Back to the complete issue
Tuesday, 31 January 2023

Sidpec releases 2022 earnings + Obour Land plans dividend payments

MARKET WATCH-

Sidi Kerir Petrochemicals’ net income after tax rose to EGP 1.24 bn in 2022, up 131% y-o-y, according to its earnings release (pdf). The company’s revenues jumped 69% y-o-y to EGP 8.66 bn.

Obour Land is paying out EGP 380 mn of dividends at EGP 0.95 per share, the company said in an EGX disclosure (pdf). The company’s board of directors has approved the dividend distribution, which still requires sign-off from its ordinary general assembly. The cheesemaker’s net earnings stood at EGP 462.7 mn in 2022, rising 32% y-o-y.

MARKET ROUNDUP-

The EGX30 fell 3.4% at today’s close on turnover of EGP 1.97 bn (11.5% above the 90-day average). Local investors were net buyers. The index is up 12.7% YTD.

In the green: Telecom Egypt (+5.4%), AMOC (+1.0%) and Eastern Company (+0.9%).

In the red: Alexandria Containers and Cargo Handling (-7.9%), Credit Agricole Egypt (-7.3%) and Housing and Development Bank (-6.2%).

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.