Morning Bulletin March 31 2016- Jazira Capital.pub

THE MORNING BULLETIN

JAZIRA SECURITIES BROKERAGE

Thursday, March 31, 2016

Corporate News

Corporate News TE to obtain EGP1.5 bn dividends from Vodafone-Egypt The ordinary meeting of Telecom Egypt (ETEL.CA) decided to settle a dispute with 44.5%-owned Vodafone-Egypt by binding the latter to pay out cash dividends at a minimum of EGP3.34 billion (US$375 million). Out of the decided amount, the landline operator will receive EGP1.5 billion (US$168 million). By this settlement, Vodafone International will drop its lawsuit against Vodafone-Egypt over the use of Vodafone trade mark. Moreover, the settlement entailed maintaining trademark application fees unchanged at 0.7% for the period started from 1 April 2008 to 31 March 2016, gradually increasing by 1.75 from April 2019 to 21 January 2022. (Mist News)

Egysacom annual profits down 74.6% in FY15 Egypt- South Africa for Communication (ESAC.CA) posted a 74% decline in 2015 profits, indicators of financial results showed. The company’s profits after tax decreased to EGP510,400 in 2015 from EGP2 million a year earlier. Moreover, Egysacom registered EGP12 million revenues in 2015, compared with EGP31.7 million for 2014. (Mist News)

General News CBE to issue EGP291bn T-bills, bonds in 4Q FY16 The total treasury bills and bonds to be issued by Egypt’s central bank dur-

Heliopolis Housing to inject EGP550 mn investments in FY16 ing the fourth quarter of 2015/2016 amount to EGP 291 billion, up 17% year The board of Heliopolis Company for Housing and Development (HELI.CA) approved the investment plan for the fiscal year 2016/17. The value of the year-ahead plan is set at EGP500 million for residential and land development. The company has established projects worth EGP331.8 million in New Heliopolis, Al Oubor, Sheraton area, and other areas. Earlier, the company announced it plans to reestablish the fourth district in its project New Heliopolis at total cost of EGP400 million. In a related development, Heliopolis Housing said it signed a contract with Sixth of October for Development (SODIC.CA) to develop real estate project, with expected returns of EGP30.35 billion.

-over-year from EGP249 billion, said the Ministry of Finance. The Central Bank of Egypt will issue treasury bills and bonds at EGP247 billion and EGP44.25 billion respectively in the fourth quarter, the ministry added. The Egyptian government issues T-bills and bonds to fund the state budget deficit that is estimated to reach EGP251.5 billion, or 8.9% of GDP, in 2015/16, against EGP279.4 billion a year earlier. (CBE)

Egypt's BOP deficit hits new high in 1H FY16

Egypt's balance of payments deficit rose 240% to US$3.4 billion in the first half of 2015/16, up from US$1.0 billion for the year-ago period, said the Central Bank of Egypt-CBE in a press release. BOP deficit increase resulted from a rise in the current account deficit to US$8.9 billion during the first Eastern Tobacco target EGP1.35 bn profits in FY16 six month of 2015/16 from US$4.3 billion a year earlier, CBE said. The Egypt’s cigarette maker Eastern Company (EAST.CA) said the board of current account deficit is ascribed to the state 1H FY15 trade deficit that directors approved budget estimate for the fiscal year 2016/17, with stood at US$19.5 billion against US$20.4 for the same period last year, CBE projected EGP1.35 billion profits. The target earnings are 35% higher added. Merchandise export rate also dropped 26% to US$9.1 billion, versus year-over-year from estimated EGP1 billion for 2015/16. The cigarette US$12.3 billion. Egyptian Workers' remittance fell by 10.6%. Likewise, maker also targets to pay EGP34 billion to the state public treasury in tourism revenues declined by 32.5% year-over-year to US$2.7 billion from 2016/17, versus EGP31 billion within the current fiscal year US$4 billion. The net inflow of the capital and financial account reached (Mist News) US$9.2 million, compared to US$772 million last year. In addition, direct foreign investments increased to US$3.1 billion from US$2.6 billion, Domty annual profits jump 355% backed by an increase in net inflows for making investments or raising Arabian Food Industries (DOMT.CA) saw a leap by 355.4% in 2015 net capitals. Meanwhile, portfolio investment in Egypt saw a slide to US$1.6 profits, consolidated financial statements revealed. Domty’s annual net billion from US$2.1 billion for the year-ago period. In the first quarter of profit jumped to EGP128.7 million (US$14.5 million), from EGP28.3 2015/16, BOP deficits settled at US$3.7 billion, while the surplus reached million (US$3.2 million). The board of directors proposed freezing divi- US$410 million for the year-ago period. (Mubasher) dends for 2015. (Mubasher)

(EGX)

Raya Holding profits jump 110% in 2015 Raya Holding for Technology and Communications (RAYA.CA) posted an increase by 110% in 2015 consolidated profits for the fiscal year 2015. The company’s consolidated profits for 2015 jumped to EGP103.8 million from EGP49.4 million a year earlier. Meanwhile, the company’s unconsolidated profits for 2015 rose to EGP76.5 million from EGP45.6 million in 2014. (EGX)

Crude Oil (Light)

38.89

▼1.1

Gold

1,231

▲0.2%

Euro/US$

1.1334

▲0.4%

International Indices (One Day Change)

Dow

17,717

▲0.5%

FTSE100

6,169

▲0.5%

Nikkei 225

16,759

▼0.7% MSCI Global

1,250

▲0.5%

S&P 500

2,064

▲0.4%

CAC 40

4,409

▼0.8%

HANG SENG

20,718

▼0.4% MSCI Emerg.

834

▲2.4%

NASDAQ

4,869

▲0.5%

DAX

9,998

▼0.5%

Shanghai

3,144

▲0.1% MCSI Asia

129

▲0.8%

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GDRs (Previous day close)

USUS$


% Change

COMIq.L

3.58

▼3.2

ETELq.L

3.50

-

HRHOq.L

1.95

▲1.0

OTMTq.L

0.61

-

Money Market (latest available)

Rate

Inflation Rate (Feb. 2016)

9.13%

Overnight deposit Rate

10.75%

Overnight lending Rate

11.75%

91TB

13.217%

266 TB

14.260%

Overnight Interbank

11.09%

Corporate Calendar Company

RIC

Date

Event

Details

Mohandas Insurance

MOIN

9/3/2016 (Rec. Date)

Stock Dividend

1:3 stock dividend (Dis. Date 17/3/2016)

Egypt Starch &Glucose

ESGI

14/3/2016 (Rec. Date)

Cash Dividend

EGP0.820/Share (Dis. Date 17/3/2016)

Cairo Poultry

POUL

14/3/2016 (Rec. Date)

Cash Dividend

EGP0.50/Share (Dis. Date 17/3/2016)

Arab Ceramics –Arasmco

CERA

21/3/2016

AGM

Approve FY15 financial results.

Sinai Cement

SCEM

23/3/2016

AGM


Egyptian Gulf Bank

EGBE

23/3/2016

AGM & EGM

Misr Beni Suif Cement

MBSC

26/3/2016

AGM

Mansoura Poultry

MPCO

26/3/2016

AGM & EGM

Delta Sugar

SUGR

26/3/2016

AGM


Credit Agricol Egypt

CIEB

31/3/2016

AGM

Approve FY15 results & EGP1.96/share cash dividend.

AMOC

14/4/2016 (Dis. date)

Cash Dividend

EGP2.0/Share second installment (Rec. Date was 11/10/2015)

AMOC

Approve FY15 financial results & stock dividend distribution. Approve FY15 financial results.

Approve FY15 financial results & amending main articles.

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