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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%).

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