Subscribe to Egypt Claps
Macro Group turns to losses in 1H
Pharma and cosmeceuticals company Macro Group incurred EGP 86.1 million in losses in the first six months of the year, compared to net profits of EGP 303.3 million during the same period in 2023.
Revenues:
The firm’s topline shrank 53.9% YoY to EGP 155.1 million.
Comes after a bad Q1:
Macro Group incurred EGP 78.1 million in losses in the first three months of the year, compared to net profits of EGP 9.44 million during the same period in 2023.The firm’s topline also shrank 61.6% YoY to EGP 59.5 million during the quarter.
IFAP raises net income 18% in FY 2023-24
Despite a decline in sales, International Agricultural Products (IFAP) hiked its net income 17.8% YoY between July 2023 and June 2024, bringing in EGP 518.97 million.
About IFAP:
The company is involved in the production and distribution of crop seeds, and also sells fertilizers, pesticides, and machinery and equipment.
Revenues:
The company’s revenues fell approximately 16.5 % YoY during the period to EGP 1.92 billion.
Remember:
The increase in profits comes despite reports in June that a halt in operations for several fertilizer companies due to national gas shortages came at a collective daily price tag of EGP 187 million during the month.
Qalaa Holdings completed a settlement agreement that saw it write off EGP 4.5 billion in debt to four local banks in return for a 17.68% stake in Taqa Arabia, and a plot of land on the Nile river.
The details:
Banque Misr acquired a 4.87% share in Taqa, while Banque Du Caire got a 4.89% stake, Arab African International Bank received a 5.99% share, and Al Ahli Bank of Kuwait obtained a 1.93% stake.
Qalaa still has the option to buy back its shares in the energy distribution company from the banks over the course of the next five years.
ICYMI:
We covered Qalaa’s debt restructuring program in detail earlier in May. Go deeper on the company’s plan here.
What else is clapping?
British energy company BP intends to spend USD 400 million in the upcoming fiscal year to drill two additional wells at the Raven gas field in its North Alexandria concession, Asharq Business writes. Total daily gas output is expected to increase by about 400 million cubic feet from the addition of these two wells.
Latest CLAPS
