Today’s Top News & Analysis
Egypt gives 10 days grace period before sugar compulsory pricing
Government released goods worth USD63bn in 2023
Tourist arrivals to Egypt increase by 8% y/y in October 2023
CLHO Q3 2023: Higher net profits on better revenues
Beltone 9M 2023: Turning to profitability
MACRO
Egypt gives 10 days grace period before sugar compulsory pricing
Egyptian Minister of Supply announced that they will give traders 10 days to stabilize sugar prices in the market before resorting to compulsory pricing. Sugar prices in Egypt jumped by more than 50% last week, with the price of one kilogram exceeding 50 Egyptian pounds in the market, amid some traders' tendency to hoard the commodity in anticipation of the government raising its prices. The minister added that the country's sugar stock is sufficient for up to 5.5 months. (Asharq business)
Government released goods worth USD63bn in 2023
The head of the Egyptian Customs Authority declared that the government cleared goods worth USD63bn since the beginning of 2023 until now, while goods worth USD5bn remain in the ports yet to be released. (Asharq business)
Tourist arrivals to Egypt increase by 8% y/y in October 2023
Minister of Tourism confirmed that there was an 8% increase in the volume of inbound tourism to Egypt during the past month of October compared to the same month in 2022. However, these numbers are 9% less than what could have been achieved due to the events taking place in the region. Also, he pointed out that new tourist bookings for December, January, and February are on their way to returning to their normal rates. (Enterprise)
CORPORATE
CLHO Q3 2023: Higher net profits on better revenues
Cleopatra Hospitals Group [CLHO] posted a 26% y/y growth in its 9M net profits to EGP311mn on better revenues of EGP2.5bn (+35% y/y). Meanwhile, the gross profit margin came in flat at 33.9% (-0.2pp y/y).
Regarding Q3 2023, CLHO posted a 45% y/y and a 24% q/q growth in net profits to EGP120mn on higher revenues of EGP948mn (+48% y/y, +17% q/q). Meanwhile, the gross profit margin was flat at 33.9% (+2.1pp q/q). (Company disclosure)
Beltone 9M 2023: Turning to profitability
Beltone Financial Holding [BTFH] turned into profitability in 9M 2023. BTFH announced net Profits of EGP85.8mn, against net losses of EGP139.8mn in 9M 2022. This came mainly on the back of a huge leap in total revenues that reached EGP906mn, increasing by 3x y/y, as the interest income alone represented 86% of total revenues. This comes despite (1) an increase of 136% y/y in Salaries and wages to EGP357.7mn and (2) an increase of 121% y/y in other operating revenues to EGP175mn and (3) an increase in interest expense by 150% y/y in interest expense to EGP254mn. This strong performance is attributable mainly to Q3 2023 alone where BTFH reach net profits of EGP231.6mn. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
27-Nov-23
CIRA: Conference Call / Discussing FY22/23 financial results.
ETEL: EGM / Amending Article No. 5 of the company's bylaws.
EFID: Cash dividend / Deadline for eligibility for a dividend of EGP0.428/Share.
DOMT: Cash dividend / Deadline for eligibility for a dividend of EGP0.20/Share.
30-Nov-23
MICH: BoD meeting / Follow up on production, sales and exports.
DOMT: Cash dividend / Payment date for a dividend of EGP0.20/share.
EFID: Cash dividend / Payment date for a dividend of EGP0.428/share.
ZMID: Cash dividend / Payment date for a dividend of EGP0.10/share (2nd installment).
1-Dec-23
MSCI / MSCI's November 2023 Semi-Annual Index Review Effective Date.
3-Dec-23
MASR: OGM / Discussing netting contracts.
5-Dec-23
Egypt PMI / November 2023 reading.