Egypt’s corporate news: April 29
Egyptian Saudi Finance Bank (SAUD.CA) released FY2000 results ending December, in which net income almost doubled to LE14.7 million compared to LE7.6 million in FY99. The main contributor to the increase was FX gains, which tripled to LE9.3 million up from LE3.1 million in FY99. Moreover, net interest income inched up 9.2 percent to LE26.6 million versus LE24.4 million in FY99.
Nile Metallurgical Industries (NCMI.CA) posted FY2000 results ending December, in which NPAT decreased by 37 percent to LE5.1 million compared to LE8.1 million in FY99. Meanwhile, net sales fell 13 percent to LE38 million versus LE44 million in FY99.
Cairo Pharmaceuticals (CPCI.CA) announced that it has registered its shares in the central depositary system effective May 3.
The Central Bank of Egypt –CBE announced another 50 basis point cut to the discount rate from 11.5 percent to 11 percent effective April 26. It is worth noting this move comes only two weeks after the CBE's last rate cut.
Prime Securities S.A.E.
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