Today’s Top News & Analysis
European Union's financing is close to being real
Cabinet to increase wheat incentives by 25%
SWDY 2023: Strong net profits on better operations
MACRO
European Union's financing is close to being real
Sources said that the European Union and the Egyptian government are near to signing an agreement for a financing package worth c.USD5-7bn next Sunday. The Minister of Finance said earlier this week that the package is expected to be c.USD5-6bn, however, the Financial Times stated that it is expected to be USD7.4bn combined between loans and grants. (Enterprise)
Cabinet to increase wheat incentives by 25%
The Egyptian cabinet approved the increase of wheat incentives by 25% to EGP2,000/ardeb through FY25. This comes in favor of encouraging local farmers to expand, where the government plans to have 70% of wheat planted locally by 2030. (Asharq Business)
CORPORATE
SWDY 2023: Strong net profits on better operations
Elsewedy Electric [SWDY] posted its consolidated 2023 results recording an EGP10bn (+87% y/y) in net profits, on:
· Higher revenues of EGP152bn (+65% y/y), the revenues mix came in as follows:
o Wires & cables segment recorded revenues of EGP82bn (+89% y/y), contributing 54% of the total revenues.
o The turnkey projects segment recorded revenues of EGP53bn (+36% y/y), contributing 35% of the total revenues.
o Turnkey projects backlog reached EGP115bn, with EGP20bn as new awards during Q4 2023.
o Other business segments recorded revenues of EGP17bn (+77% y/y), contributing the remaining 11% of total revenues.
· Better gross profit margin of 19.1% (+4.4pp y/y), supported by the increase in the wires & cables margins to 21.3% (+7.7pp y/y).
On a separate note, SWDY's BoD approved the distribution of cash dividends of EGP0.5/share, implying a 1.2% yield. (Company disclosure: 1, 2)
Markets Performance
Key Dates
14-Mar-24
QNBA: Cash dividend / Payment date for a dividend of EGP1.00/share.
PORT: OGM / Discussing netting contracts.
18-Mar-24
EGBE: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
EGBE: EGM / Amending Articles No. 6, 7 & 24 of the bank's bylaws.
20-Mar-24
EGCH: OGM / Approving the estimated budget of FY 2024/2025.
EGCH: EGM / Approving increasing the issued capital & amending Articles No. 6 & 4 of the company's bylaws.
21-Mar-24
ADIB: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
ADIB: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the bank's bylaws.
23-Mar-24
TMGH: OGM / Approving financial statements ending 31 Dec. 2023.
25-Mar-24
SAUD: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
CERA: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
PHDC: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
FAIT: Cash dividend / Deadline for eligibility for a dividend of EGP1.853/Share.
27-Mar-24
EXPA: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
GBCO: EGM / Amending Articles No. 5 of the company's bylaws.
28-Mar-24
FAIT: Cash dividend / Payment date for a dividend of EGP1.853/share.
CIEB: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
MCQE: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
HDBK: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
EMFD: OGM / Approving financial statements ending 31 Dec. 2023.
ISPH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
EFID: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
30-Mar-24
PHAR: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
31-Mar-24
ARCC: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
LCSW: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
EFIH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
RACC: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
RACC: EGM / Amending Articles No. 6 & 7 of the company's bylaws.
EKHO: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.