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Wednesday, 9 June 2021

TMG says it’s not doing another JV with banks + ABUK net income up

FACT CHECK- Talaat Moustafa Group (TMG) says it hasn’t established a new real estate joint venture, dubbed Rawasi, with the National Bank of Egypt and Banque Misr, according to an EGX disclosure (pdf). We picked up news in yesterday’s AM edition from Masrawy that TMG had set up a new company with the two state-owned banks. TMG and NBE were unavailable for a comment as of dispatch time when reached out. The Masrawy report cited a discussion with NBE Deputy Chairman Yehia Abou El-Fotouh.

EARNINGS WATCH- Abu Qir Fertilizers’ net income rose 14.5% to EGP 2.44 bn during the first nine months of its fiscal year, up from EGP 2.13 bn in the same period the year before, according to its latest financials (pdf). Sales increased during the nine-month period to just over EGP 6.3 bn from EGP 5.8 bn in 9M2019-2020. The company’s ongoing fiscal year began on 1 July 2020 and ends on 30 June this year.

Abu Qir made it onto Egypt’s benchmark EGX30 index earlier this year after the bourse completed a rebalancing of the gauge under new inclusion criteria.

The EGX30 rose 0.8% at today’s close on turnover of EGP 1.38 bn (5.8% above the 90-day average). Regional investors were net sellers. The index is down 7.4% YTD.

In the green: Edita (+6.0%), Sidi Kerir (+5.8%) and Orascom Financial Holding (+4.5%).

In the red: Telecom Egypt (-2.3%), Oriental Weavers (-1.5%) and TMG Holding (-1.0%).

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