Earnings watch: Eastern Company + CIB to move forward with capital increase
Eastern Company’s net income after tax dropped 6% y-o-y to EGP 4.0 bn in FY 2021-2022, according to the company’s earnings release (pdf). Revenues increased 7% y-o-y during the fiscal year to EGP 17.1 bn.
CIB’s planned capital increase gets the all clear: CIB will go ahead with its plans to issue EGP 10 bn in new shares to shareholders, raising its capital to EGP 29.82 bn from EGP 19.85 bn currently. The bank will issue 1 bn shares at EGP 10 apiece to be covered by the general reserves for the period ended 31 December 2021, after the bourse greenlit the move, according to an EGX announcement (pdf).
The EGX30 fell 0.55% at today’s close on turnover of EGP 999.8 mn (4.9% above the 90-day average). International investors were net buyers. The index is down 16.7% YTD.
In the green: Alexandria Containers (+1.7%), CIB (+1.2%) and e-Finance (+0.9%).
In the red: Madinet Nasr for Housing and Development (-6.9%), Fawry (-6.1%) and Rameda (-2.8%).