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Thursday, 17 June 2021

Sinai Cement widens losses + GSK’s Egypt arm announces coupon payments

EARNINGS WATCH- Sinai Cement saw its net losses widen to EGP 148 mn in 1Q2021, up from EGP 106 mn in 1Q2020, according to its quarterly financials (pdf). This came despite revenues rising 34% to over EGP 283 mn. Egypt’s cement industry is suffering from a drawn-out supply glut that continues to drive producers into the red.

MARKET NEWS- GlaxoSmithKline’s local arm has announced coupon payments of EGP 0.50 per share for FY2020 returns, it said in a filing to the EGX (pdf). Payouts come due on Wednesday, 7 July.

MARKET ROUNDUP-

The EGX30 fell 0.2% at today’s close on turnover of EGP 1.40 bn (9.1% above the 90-day average). Foreign investors were net sellers. The index is down 9.0% YTD.

In the green: Ezz Steel (+6.0%), Cleopatra Hospital (+4.5%), and AMOC (+3.1).

In the red: GB Auto (-1.8%), Heliopolis Housing (-1.7%) and Pioneers Holding (-1.7%).

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