Egypt’s corporate news: March 29, 2001
Orascom Construction Industries (OCIC.CA) announced that it will hold its FY2000 general assembly on April 10,2001. The GA will cover the year’s performance and amend financial results. Sinai Cement (SCEM.CA) held its ordinary GA yesterday, which approved FY00 financial statements. Dr. Hassan Rateb, chairman of Sinai Cement, announced that the production line is now operating at full capacity after its experimental operation in January 2001. It is worth noting that SCEM capacity currently stands at 1.4 million tons.
Egyptian Saudi Finance Bank (SAUD.CA) will hold both a GA and EGA on April 19, to approve its financial statements and to amend the bank's charter. Egyptian Glass Company (EMGL.CA) announced the distribution of coupon #1 of LE12.00/share starting April 5. Record date is April 4.
Cairo Housing & Development (ELKA.CA) posted FY00 results ending December in which NPAT fell 8.8 percent to LE5.8 million compared to LE6.4 million in the previous comparable period. Despite the slow down in the real estate market ELKA managed to more than double its net sales to LE41.3 million. However, COGS/Revenue increased to 95.5 percent compared to 86.0 percent, which has placed pressure on gross profit pushing it downwards to LE1.9 million compared to a LE2.7 million figure last year. The company will hold its GA on April 8 to approve its financial statements.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)