Egypt’s corporate news: March 12

Published March 12th, 2001 - 02:00 GMT

Misr International Bank –MIBank (MIBA.CA –MIBDq.L) released FY2000 results ending December, in which net income plunged 19.9 percent to LE204.85 million compared to LE255.75 million in FY99. The bottom line fell in spite of a 1.6 percent increase in net interest income to LE250.3 million versus LE246.3 million in FY99. Interest income from loans and inter-bank assets increased 17.4 percent to LE808.7 million from LE689.0 million in FY99.  

 

Oriental Weavers (ORWE.CA) announced FY2000 results ending December, in which NAI recorded a 8 percent rise to LE121.5 million compared to LE112.6 million in FY99.The NAI growth came on the back of a 14.8 percent increase in revenues to LE629.6 million versus LE548.3 million in the comparable period last year. In the meantime COGS/Revenue improved to 61.9 percent versus 62.4 percent in FY99. ORWE will hold its ordinary general assembly on March 24 to approve FY2000 financial statements and a suggested dividend of LE3/share.  

 

Egyptian International Pharmaceutical Industries Company -EIPICO (PHAR.CA) announced that it will distribute its long awaited 17.1:1 stock dividend approved in its EGA held on April 4,2000. The company’s paid-in capital will increase from LE42 million to LE721.24 million distributed over 72.124 million shares. Distribution starts March 26.Record date is March 25. 

 

Amereya Cement (AMRI.CA) released FY2000 results ending December, in which NAI inched 4 percent higher to LE143.2 million compared to LE137.7 million in FY99. However, AMRI’s NPAT came in at LE160.4 million versus LE153.9 million in FY99. Revenues grew 4.3 percent to LE471.2 million versus LE451.5 million during FY99, as the company dispatched 2.6 million tons of cement versus 2.5 million tons in FY99.COGS/Revenue remained stable at 56 percent. AMRI held its ordinary and extraordinary general assemblies on March 8,which approved FY2000 financial statements and a cash dividend of LE6.50/share. 

 

Delta International Bank (DIBK.CA) disclosed FY2000 results ending December in which, NAI increased 17 percent to LE90.3 million compared to LE77.3 million in FY99. Net interest income surged 19.8 percent to LE86.5 versus LE72.2 million in FY99. Net loans increased 5.1 percent to LE1,114 million versus LE1,059 million, while customer deposits remained almost unchanged at around LE1.3 billion. DIBK will hold its ordinary general assembly on March 27 to approve FY2000 financial statements and a suggested dividend of LE2.26/share. 

 

United Bank of Egypt (DKBA.CA) posted FY2000 results ending December, in which NAI surged 66 percent to LE35.5 million compared to LE21.4 million in FY99. In addition, net interest income dropped 21.3 percent to LE33 million from LE42 million in FY99. 

 

Prime Securities S.A.E.  

© 2001 Mena Report (www.menareport.com)

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