When Egypt’s stock market starts trading on Sunday 1 October, most investors should be watching the following factors in the week ahead, with some companies holding their ordinary general meeting (OGM) to discuss different matters.
This week will see also dividends’ distribution due dates for some listed companies.
Starting with Wadi Kom Ombo Land Reclamation ordinary general meeting on 1 October, which will choose a new board for the company.
Last May, the company’s OGM has adopted the budget draft for fiscal year 2017/2018.
The company targets a profit of EGP 1m in fiscal year (FY) 2017/18, compared to an estimated budget worth EGP 5m for the current FY, according to a bourse filling.
The investment budget for the next year was set at EGP 1.5m.
Meanwhile, Arabia Investments’ capital hike subscription will kick off on 1 October.
The exchange has approved the company’s capital raise through issuing shares for the old subscribers.
The company posted a consolidated net profit of EGP 1.1m for the first quarter (Q1) of FY 2017, compared to losses worth EGP 32.8m for Q1 2016.
Revenues decreased in Q1 2017 to EGP 326.59m from EGP 432.15m for Q1 2016, a bourse filling said.
Golden Textiles and Clothes will pay the second coupon for its profit’s distribution on 4 October.
The company ordinary general meeting (OGM) has agreed to distribute cash dividends of 50 piastres per share for FY 2016.
Total dividends amount to EGP 7.14m and will be disbursed in two tranches, according to a bourse filling.
Consolidated profits for FY 2016 declined 18.5% to EGP 9.6m, versus EGP 11.7m for FY 2015.
Standalone profits shrank 7.9% to EGP 11.16m, compared to EGP 12.12m for FY 2015, according to a bourse statement.
Consolidated sales increased in FY 2016 to EGP 176.10m from EGP 165.8m.