Today’s Top News & Analysis
Partnership signed with European Union
Egypt wants USD5bn from IMF
Government to reduce its stake in 3 real estate companies
MASR 2023: Strong net profits on strong operations
CLHO 2023: Net profit growth muted by net finance expenses
MACRO
Partnership signed with European Union
The European Union (EU) and the Egyptian President signed a joint strategic and comprehensive partnership. Under this, the EU will provide Egypt with a USD7.4bn package as a combination of loans, grants, and investments through 2027. (Enterprise)
Egypt wants USD5bn from IMF
An official said that the Egyptian government required a USD5bn package in April 2024 as the first tranche of the fund agreed upon with the International Monetary Fund (IMF). We note that the IMF recently raised the financing package for Egypt from USD3bn to USD8bn. (Asharq Business)
Government to reduce its stake in 3 real estate companies
The Egyptian government plans to reduce its stake in 3 real estate companies to minority stakes, less than 20%, by the start of 2025. The government's company The Holding Co. for Construction & Development (HCCD) has stakes of 72.25%, 44.54%, and 47.6% in Heliopolis for Housing & Development [HELI], Zahraa El-Maadi Investment’s [ZMID], and Al Shams Housing and Urbanization [ELSH], respectively. The step is aimed at giving the private sector expansion opportunities. (Asharq Business)
CORPORATE
MASR 2023: Strong net profits on strong operations
Madinet Masr for Housing and Development [MASR] posted its 2023 consolidated results with a 184% y/y growth in net profits to EGP2.1bn. The strong net profit growth was mainly driven by the higher revenues of EGP7.6bn (+48% y/y) and a strong gross profit margin of 66% (+27.3pp y/y). Regarding Q4 2023, MASR posted a 278% y/y growth in net profits to EGP764mn due to the higher revenues of EGP3.2bn (+48% y/y) and the strong gross profit margin of 68% (+32pp y/y). (Company disclosure)
CLHO 2023: Net profit growth muted by net finance expenses
Cleopatra Hospitals Group [CLHO] posted its 2023 consolidated results with a 28% y/y growth in net profits to EGP418mn on the higher revenues of EGP3.6bn (+39% y/y), meanwhile, the gross profit margin came in flat at 33.6% (+0.1pp y/y). We note that the net profit growth was muted by the net finance expenses of EGP42mn vs. the net finance income of EGP10mn a year earlier. (Company disclosure)
Markets Performance
Key Dates
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.
MICH: BoD meeting / Follow up on production, sales and exports.
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.
COMI: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
COMI: EGM / Discussing agenda items.
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.