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Company news investors should track for the past week - Daily News Egypt

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Company news investors should track for the past week

Marsa Alam trims losses in H1 2017


Marsa Alam for Tourism Development trimmed losses by 84% year-on-year during the first half (H1) of 2017, according to a bourse filing.

The company said in a statement to the Egptian Exchange (EGX) that losses amounted to EGP 1.07 million in H1 2017, compared to EGP 6.59 million for the same period last year.

Revenues totaled around EGP 336,900 in the six-month period that ended on 30 June 2016, the statement noted.

Ajwa Group posts a 90% fall in profits

Ajwa Group for Food Industries – Egypt posted a decline in profits by 89.9% year-on-year in the first half of the year, according to a bourse filing.

The company said in a statement to the Egyptian Exchange (EGX) that profits hit EGP 1.87 million, compared to EGP 18.58 million for the same period last year.

Sales grew to EGP 250.01 million in H1 2017, up from EGP 138.36 million in H1 2016, while at the same time sales costs went up to EGP 222.6 million from EGP 118.2 million.

Suez Bags profits skyrocket 222% in H1

Suez Bags reported a surge in profits by 222.2% year-on-year in the first half of the year, according to a bourse filing.

The company said in a statement to the Egyptian Exchange (EGX) that profits came in at EGP 26.23 million in H1 2017, compared to EGP 8.14 million for the six-month period that ended on 30 June 2016.

During that period, sales volumes increased to EGP 207.2 million, up from EGP 123.96 million in the corresponding period of the year before.

NileSat profits fall 31% in Q2

Egyptian Satellites Company (NileSat) reported a decline in its net profits by 30.7% for the second quarter of the year, as shown by the company’s financial statements.

The company said in a statement to the Egyptian Exchange (EGX) that profits reached $16.34 million in the three-month period that ended on 30 June 2017, compared to $23.59 million in Q2 2016.

Revenues also dropped to $38 million from $43 million, the statement noted.

Egypt for Poultry BOD approves capital cut

Egypt for Poultry said that its board of directors (BOD) has approved cutting the company’s paid and authorized capital to EGP 85.14 million from EGP 94.6 million, according to a bourse filing.

The company said in a statement to the Egyptian Exchange (EGX) that the capital cut will be through the termination of 10% of treasury stocks, equivalent to 4.73 million shares, with a nominal value of EGP 2 per share.

EK Holding profits accelerate in Q2

Egypt Kuwait Holding (EK Holding), listed on Kuwait’s and Egypt’s bourses, posted a 24.8% year-on-year rise in its profits during the second quarter (Q2) of 2017.

Profits reached KWD 4.13 million ($13.71 million) in Q2 2017, compared to KWD 3.31 million ($10.98 million) in Q2 2016.

In the first half of 2017, profits grew 10.8% to KWD 10.78 million from KWD 9.73 million in the prior year.

Suez Cement turns to losses in Q2 2017

Suez Cement announced turning to losses during the second quarter of 2017 year-on-year, according to a bourse filing.

Losses amounted to EGP 82.15 million in Q2 2017, versus profits of EGP 49.43 million in Q2 2016.

The cost of sales rose to EGP 1.48 billion in Q2 2017, compared to EGP 1.19 billion year-on-year.

Mopco Q2 profits jump 171%

Misr Fertilizers Production Co (Mopco) posted a 171.4% year-on-year rise in profits for the second quarter of 2017, according to a bourse filing.

The firm profits stood at EGP 335.25 million in Q2 2017 from EGP 123.54 million in Q2 2016.

Net sales rose 59.43% year-on-year to EGP 468.58 million in Q2 2017 from EGP 293.91 million in Q2 2016.

In the first half of 2017, standalone profits grew to EGP 753.5 million from EGP 377.67 million in H1 2016.

SODIC Q2 profits leap 26% as revenues grow

Sixth of October for Development and Investment (SODIC) showed a 25.6% year-on-year profit increase in the second quarter of 2017 due to a boost in revenues.

Profits reached EGP 129.5 million in Q2 2017 as compared to EGP 103.12 million in the year-ago period, the company announced in a bourse filing.

Revenues increased to EGP 468.9 million in Q2 2017 as compared to EGP 463.7 million in the year-ago period, while profits increased to EGP 341.5 million in H1 2017 as compared to EGP 157.7 million in the year-ago period.

https://www.dailynewsegypt.com/2017/08/20/company-news-investors-track-past-week/
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