Back to the complete issue
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.


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%).

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.