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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 October 15, most investors should be watching the following factors in the week ahead, with some companies hold its ordinary general meeting to discuss different matters This week will see also dividends distribution due dates for some of listed company. Starting with Alexandria Mineral Oils Co (AMOC), …


When Egypt’s stock market starts trading on Sunday October 15, most investors should be watching the following factors in the week ahead, with some companies hold its ordinary general meeting to discuss different matters

This week will see also dividends distribution due dates for some of listed company.

Starting with Alexandria Mineral Oils Co (AMOC), which Record date for dividend eligibility of 0.55-pound coupon will be on October 15.

The company general meeting has approved the distribution of EGP 731.8 million for the profit of the FY 2016-2017.

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

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

The company said in a statement to the Egyptian Exchange (EGX) on Sunday that net profits totalled EGP 1.1 billion in FY16/17 compared to EGP 435.4 million in the year before.

Sales jumped 119% to EGP 9.58 billion up from EGP 4.37 billion in FY15/16.

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

Excluding the impact of such gains, normalized net income would have recorded EGP 825.4 million, 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 financial for the third quarter of the year on October 16.

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 ended June 2017 from EGP 4.22 million in the corresponding period of 2016.

In the first half of 2017, the profits of the company soared 26% to reach EGP 11.63 million from EGP 9.25 million in H1-16.

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

Meanwhile, Eastern Company due date for its cash dividend of EGP 8 coupon will be on October 17.

 

The company 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 ended June 2017, compared to EGP 1.47 billion 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 10.5 billion during FY16/17 versus EGP 7.6 billion in the previous fiscal year.

Meanwhile, NBK Egypt bonus shares distribution will due in October 18.

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 397.13 million in the three months ended June 2017 up from EGP 220.8 million in the corresponding period of 2016, according to a bourse filing.

Return from loans reached EGP 1.39 billion in Q2-17, rising from EGP 874.1 million in Q2-16.

In the first half of 2017, NBK Egypt’s profits surged 78% to EGP 726.6 million from EGP 407.4 million in H1-16.

The bank previously achieved profits of EGP 329.5 million in Q1-17, versus EGP 186.6 million in Q1-16.

 

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https://wwww.dailynewssegypt.com/2017/10/15/factors-watch-egypts-stock-market-week-ahead-14/
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