Bank to continue buying shares in CI Capital to bring its stake to 20-25%, say sources
Latest by Alyaa Stohy
The bottom-line recorded a loss of EGP 31m in 1Q 2020, compared to a loss of EGP 33m in 4Q 2019.
Company has EGP 7.7bn liquidity sources, of which EGP 2.7bn is in cash and equivalents
MCDR’s new chairperson will be elected for one-year term to complement the current board’s tenure from 2018 to 2021.
EFG Hermes has also been an early adopter of the International Financial Reporting Standard 16 (IFRS 16), in the first quarter (1Q) of 2020, and which hit that quarter’s income statement due to declining markets. No further significant one-off impacts from IFRS 16 is expected.
Contribution from insurance companies amounts to EGP 255m, or 41.2%, of total FRA income
Bank equity shielded against currency weakness through $200m IFC, EBRD support loan packages
Ongoing pandemic, temporary suspension of building permits have affected demand for cement across Egypt
The company’s performance is expected to improve with the support of pent-up demand from postponed weddings and national projects. It will be further supported by the launch of higher-quality products that will compete with the cheaper Turkish and Chinese variants.
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Average price per tonne dropped 24% quarter-on-quarter (q-o-q) and year-on-year (y-o-y), although volumes improved 36% q-o-q and were down 6% y-o-y.
The decline in revenues was attributed to several factors, including a downward trend in urea prices. Egypt’s urea spot index averaged $248/tonne in 3Q 2019/20, a decline of 6% y-o-y, but a rise of 2.2% q-o-q.
Lower costs, higher selling prices, and improved sales mix supported company’s business results
Dell EMC will be the main partner providing technology for the Vodafone data centre, after winning a tender for which major international full-service and technology companies also made bids.
Current period is opportunity to create better investment climate as all global investment indicators are suffering, says Khodeir
Deal confirms the confidence of foreign investors in the feasibility of investing in Egypt, says El Ghazaly
Senior business executives at major institutions to decide registration requests for database without FRA interference, says Omran
Car sales nationwide have been negatively impacted by curfew and the halt licensing new vehicles between 19 March and 24 April.
We anticipate further decline in sales during 2Q 2020, plans projected to maximise 3Q results, says Khamis
Amendments to registration rules to allow non-company members to be included on audit committees, says Omran
The benchmark index EGX30 closed at 11,108 points, while the EGX70 EWI rose 3.09% to 1,259 points, and the EGX100 EWI rose 3.31% to 2,028 points.
Company targets 20,000 tonnes in exports by year-end, doubling to 40,000 by 2023, says Abdel Aziz
Company to discontinue unprofitable production line, does not see need to impose price hikes in near future
Pandemic negatively affects market demand, domestic prices levels, leading to decrease in sales revenues
Securitisation within scenarios company is considering to obtain financing, says El Damaty
EGX30 up 1%, market capitalisation gains EGP 5.9bn on Monday
Expected y-o-y improvement driven by increase in sales, average ex-factory prices
Company’s current goal is to successfully introduce bread product range, says Eldamaty
The Commercial International Brokerage Company (CIBC) came second with a EGP 17.7bn trading, representing a 9.7% market share. Hermes Securities Brokerage came third with a EGP 15.9bn trading value, and an 8.7% market share.
Ongoing global pandemic threatens to negatively impact company’s results in FY 2020, says Arafa