Back to the complete issue
Thursday, 28 April 2022

Earnings watch: Abu Qir Fertilizers, Juhayna + Banque Misr purchases 42.8% of Banque du Caire + CI Capital to distribute dividends

EARNINGS WATCH-

Abu Qir Fertilizers’ bottom line rose 185% y-o-y in 9M 2021-2022 to EGP 6.96 bn, the company said in an EGX disclosure (pdf). This comes on the back of a 91% y-o-y increase in revenues to EGP 12.04 bn.

Juhayna’s bottom line rose 23% y-o-y in 2021 to EGP 526.39 mn, according to an earnings release (pdf). The juice and dairy company’s revenues also rose during the fiscal year, increasing 17% y-o-y to EGP 8.81 bn.

MARKET NEWS-

Banque Misr has purchased 1.125 bn shares — around 42.8% — in Banque du Caire in a EGP 6.97 bn block transaction under a transfer of ownership agreement, a disclosure to the bourse (pdf) showed. Masrawy cites three separate banking sources close to the state-owned banks as saying that the sale is part of an ownership restructuring plan, with no new share sales made to any third party. The restructuring will see the stake owned by Banque Misr’s investment arm Misr Capital in Banque du Caire transferred directly to Banque Misr. Enterprise was unable to reach representatives from either of the two banks in time for dispatch.

CI Capital will distribute dividends on two dates this year, the company said in an EGX disclosure (pdf) today. Shareholders will receive EGP 0.125 per share on each distribution date, with the first distribution date on 19 May and the second on 29 September.

MARKET ROUNDUP-

The EGX30 rose 3.1% at today’s close on turnover of EGP 1.21 bn (27.4% above the 90-day average). Foreign investors were net sellers. The index is down 7.5% YTD.

In the green: GB Auto (+10.1%), Heliopolis Housing (+9.3%) and Madinet Nasr Housing (+9.1%).

In the red: Eastern Company (-3.6%), Rameda (-2.2%) and Housing and Development Bank (-0.1%).

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.