Alexandria Mineral Oils Company reported a 638% year-on-year surge in consolidated net profit after tax for the first nine-month period of fiscal year 2021/2022
For our top talks today, first, Alexandria Mineral Oils Company (AMOC) reported a 638% year-on-year (YoY) surge in consolidated net profit after tax for the first nine-month period of fiscal year (FY) 2021/2022. Consolidated net profit after tax amounted to 761.98 million EGP in the nine-month period ended March 31st, compared to a profit of 103.31 million EGP in the same period of FY 2020/2021. The company generated consolidated sales of 12.26 billion EGP in the first nine months of FY 2021/2022, jumping by 73% YoY from 7.10 billion EGP. Meanwhile, the company’s standalone net profit after tax skyrocketed by 1,614% to 368.82 million EGP in the nine-month period ended March 31st from 37.26 million EGP in the corresponding period of the prior fiscal year. In the first half (H1) of FY 2021/2022, AMOC posted a consolidated net profit after tax excluding minority interest of 399.14 million EGP, versus a net loss of 48.23 million EGP in H1 FY 2020/2021. (Bloomberg Asharq)
- Second, the board of directors of Egyptian Transport and Commercial Services Company (ETRS) (Egytrans) has approved the appointment of Gamal Moharam as the company’s chairman. Moreover, the board decided that Abir Leheta will continue her position as the CEO.
The board also agreed upon the nomination of Mohamed Sultan and Nehad Abouelfadl as new members of the board. “The new board composition is a major added value and constitutes an important pillar for strengthening the company’s strategy and supporting its team in order to achieve greater growth and development by relying on the best mix of skills and expertise in the management and investment and transport and logistics fields,” CEO of Egytrans Abir Leheta said. (Arab Finance)
- The ordinary general meeting (OGM) of Orascom Development Egypt (ORHD) (ODE) has approved to authorize the company’s board of directors to sign contracts worth 2.5 billion EGP with Red Sea Construction and Development to implement construction works of projects in 2022.
The OGM also agreed upon renewing and amending the signed construction contracts with Red Sea Construction and Development, as well as endorsed the netting contracts signed between the two companies in 2021. It is worth noting that the company previously recorded a consolidated net profit attributable to the parent company of 1.208 billion EGP in 2021, up from 532.18 million EGP in 2020. ODE’s standalone net profit after tax rose to 717.65 million EGP in 2021 from 403.81 million EGP in 2020. (Arab Finance)
- Faisal Islamic Bank of Egypt (FAIT) reported a 9.9% year-on-year (YoY) growth in business volume for March. The bank’s business volume recorded EGP 138.64 billion at the end of last March, compared to 126.17 billion EGP in March 2021.
Total assets increased by 10.5% YoY to 137.31 billion EGP last March, compared to 124.30 billion EGP in the same month of 2021. The bank’s current and saving accounts rose by 10.4% YoY to 115.56 billion EGP in March from 104.70 billion EGP in the corresponding month last year. In February, the bank’s business volume grew by 12.2% to 133.81 billion EGP from 119.271 billion EGP in February 2021. (EGX)
- Also, in the news today, the National Bank of Egypt (NBE) has granted an 20.5 million EGP loan to the state-owned Egyptian Countryside Development Company (ECDC) for land reclamation projects in Siwa.
The loan was granted within the framework of the agreement signed between the company and the NBE, under which the bank will provide beneficiaries of the New Egyptian Countryside lands and the National 1.5 Million Feddan Project with loans, facilities, and different banking services. NBE’s loan will enable ECDC to plant 455 feddan in Siwa. (Arab Finance)
- Delivery platform Mrsool Egypt is set to offer e-payment services on its app through cooperation with another company in the third quarter (Q3) of 2022,
the Country Manager – Egypt Karim Gamal said. The trial version of Mrsool e-payment service is under development, Gamal noted. Moreover, he revealed that the company is considering launching point-of-sale (PoS) machines in Q3 2022, noting that 50 machines will be offered in the first phase. The company is also studying offering installment payment services for customers this year through one of the companies operating within that sector in Egypt, he added. Mrsool has a presence in 11 Egyptian governorates and is seeking to expand in the Delta region, Gamal said. The number of Mrsool customers currently amounts to 1.7 million and the company is planning to increase the number to 3 million by the end of 2022, Gamal remarked. (Hapi Journal)
- Yaqeen Capital, formerly known as Falcom Financial Services, has launched Next Generation Technology Platform (NTP) in collaboration with DirectFN to be coinciding with the market-wide go-live of PTTP (Tadawul).
Through DirectFN’s NTP, Yaqeen Capital aims to launch client-driven services and seamless market-wide regulatory compliances. The new platform will be focusing on introducing highly innovative new digitalised services that are complying with Saudi Arabia’s Vision 2030. This is expected to be carried out by uniting expertise and innovation that would lead the future of investment banking in the Kingdom. The new platform deployment focuses on brokerage management as well as asset management system and central CRM. NTP aims to empower its clients by providing them with fintech-style simplified serving concept across brokerage, asset management, and value-adding services. (Mubasher)
- The extraordinary general meeting (EGM) of Societe Arabe Internationale de Banque (SAIB) has approved raising the authorized capital of the bank to 350 million USD from 200 million USD.
Moreover, the EGM agreed upon increasing the bank’s issued capital to 157.5 million USD from 150 million USD by 7.5 million USD through the issuance of 750,000 bonus shares, which represent 5% of total paid-up capital. Accordingly, 1-for-20 bonus shares will be distributed to shareholders. The EGM also endorsed the amendments to Articles 2, 4, 6, 7, 21, 25, 26, 40, 42, 43, and 51 of the bank’s Articles of Association. (EGX)
- The Egyptian House of Representatives has approved the fifth amendment to the investment and trade agreement with the US, which includes a grant of 28.3 million USD, Minister of International Cooperation Rania El-Mashat stated in an official statement on April 17th.
The investment and trade agreement initially came into force in 2014 at a value of 39 million USD, followed by five amendments that were signed in 2015, 2018, 2019, 2020, and 2021, bringing the total development grant offered within the framework of the agreement to about 155 million USD, El-Mashat highlighted. As per the fifth amendment, a group of activities will be executed in collaboration with the Ministry of International Cooperation and relevant authorities. (Arab Finance)
- In addition, the agreement will support the development of small- and medium-sized enterprises (SMEs) through providing access to financial services and creating jobs, as well as promoting competition in local and international markets.
It will also support the improvement of vocational-technical education and training, with a focus on hiring youth in subsectors of food production and processing. It is worth noting that the US Agency for International Development’s (USAID) portfolio in Egypt stands at over 30 billion USD since 1978, while the projects portfolio signed since 2014 records around 1 billion USD. (Arab Finance)
- Finally, the spokesperson of the Egyptian Ministry of Trade denied the issuance of any decree banning Saudi Arabian exports.
The trade ministry is keen on providing Saudi companies investing in or exporting to the Egyptian market with the required facilities. He highlighted that some Saudi companies are undergoing regularization in accordance with the registration rules of factories qualified to export to Egypt. It is worth noting that the Egyptian General Organization for Export and Import Control (Goeic) recently issued a decree suspending and canceling several companies, brands, and factories exporting goods to Egypt due to violations in registration. Commenting on the published list of companies, the Ministry of Trade and Industry said that these companies failed to submit the required documents. (Arab Finance)
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