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

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

When Egypt’s stock market starts trading on Sunday 22 October, most investors should be watching the following factors in the week ahead, with some companies holding ordinary general meetings to discuss different matters. This week will also see dividend distribution due dates for some listed companies. Starting with Eastern Company, the due date to distribute its …


When Egypt’s stock market starts trading on Sunday 22 October, most investors should be watching the following factors in the week ahead, with some companies holding ordinary general meetings to discuss different matters.

This week will also see dividend distribution due dates for some listed companies.

Starting with Eastern Company, the due date to distribute its coupon will be on 22 October.

The coupon is a cash dividend of EGP 8 and is valid to the shareholders until 17 October.

The company’s adjusted financial statements showed a 20% year-on-year rise in profits in fiscal year 2016/2017.

Profits amounted to EGP 1.77 billion during the fiscal year ending June 2017, compared to EGP 1.47 billion in the same period last year, according to a company statement to the Egyptian Exchange.

The company’s sales rose by 38% to EGP 10.5 billion during FY 2016/2017, versus EGP 7.6 billion in the previous fiscal year.

Meanwhile, Elsewedy Electric’s board will meet on 22 October to discuss the outlook of many projects under its control.

The company has currently revealed that its subsidiary Elsewedy Power has signed an agreement with Togo-based Compagnie Energie Electrique du Togo for EUR 44 million (EGP 929.9 million).

Under the deal, Elsewedy Power will export 300,000 electricity metres to the Togo-based company, Elsewedy said in a statement to the Egyptian Exchange (EGX).

The Egypt-based electric services company said it seeks to begin exports for a nine-month period starting in the fourth quarter of 2017.

Elsewedy last reported a 68% year-on-year surge in profits for the second quarter of 2017 on the back of higher revenues.

Meanwhile, Saudi Egyptian Investment and Finance is scheduled to announce its financials for the third quarter of the year on 23 October.

The company posted a 68.4% year-on-year hike in profits, according to a statement.

The firm achieved profits of EGP 7.11 million in the three months ending June 2017 from EGP 4.22 million in the corresponding period of 2016.

In the first half (H1) of 2017, the profits of the company soared 26% to reach EGP 11.63 million from EGP 9.25 million in H1 2016.

Meanwhile, Abu Qir Fertilizers’ record date for its cash dividends will be for the shareholders until 24 OctOBER.

The board of directors proposed the distribution of a cash dividend for the fiscal year ending June 2017, equivalent to EGP 10.5 per share.

The Egyptian firm announced that shareholders’ share of profits of FY 2016/2017 amounts EGP 1.3 billion, according to a statement to the Egyptian Exchange (EGX) on Monday.

The firm added that EGP 532.5 million of the profits will be retained for the next year.

Abu Qir achieved profits of EGP 2.23 billion in FY 2016/2017, up from EGP 1.02 billion in the prior fiscal year.

The company’s capital amounts EGP 1.89 billion distributed over 126.18 million shares, with a par value of EGP 15 per share.

Topics: stock market
https://www.dailynewsegypt.com/2017/10/22/factors-watch-egypts-stock-market-week-ahead-15/
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