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

Daily News Egypt
2 Min Read

When Egypt’s stock market starts trading on Sunday 27 August, most investors should be watching the following factors in the week ahead, with some companies holding their ordinary general meeting to discuss different matters.

This week will have only four trading sessions, as the Eid Al-Adha vacation is set to start next Thursday.

Wadi Kom Ombo Land Reclamation had its ordinary general meeting on August 26 to choose a new board for the company.

Last May, the company’s ordinary general meeting (OGM) adopted the budget draft for fiscal year 2017/2018.

The company targets a profit of EGP 1 million in fiscal year (FY) 2017/18, compared to an estimated budget worth EGP 5 million for the current fiscal year, according to a bourse filing.

The investment budget for the next year was set at EGP 1.5 million.

Meanwhile, Arabia Investments’ capital hike subscription will kick off on 27 August.

The exchange has approved the company’s capital raise through issuing shares for the old subscribers.

The company posted a consolidated net profit of EGP 1.1 million for the first quarter (Q1) of FY 2017, compared to losses worth EGP 32.8 million for Q1 2016.

Revenues decreased in Q1 2017 to EGP 326.59 million from EGP 432.15 million for Q1 2016, a bourse filing said.

Golden Textiles and Clothes will pay the second coupon for its profit distribution on August 30.

The company’s ordinary general meeting (OGM) has agreed to distribute cash dividends of 50 piasters per share for FY 2016.

Total dividends amount to EGP 7.14 million and will be disbursed in two tranches, according to a bourse filing.

Consolidated profits for FY 2016 declined 18.5% to EGP 9.6 million, versus EGP 11.7 million for FY 2015.

Standalone profits shrank 7.9% to EGP 11.16 million, compared to EGP 12.12 million for FY 2015, according to a bourse statement.

Consolidated sales increased in FY 2016 to EGP 176.10 million from EGP 165.8 million.

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