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

When Egypt’s stock mar­ket starts trad­ing on 17 Septem­ber, most in­vestors should be watch­ing the fol­low­ing fac­tors in the week ahead, with some com­pa­nies hold its or­di­nary gen­eral meet­ing to dis­cuss dif­fer­ent mat­ters

The Daily News Egypt - - Business -

Start­ing with Alexan­dria Con­tainer and Cargo Han­dling, which the record date for its coupon will be en­ti­tled for it share­hold­ers as of 17 Septem­ber.

The coupon is val­ued at EGP 8.89, and share­hold­ers will be able to take it start­ing 20 Septem­ber.

Ear­lier this year, the com­pany’s gen­eral meet­ing ap­proved dis­tribut­ing EGP 8.9 per share for the 2016/17 profit.

The com­pany posted an in­crease of 60% in its net profit, which came in at EGP 2.18bn.

The Alexan­dria Con­tainer and Cargo Han­dling (ALCN) tar­gets an in­crease of 2% in net prof­its in the fis­cal year 20172018.

ALCN seeks to achieve net prof­its of EGP 1.5bn through fis­cal year (FY) 2017/18 com­pared with EGP 1.47bn it tar­geted to achieve in 2016/17.

The com­pany also stated that it tar­gets in­vest­ments of EGP 102.3m in FY 2016/17, in ad­di­tion to op­er­a­tions rev­enues of EGP 2.19bn.

Mean­while, the Nile Cot­ton Gin­ning or­di­nary meet­ing will gather on 17 Septem­ber to ap­prove its fi­nan­cial state­ments for FY 2016/17.

The com­pany losses came in EGP 72.29 m, an in­crease of 500% on an an­nual ba­sis.

Dur­ing the first half of fis­cal year 2016/17, from July to De­cem­ber, losses jumped to EGP 72.58 mil­lion from EGP 254,900 in the same pe­riod in 2015.

These re­sults are at­trib­uted to FX losses, which the com­pany said to­talled EGP 68.9m in the first half (H1) 2017.

Dice Sport and Ca­sual Wear ex­tra­or­di­nary meet­ing will be held on 18 Septem­ber to dis­cuss in­creas­ing its cap­i­tal through sell­ing a stake in the sec­ondary mar­ket.

Dice is cap­i­talised at EGP 28m, dis­trib­uted across 7 mil­lion shares at EGP 4 par value each.

Qatar Na­tional Bank (QNB Al Ahli) record date for its cap­i­tal in­crease will be for share­hold­ers un­til 20 Septem­ber.

The mar­ket will be off as of 21 Septem­ber, which marks the start of the new Is­lamic year.

THE COM­PANY’S GEN­ERAL MEET­ING AP­PROVED DIS­TRIBUT­ING EGP 8.9 PER SHARE FOR THE 2016/17 PROFIT

Nile Cot­ton Gin­ning or­di­nary meet­ing will gather on 17 Septem­ber

Newspapers in English

Newspapers from Egypt

© PressReader. All rights reserved.