Today’s Top News & Analysis
The government to offer a subsidized loan to the hospitality sector
CIRA Q2 2023/24: Net profit growth muted by lower GPM and higher net finance expenses
MACRO
The government to offer a subsidized loan to the hospitality sector
The Ministry of Tourism and the Ministry of Finance will launch an initiative that offers a subsidized loan for the hospitality sector for both local and foreign players with a 12% interest rate. This initiative is aimed at supporting the creation of 200,000 rooms to attract 30mn tourists by 2028. (Enterprise)
CORPORATE
CIRA Q2 2023/24: Net profit growth muted by lower GPM and higher net finance expenses
CIRA Education [CIRA] posted its Q2 2023/24 results with a 67%% y/y growth in net profits to EGP188mn on higher revenues of EGP1.2bn (+82% y/y). However, the net profits growth was slightly muted by:
· A lower gross profit margin of 44% (-8pp y/y).
· Higher net finance expenses of EGP152mn (+50% y/y).
Regarding H1 2023/24, CIRA posted a 31% y/y growth in net profits to EGP288mn on higher revenues of EGP2bn (+56% y/y). However, the growth in net profits was also muted due to:
· A lower gross profit margin of 46% (-4pp y/y)
· Lower other income of EGP5mn (-18% y/y).
· Higher net finance expense of EGP282mn (+56% y/y). (Company disclosure)
Markets Performance
Key Dates
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.
2-May-24
OLFI: Cash dividend / Deadline for eligibility for a dividend of EGP0.950/Share.
8-May-24
Egypt PMI / April 2024 reading.
ELSH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
ELSH: EGM / Amending Article No. 7 of the company's bylaws.
DOMT: Cash dividend / Deadline for eligibility for a dividend of EGP0.50/Share.
9-May-24
JUFO: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
OLFI: Cash dividend / Payment date for a dividend of EGP0.950/share.
12-May-24
RAYA: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
RAYA: EGM / Discussing capital reduction & amending Articles No. 6 & 7 of the company's bylaws.
13-May-24
EFIH: OGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
DOMT: Cash dividend / Payment date for a dividend of EGP0.50/Share.
18-May-24
HRHO: OGM / Approving financial statements ending 31 Dec. 2023.
20-May-24
ORAS: OGM / Approvig financial statements ending 31 Dec. 2023 and the proposed dividends.