Daily News Egypt

Factors to watch in Egypt’s stock market in the week ahead - Daily News Egypt

Advertising Area

Advertising Area

Factors to watch in Egypt’s stock market in the week ahead

OTMT to discuss cash dividends, Sidi Kerir to pay EGP 1.6 per share

When Egypt’s stock market starts trading on Sunday 28 May, most investors should be watching the following factors in the week ahead, with some companies discussing dividends, while others will be holding​their ordinary general meetings to discuss financials for the first quarter (Q1) of 2017.

Starting with Sidi Kerir Petrochemicals, the company is scheduled to start distributing its coupon No. 15 at EGP 1.6 per share starting 28 May.

In April, the company’s general meeting (OGM) approved the increase of cash dividends for fiscal year (FY) 2016 to EGP 1.6 per share, up from EGP 1.4.

The company’s profits for Q1 FY 2017 declined 1.38% to EGP 214 million, compared to EGP 217m for Q1 FY 2016.

North Africa Real Estate is also scheduled to distribute its coupon No. 1 at EGP 0.014 per share on 28 May to shareholders of record until 23 May.

On 6 April, the company’s ordinary general meeting (OGM) approved to distribute cash dividends of EGP 0.0136 per share, totaling EGP 2.33m.

The developer posted a drop of  75.45% in 2016 profits, which stood at EGP 2.85m compared to EGP 11.61m in 2015.

Meanwhile, Raya Holding for Financial Investment will start distributing its coupon No. 11 at EGP 0.25 per share to shareholders on 29 May.

The company had earlier posted a net profit of EGP 1.422bn for FY 2016.

Mansoura Poultry will pay cash dividends of 60 piasters per share and a 0.25 bonus share for each ordinary share for FY 2016 on 28 May.

Profits for 2016 increased 111.55% to EGP 27.84m from EGP 13.16m for FY 2015.

Orascom Telecom Media and Technology Holding (OTMT) is scheduled to hold it’s general meeting on 28 May to discuss profits and dividends for FY 2016.

The company’s board approved a proposal to distribute cash dividends of 10 piasters per share for FY 2016.

OTMT reported a consolidated net profit of EGP 897.5m for FY 2016, versus a consolidated net loss of EGP 3.6bn for FY 2015.

Standalone net profit for FY 2016 reached EGP 1.08bn, against a standalone net loss of EGP 247.3m for FY 2015.

Middle East Glass Manufacturing is scheduled to hold its meeting on 1 June to discuss  the continuity of the company’s​ activity after it reported losses of EGP 645.8m in 2016 against profits of EGP 25.4m the year before, as shown by the company’s consolidated financial results.

Advertising Area

Breaking News

No current breaking news