Egypt’s brief corporate news: February 20
Orascom Construction Industries –OCI (OCIC.CA) announced FY2000 results ending December. Net profit after minority interest and inter-companies elimination grew 46.9 percent to LE279.1 million compared to LE190.5 million. Moreover, revenues surged 34.6 percent to LE2,024 million compared to LE1,504 million. It is worth noting that OCI’s net income in 4Q FY2000 recorded LE74.6 million versus LE63.7 million in 3Q FY2000, representing 17.1 percent quarter-on-quarter growth.
OCI will hold an analyst meeting today to elaborate on the financial statements and company performance in 4Q FY2000.
Orascom Hotel Holdings -OHH (OHRC.CA) held a press conference yesterday, which outlined OHH’s plan to acquire sister company Orascom Projects and Touristic Developments -OPTD (OPTD.CA). The presentation provided the schedule for the merger as follows:
February 25 -OPTD shareholders approval on agreements
March 19 -Tender offer for OPTD shares published in newspapers
April 12 -Execution of tender offer
April 30 -Receipt of OHH shares
Orascom Projects and Touristic Developments -OPTD (OPTD.CA) released 9-month FY2000 results ending September, in which the company incurred a loss of LE10 million compared to a profit of LE19.5 million in the same period of FY99. Moreover, net revenues declined 21 percent to LE126.6 million versus LE160.3 million in the comparable period of FY99. The decline in revenues was mainly attributable to the shrinkage of income from land sales that fell 60 percent to LE14.2 million compared to LE35.7 million. The company also faced FX losses of over LE10 million and interest expense of LE26.5 million, which heavily weighed on net profit.
Nasr City Housing & Development (MNHD.CA) released 1H FY2001 results ending December, in which NPBT plummeted 41.9 percent to LE41.6 million compared to LE71.5 million in 1H FY2000. Moreover, net revenues fell 57.9 percent to LE16.2 million versus LE38.5 million in 1H FY2000.
Misr Hotels –Hilton (MHOT.CA) announced the distribution of its 1:10 stock dividend, equivalent to 300,000 shares starting March 11.
Prime Securities S.A.E.
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