Misr International Bank –MIBank (MIBA.CA –MIBDq.L) released FY2000 results ending December, in which net in-come 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.
Egyptian Export Development Bank (EXPA.CA) released 1H FY2001 results ending December, in which net income increased 5 percent to LE82.7 million compared to LE78.8 million in 1H FY2000. Net interest income experienced 36.5 percent growth to LE89.3 million versus LE65.4 million in 1H FY2000. Interest income from loans and inter-bank assets increased 35.1 percent to LE302 million from LE223.5 million in 1H FY2000.
Oriental Weavers (ORWE.CA) announced FY2000 results ending December, in which
NAI recorded a 8%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 Indus-tries 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 (coupon #8) of LE6.50/share. Distribution starts March 20.
Credit International D'Egypte (CIEB.CA) approved a cash dividend of LE1.25/share in its ordinary general assembly held on March 12.
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 E1,114 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 E35.5 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.
Egyptian Gulf Bank (EGBE.CA /EGBF.CA) will hold both its ordinary and extraordinary general assemblies on March 29 to approve FY2000 results and amend the company‘s charter.
Misr Beni Suef Cement (MBSC.CA) will hold its ordinary general assembly on March 31,to approve FY2000 financial statements. It is worth noting that MBSC is constructing a 1.4-million ton production line to be operational in early 2002.
The Egyptian Company for Satellites – NileSat (EGSA.CA) announced FY2000 results ending December, in which NAI fell 22 percent to $4.5 million compared to $5.5 million in FY99.The rise of other expenses was the main reason for the plunge, representing 52 percent of revenues versus 37.3 percent in FY99. NileSat will hold both its ordinary and extraordinary general assemblies on March 29 to approve FY2000 financial statements and amend its charter to change the currency of its paid-in capital from US dollars to LE and re-register the stock in Egyptian pounds. NileSat will not distribute profits this year.
Acrow Misr (ACRO.CA) released FY2000 results ending December, in which NPAT plunged 64.8%to LE3.3 million compared to FY99's LE9.5 million. The drop came as a result of a 40.9 percent decline in sales to LE27.9 million. Other income also fell by LE16 mil-lion to LE2 million in FY2000.The company will hold its ordinary general assembly on March 27 to approve FY2000 financial statements and a suggested cash dividend of LE3/ share.
Alexandria Spinning &Weaving -SPINA-LEX (SPIN.CA) released its FY2000 results ending December, in which NAI slipped 4.2 percent to LE16.9 million compared to LE17.6 in the comparable period last year. However, revenues jumped 7.2 percent to LE150 million versus LE139.9 million in FY99, while COGS/Revenue increased to 83.6 percent versus 82.2 percent in FY99.SPINALEX will hold its ordinary general assembly on March 29 to approve its FY2000 financial statements and the suggested dividend of LE1.33/share.
Egyptian Iron & Steel (IRON.CA) will hold its ordinary general assembly on March 29 to approve its estimated budget for FY2001.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)
