Alex Co Pharma to launch 2 face mask production lines, offers ethyl alcohol
Company aims to launch four new products during FY 2020/21
Alyaa Stohy
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Latest by Alyaa Stohy
MNHD reports 83% presales increase in H1 of 2020
Company’s consolidated revenues record EGP 1.3bn in June 2020
Juhayna reports 5.9% y-o-y decline in Q2 revenues
Juhayna’s net profit in Q2 of 2020 grew 9.4% to EGP 118mn, despite capital losses of EGP 20m due to the sale of unutilised agricultural assets and reduction of agricultural land. The net profit margin increased by 0.9pps to reach 6.2%.
Stable EGX trading expected after holidays supported by stamp duty cut
EGX trade sessions last week, also the final week of July, were limited to only four due to the run-up to the Eid Al-Adha holiday.
HoldiPharma subsidiaries produce 19m packs of COVID-19 drugs over 4 months
The companies produced 1.3m antibiotic drug packs, 14m packs of antipyretic used as anti-inflammatory medications, and 5m Vitamin C packs
ODIN Investments studies majority stake acquisition of Nasr for Civil Works
ODIN requests to conduct due diligence of proposed acquisition
Edita reports significant decline in Q2 results amid pandemic
Edita recorded revenues of EGP 768.7m, down 20.3% q-o-q and 10.9% y-o-y
AMOC records robust June sales despite COVID-19
AMOC noted that its total sales of petroleum products amounted to 14.5 kilotonnes (kt) in June, with 9kt sold locally and the rest exported
MTI results fall short of expectations for Q2 of 2020
The company reported a bottom-line of EGP 103m, down 13% year-on-year (y-o-y), and down 2.9% quarter-on-quarter (q-o-q), beating consensus but short of estimate for the quarter. MTI also reported that its gross profit margin (GPM) improved 3.2pps y-o-y, but remained flat q-o-q,
Eastern Company targets 9% revenue growth in FY 2021
Eastern Company new budget targets a top-line of EGP 15.9bn, a growth of 8.6% compared to FY 2020.
Egypt’s auto market shows potential recovery as June sales surge 18%
This comes despite auto market sales in Q2 of 2020 reportedly being declining 3.8% y-o-y, and 35.3% quarter-on-quarter, amounting to 37,400 units.
SODIC to reschedule HHD’s dues in New Heliopolis City participation contract
The contract relates to 655 feddan in New Heliopolis City, according to which HHD would receive 30% of the project’s revenues. This figure is based on changes in general economic conditions, and the extent of the project’s impact on the real estate sector.
TMG reports 69.4% y-o-y sales decline, but revenues remain solid despite pandemic
The figures bring sales for the first half (H1) of 2020 to EGP 4.5bn, representing a downturn of 61.9% y-o-y. On a sequential basis, the company’s sales performance seemed to hold its ground, portraying a slight 0.4% quarter-on-quarter (q-o-q) increase.
EIPICO begins production of COVID-19 drug approved by Russia, China
The production of the drug comes after EIPICO received approval from the Egyptian Drug Authority (EDA).
OIH approves restructuring proposal to demerge into two separate companies
The demerger will take place according to the company’s book value, and in accordance with its financial statements for the financial year (FY) ending on 31 December 2019. It will result in the creation of two separate companies, one demerged and one demerging.,
FRA to launch Egypt’s first actuarial table for life insurance industry
Egyptian insurance companies reported EGP 35.2bn in total premiums in June 2019
Fawry raises capital by EGP 400m to finance expansions
The capital raise will take advantage of favourable markets conditions, whilst helping the company to accelerate its strategy in developing mobile services. The cash injection is also set to boost its acceptance of payments on all payment channels, and strengthen its integration of digital solutions.
COVID-19 sees varied market impacts of profits, losses on Egyptian companies
Pharmaceutical, chemicals, food, communications sectors achieve profits, whilst industrial, real estate, tourism sectors incur losses
Egyptalum pressurised by falling exports, lower prices in Q4 of FY2020
Company invests about EGP 900m in productive cell overhaul operations
Misr Hotels postpones Dahab Safir Hotel opening to January 2021
The hotel, which is located on the Red Sea coast in Sinai, is currently under development and modernisation, with an additional 159 rooms set to be added.
Parliament approves EGX transaction stamp duty decrease to 0.5 per thousand
The amendments will see the stamp duty on the Egyptian Exchange (EGX) transactions for residents reduced to 0.5 per thousand on listed and non-listed securities. The tax will be 1.25 per thousand on stock market transactions for non-residents. There will be a full tax exemption on day trading.
Rameda gets EDA approval to price two coronavirus medicines
Rameda started last month manufacturing Anviziram, which contains the active pharmaceutical ingredient Favipiravir which has been adopted as part of the COVID-19 treatment protocol in Russia, China, and India. It will be released at EGP 1,260 per 40-tablet package.
Banque Misr increases CI Capital stake to 10.16% with EGP 115m investment
The average purchase price per share reached EGP 3.99, with the groups’ shareholder shares reaching 0.589%.
Egypt reports strong cement sales recovery in June
June’s improvement follows on from one of the lowest monthly sales run rates on record during May. Sales have been severely impacted by the novel coronavirus (COVID-19) pandemic and the partial lockdowns across the country.
HHD presents new land development plan to government
HHD, SODIC in negotiations to reschedule payment of minimum guarantee on New Heliopolis City project
HC Securities to implement $100m technology sector deal before year-end
Company plans to increase presence in Egypt to 10 branches during the year
AFE should boost integration through joint regional action: Arab League
Market value of Arab exchanges jumps to $3.1trn in 2019 from $1.1trn in 2018
Arafa Holding reports $144,000 COVID-19-related losses in April
Global health pandemic’s effects to be evident on group’s business results during Q2, says Arafa
COVID-19 pushes Egypt’s health sector towards digital transformation
Dar Al-Fouad Hospitals investing EGP 200m in digital transformation, preparing to launch mobile app within two months, says El Naggar
FRA to approve securitisation bonds worth EGP 500m
Securitisation bond issuances expected to reach EGP 20bn before year-end, says Abdel Fadil