Egypt’s corporate news: April 1, 2001
NIRAB (UNAR.CA) announced FY2000 results ending December, in which NAI plunged 64 percent to LE8.8 million compared to LE24.4 million in FY99.The NAI drop came on the back of a 66.6 percent increase in non-operating expenses to LE51.7 million versus LE31 million in FY99. Revenues rose 7 percent to LE183 million from LE171.4 million in FY99. However, COGS/Revenue increased to 97 percent versus 93 percent in FY99. UNAR will hold its ordinary general assembly on April 15 to approve FY2000 financial statements. The board of directors has suggested that the company not distribute a dividend this year.
Delta International Bank (DIBK.CA) held its ordinary general assembly on March 27, which approved a cash dividend of LE1.75/share.
Acrow Misr (ACRO.CA) held its ordinary general assembly on March 27, which approved distribution of a cash dividend of LE3.50/share, up from the board of directors’ suggested dividend of LE3/share.
The Central Bank of Egypt announced the acceptable bids for its 91-day T-Bill auction, from which 27 out of 22 bids were accepted with a total face value of LE443 million. The annual interest rate ranged between 9.065 percent and 9.132 percent with an average of 9.105 percent.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)