Egyptian corporate news: March 22

Published March 22nd, 2001 - 02:00 GMT

Alexandria Cement (ALEX.CA) announced FY2000 results ending December, in which NPAT fell sharply by 81.7 percent to LE7 million compared to LE38.6 million in FY99. The huge drop in NPAT came as a result of many reasons. Revenues slipped 3.2 percent to LE176.7 million versus LE182.6 million in FY99, while COGS/Revenue slightly improved to 77.1 percent versus 77.9 percent. However, ALEX is still the most inefficient cement producer due to its four wet kilns that incur high operating costs.  

 

SG&A increased 25.2 percent to LE16.4 million compared to LE13.1 million while interest expense increased from none to LE6.6 million, as long term debt jumped 25 percent to LE338.8 million versus LE269.7 million in FY99 to finance its new dry kiln. Investment income dropped to LE529 thousand compared to LE9.6 million influenced by the non distributed earnings from the company’s holdings in Suez Cement. It is worth noting that ALEX is currently constructing its fifth production line (dry) which is expected to be finished in late 2001 with designed capacity of 1.5 million tons. 

 

The company will hold its ordinary general assembly on April 5 to approve FY2000 financial statements and a suggested 1:5 stock dividend. 

 

Alexandria Commercial & Maritime Bank (MART.CA) posted FY2000 results ending December, in which NAI decreased 54 percent to LE25.9 million in FY2000 compared to LE47.7 million in FY99. Net interest income fell 24 percent to LE28.8 million from LE37.8 million in FY99. Customer deposits increased 1 percent to LE1.2 billion compared to LE1.1 billion, while net loans declined 3 percent to LE960 million versus LE989 million, bringing net loans to deposits to 83 percent, down from 86 percent. 

 

Provisions increased 1 percent to LE7.4 million versus LE7.3 million. MART will hold its ordinary general assembly on April 7 to approve FY2000 financial statements and a suggested dividend of LE15/share. 

 

Amereya Pharmaceutical Industries (ARPP.CA) will distribute a cash dividend (coupon #12) of LE4.00/share starting April 1. 

 

The US Federal Reserve announced its decision yesterday to cut short-term interest rates by 50 basis points. Investors who had hoped for a 75 basis point cut reflected their disappointment in a late day sell off in very high volumes, signaling that the market may not yet have hit bottom. The Dow Jones Industrial Average fell 2.39 percent or 238.35, to 9,720.76, while the NASDAQ Composite Index finished the day 4.8 percent lower or 93.74 points, at 1,857.44, pushing it back below the 1,900 mark, its lowest point in over two years. 

 

Prime Securities S.A.E.  

 

© 2001 Mena Report (www.menareport.com)

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