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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 19 November, most investors should be watching the following factors in the week ahead, with some companies holding their ordinary general meetings to discuss different matters. This week will see also dividend distribution due dates for some of the listed companies. Starting with Alexandria Mineral Oils Co. …


When Egypt’s stock market starts trading on Sunday 19 November, most investors should be watching the following factors in the week ahead, with some companies holding their ordinary general meetings to discuss different matters.

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

Starting with Alexandria Mineral Oils Co. (AMOC), its date for dividend eligibility of the EGP 0.55 coupon will be on 20 November.

The company’s general meeting has approved the distribution of EGP 731.8m for the profit of fiscal year (FY) 2016/2017.

The distribution has been divided into two coupons, with the second one due next January.

The financial indicators of the company have shown a surge in profits by 152.8% in FY 2016/2017, according to a bourse filing.

The company said in a statement to the Egyptian Exchange (EGX) on Sunday that net profits totaled EGP 1.1bn in FY 2016/2017, compared to EGP 435.4m the year before.

Sales jumped 119% to EGP 9.58bn, up from EGP 4.37 billion in FY 2015/2016.

During the year, AMOC booked EGP 275.2m of foreign exchange gains, versus EGP 36.8 million a year earlier, it added.

Excluding the impact of such gains, normalised net income would have recorded EGP 825.4m, increasing by 107% year-on-year.

Revenues jumped 119% year-on-year to EGP 9.59 billion, beating expectations by 8%.

The growth in top line could be attributed to the fact that AMOC’s products are benchmarked to global prices in USD terms. Hence, EGP devaluation triggered higher selling prices for the company’s products, the research firm explained.

Meanwhile, Saudi Egyptian Investment and Finance is scheduled to announce its financials for the third quarter of the year on 21 November.

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

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

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

The company’s profits amounted to EGP 4.25m in the three months ending June, versus EGP 5.03m in the same period the year before.

Eastern Company’s due date for its cash dividend of the EGP 8 coupon will be on 22 November.

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

Profits amounted to EGP 1.77bn during the fiscal year ending June 2017, compared to EGP 1.47bn in the same period last year, according to a company statement to the Egyptian Exchange (EGX) on Wednesday.

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

Meanwhile, NBK Egypt’s bonus share distribution will due on 24 November.

The bank posted an 80% year-on-year hike in profits for the second quarter of 2017 on the back of a growth in returns from loans.

The bank’s profits amounted to EGP 397.13m in the three months ending June 2017, up from EGP 220.8m in the corresponding period of 2016, according to a bourse filing.

Return from loans reached EGP 1.39bn in Q2 2017, rising from EGP 874.1m in Q2 2016.

In the first half of 2017, NBK Egypt’s profits surged 78% to EGP 726.6m from EGP 407.4m in H1 2016.

The bank previously achieved profits of EGP 329.5m in Q1 2017, versus EGP 186.6m in Q1 2016.

https://www.dailynewsegypt.com/2017/11/19/factors-watch-egypts-stock-market-week-ahead-18/
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