Egypt: Weekly corporate News
Al-Ahram Beverages Company (PYBR.CA –PYBRq.L)–ABC released its twelve-month FY2000 results ending December, in which net income increased 10 percent to LE112.876 million up from LE102.528 million in FY99. Revenues showed a substantial 15 percent increase to LE349.5 million compared to LE303.4 million for the same period in FY99.
Non alcoholic beer saw a significant increase in both volumes and value by 22 percent and 5 percent, respectively, versus results for the comparable period last year.
Egyptian American Bank –EAB (EABK.CA) announced FY2000 results ending December. Despite the notable 32 percent jump in net interest income to LE185.9 versus LE140.9 in FY99, NAI fell 30.2 percent to LE64.5 million compared to LE92.5 million in FY99. This drop was mainly attributed to the higher provisioning which almost doubled in value to record LE87.8 million versus LE43.9 million in FY99. General and administrative expense also contributed to the decline in NAI, having increased 18 percent to LE114.2 million versus LE96.7 in FY00.
Net loans edged 4.2 percent lower to LE3.3 billion compared to LE3.4 while deposits edged up 8.9 percent to LE5 billion versus LE4.6 billion in FY99. Suggested coupon for FY2000 is LE4.53/share.
Suez Canal Bank (CANA.CA) reported FY2000 results ending December, in which NAI reached LE89.3 million,6.6 percent lower than FY99’s LE95.6 million. Net interest income dropped 3 percent to LE171.2 million in FY2000 from LE176.2 million in FY99.
The lower Net interest income came on the back of 14 percent higher interest expense. Net loans jumped 9 percent to LE5,889 million, whereas customer deposits also increased by 10 percent to LE7,541 million.
CANA’s suggested dividend is LE 2/share. The bank will hold its ordinary general assembly on March 24 to approve FY2000 financial statements.
aic (AICR.CA) announced that distribution of its 0.8:1 stock dividend equivalent to 16 million shares starts March 15. Record date is March 14.
Industrial Engineering & Enterprises Co -IEEC (IEEC.CA) will distribute a cash dividend (coupon #4) of LE2.50/ share starting March 15.
Arab Banking Corporation -Egypt (AAFR.CA) will hold its ordinary general assembly on March 31,2001 to approve FY2000 financial statements.
Aventis Pharma (HOEC.CA) will hold its ordinary general assembly on March 22 to approve FY2000 financial statements.
The Holding Company for Food Industries has announced the offering of 40%of Starch &Yeast Company to the public. Another 10 percent stake will be offered to the company’s ESA.
The Central Bank of Egypt announced the acceptable bids for its 91-day T-Bill auction, from which 40 out of 51 bids were accepted with a total face value of LE413.400 million. The annual interest rate ranged between 9.031 percent and 9.165 percent with an average of 9.100 percent.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)