab has reportedly resigned from his position as a Senior Advisor to the CBE governor. (Company disclosure)

Elsewedy Electric to open new companies in Saudi Arabia

Elsewedy Electric’s [SWDY] BoD agrees to open one or more new companies in Saudi Arabia, as a sole proprietorship or in a partnership with others. (Al-Mal)