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Factors to watch in Egypt’s stock market in week ahead - Daily News Egypt

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

When Egypt’s stock market starts trading on Sunday 29 October, most investors should be watching the following factors in the week ahead, with some companies holding ordinary general meeting to discuss different matters. This week will see also dividend distribution due dates for some of the listed companies. Starting with Alexandria Flour Mills’ board meeting, which …


When Egypt’s stock market starts trading on Sunday 29 October, most investors should be watching the following factors in the week ahead, with some companies holding ordinary general meeting to discuss different matters.

This week will see also dividend distribution due dates for some of the listed companies.

Starting with Alexandria Flour Mills’ board meeting, which is set to be on 29 October, its financials for the first quarter (Q1) of the current fiscal year (FY) will be discussed.

The company posted a 63% year-on-year rise in profits for fiscal year 2016/2017 due to an increase in its revenues.

The EGX-listed firm achieved profits of EGP 59.6 million in the fiscal year ending June 2017 from EGP 36.6 million in the corresponding period in 2016, Alexandria Mills said in a statement to the Egyptian Exchange (EGX).

Revenues rose to EGP 1.21 billion in FY 2016/2017, versus revenues of EGP 1.19 billion in the previous fiscal year.

Alexandria Mills’ profits amounted to EGP 22.18 million in the three months ending March 2017, compared to EGP 11.08 million in the prior year.

Meanwhile, Nile Pharmaceuticals will start distributing its dividends on 29 October.

The coupon will be valid for the shareholders until 24 October, valued at EGP 1.02.

The financial indicators of Nile Pharmaceuticals and Chemical Industries showed a surge in profits by 174.7% for FY 2016/2017, according to a bourse filing.

Profits totaled EGP 23.9 million in FY 2016/2017 compared to EGP 8.7 million for the previous year, the company said in a statement to the Egyptian Exchange.

Meanwhile, Elsewedy Electric’s board will meet on 31 October to discuss the outlook of many projects under its control.

The company has currently revealed that its subsidiary Elsewedy Power has signed an agreement with Togo-based Compagnie Energie Electrique du Togo for EUR 44 million (EGP 929.9 million).

Under the deal, Elsewedy Power will export 300,000 electricity metres to the Togo-based company, Elsewedy said in a statement to the Egyptian Exchange (EGX).

The Egypt-based electric services company said it seeks to begin exports for a nine-month period starting in the fourth quarter of 2017.

Elsewedy last reported a 68% year-on-year surge in profits for the second quarter of 2017 on the back of higher revenues.

Saudi Egyptian Investment and Finance is scheduled to announce its financials for the third quarter of the year on 31 October.

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

In the first half (H1) of 2017, the profits of the company soared 26% to reach EGP 11.63 million from EGP 9.25 million in H1 2016.

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