Today’s Top News & Analysis
Subsidized fertilizers prices maintained
The government to revisit its subsidy programs
BTFH Q1 2024: A shift from losses to profits thanks to NBFIs
ABUK 9M 2024: Lower earnings on lower revenues
MACRO
Subsidized fertilizers prices maintained
The Minister of Agriculture said that there will be no price increases in the subsidized fertilizers and will be maintained at EGP4,500/ton. Meanwhile, through the past months, four state-owned companies required a price increase in subsidized fertilizers to EGP6,500/ton, including Abu Qir Fertilizers & Chemical Industries [ABUK]. (Asharq Business)
The government to revisit its subsidy programs
Yesterday, the MP said that the government will review its subsidy program for bread, fuel (excluding diesel), and electricity to balance the gap between the cost of production and the price to end consumers. He added that the government will continue subsidizing bread. (Enterprise)
CORPORATE
BTFH Q1 2024: A shift from losses to profits thanks to NBFIs
Beltone Holding [BTFH] reported profits of EGP514mn in Q1 2024, compared to net losses of EGP52mn in Q1 2023. This represents a remarkable turnaround in their financial results, where:
· The primary driver of this growth was an 812% y/y increase in operating revenues, which reached EGP1.3bn in Q1 2024.
· Beltone attributes this exceptional revenue growth to expansion in its Non-Banking Financial Institutions (NBFIs) platform as well as the strong performance of their Investment Bank business. (Company disclosure)
ABUK 9M 2024: Lower earnings on lower revenues
Abu Qir Fertilizers & Chemical Industries [ABUK] reported 3% y/y decline in earnings in 9M 2023/24 to EGP12bn on lower revenues and lower gross profit margin. The drop in revenues is attributable to lower international urea prices. In terms of quarters, earnings increased 46% y/y in Q3 2024 to EGP8.1bn, while revenues dwindled 11% y/y to EGP5.4bn. Results imply a trailing PE of 5.8x. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
29-May-24
SKPC: Cash dividend / Payment date for a dividend of EGP0.75/Share (1st installment)
CICH: Cash dividend / Payment date for a dividend of EGP0.2169/Share.
AMIA: Stock dividend / Last date for eligibility for a 0.10-for-1 stock dividend.
SWDY: Cash dividend / Payment date for a dividend of EGP0.50/Share.
30-May-24
MASR: Cash dividend / Payment date for a dividend of EGP0.10/Share (1st installment)
AMIA: Stock dividend / Date for distributing a 0.10 for-1 stock dividend.
CCAP: OGM / Discussing agenda items.
TMGH: Cash dividend / Payment date for a dividend of EGP0.11/Share (1st installment)
ZMID: Cash dividend / Payment date for a dividend of EGP0.05/Share (1st installment)
ETEL: Earnings Announcement / Announcing Q1 2024 financial results.
2-Jun-24
CSAG: OGM / Approving the estimated budget of FY 2024/2025.
DSCW: Cash dividend / Deadline for eligibility for a dividend of EGP0.167/Share.
3-Jun-24
MSCI / MSCI's May 2024 Semi-Annual Index Review Effective Date.
4-Jun-24
Egypt PMI / May 2024 reading.
5-Jun-24
DSCW: Cash dividend / Payment date for a dividend of EGP0.167/Share.
6-Jun-24
ALCN: OGM / Approving the use of Corporate reserve shown in the audited financial statements.
ALCN: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
8-Jun-24
ESRS: OGM / Approving financial statements ending 31 Dec. 2023 and netting contracts.
ESRS: EGM / Discussing capital reduction.
9-Jun-24
BINV: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
BINV: EGM / Amending Article No. 19 of the company's bylaws.
CCAP: OGM / Approving financial statements ending 31 Dec. 2023.
12-Jun-24
EGCH: EGM / Amending Article No. 4 of the company's bylaws.
IDHC: EGM / Amending Article No. 3 of the company's bylaws.