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Our issue today is almost entirely focused on the stock market, with updates on a couple of companies’ IPO plans, and loads of earnings updates. Let’s dive in.
Al Ahly Group for Modern Agriculture is planning its public debut
The Clap:
Al Ahly Group for Modern Agriculture submitted a request to IPO on the EGX.
Al Ahly who?
The company — founded in 2017 — has a total of 3578 acres allocated by the Egyptian Rift Company. Among other areas of focus the firm is using the farm land to cultivate sugar beet, high corn, barley, among other crops.
What’s next:
The company is in the process of finalizing the listing procedures for its 1.5 billion shares, which are valued at EGP 150 million.
Canal Mooring & Lights Company delays IPO plans to 2025
The Clap:
The Suez Canal Authority of Egypt has postponed the offering of a stake in its subsidiary, Canal Mooring & Lights Company , on the EGX to early 2025, the authority’s chairman said in an interview with Asharq Business.
Details:
The company, which has an issued capital of EGP 250 million, is specialized in the mooring of ships crossing the Suez Canal , and docked ships in different ports, including Port Said, Sharm elSheikh and Nuweiba.
The Clap:
Faisal Islamic Bank of Egypt achieved a 142.5% YoY increase in standalone net profit in the first half of the year.
Revenues:
The bank’s topline rose 68.1%, reaching EGP 16.341 billion during the period.
Net profit:
FAIB achieved an increase in standalone net profit after tax by 142.5%, reaching EGP 6.55 billion during 1H 2024.
The Clap:
EGX-listed Engineering Industries Company (ICON) recorded an almost 160% YoY jump in net income during Q1 2024.
Revenues:
The company’s topline rose over 79.3% YoY to EGP 1.276 billion during the three months ending in March.
Net profit:
ICON’s consolidated net income swelled 159.2% YoY during the quarter to EGP 449.08 million.
The Clap:
Acrow Misr recorded a 46.44% YoY rise in net profits during the first three months of the year.
Revenues:
The firm’s topline ballooned 86.6% YoY in Q1 to EGP 893.66 million.
Net income:
The company achieved a net profit of EGP 396.57 million during the quarter.
What else is clapping?
The Egyptian government will pay off its arrears to foreign oil companies — amounting to USD 3.2 billion – in three installments during the current fiscal year, with the first installment of USD 1.2 billion scheduled to be paid next October, a government source told Asharq Business.
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