August 16th, 2019 | 0 commentsEgypt’s President Abdel Fattah al-Sisi on Thursday approved an agreement with the European Investment Bank (EIB), for a EUR 350 million loan. The loan will be used for the renovation and development of the First Line of Cairo Metro, according to a statement released on the Official Gazette. In July, the Egyptian transport ministry unveile...
August 15th, 2019 | 0 commentsShuaa Capital deepened its net losses to AED 31.6 million during the second quarter of 2019, compared to AED 14.6 million in Q2-18. Revenues for the quarter levelled up by 54.4% to AED 47.5 million, from AED 30.8 million in the same period of the prior year, according to the company’s statement to the Dubai Financial Market (DFM) on Wedne...
August 15th, 2019 | 0 commentsThe profits of Dubai Islamic Insurance and Reinsurance Company (Aman), listed on the Dubai Financial Market (DFM), rose by 7% year-on-year in the first half of 2019. The company’s net profits increased to AED 7.5 million in H1-19 from AED 7 million in H1-18, Aman disclosed on Wednesday. Aman’s gross premium growth rate increased by 6% in...
August 15th, 2019 | 0 commentsB Investments Holdings’ consolidated financial statements showed a 6% year-on-year profit decline during the first six months of 2019. The company’s consolidated profit reached EGP 105.3 million in H1-19, compared to EGP 112 million in the year-ago period. Revenue went down to EGP 135.6 million from January to the end of June, from EGP 13...
August 15th, 2019 | 0 commentsFaisal Islamic Bank of Egypt reported a 14.1% year-on-year growth in its business volume, registering EGP 99.58 billion at the end of July from EGP 87.28 billion in the year-ago period. The bank’s assets surged to EGP 98.19 billion at the end of the seventh month of 2019 from EGP 85.9 billion in the same month a year earlier, according to...
August 9th, 2019 | 0 commentsEgyptian Kuwait Holding Company (EKHO) announced in a statement sent to EGX, the audited financial results for the fiscal period starting January 1, 2019, and ending June 30, 2019. The company posted consolidated net profits of $71,869,075, compared to net profits of $63,304,823 in the same period a year ago, taking into account the minor...
August 9th, 2019 | 0 commentsCI Capital Holding for Financial Investments' (CICH) Board of Director (BoD) decided to invest the USD equivalent of EGP 305 million in order to acquire Spinx BV's stake in Taleem Company's capital. CI Capital's BoD approved on April 24, 2019, acquisition of Sphinx BV's stake in Taleem's capital. It is worth mentioning that CI Capital's B...
August 9th, 2019 | 0 commentsOriental Weavers Carpet posted a 41.5% year-on-year profit hike during the first half of 2019. Net profits increased to EGP 461.83 million in the January-June period of 2019, compared to EGP 326.39 million in the prior-year period, including minority shareholders’ rights, the company said in a statement to the Egyptian Exchange (EGX) on T...
August 9th, 2019 | 0 commentsHousing and Development Bank (HDB) reported a 7.8% increase in its standalone profits during the first half of 2019. Net profits amounted to EGP 1.072 billion in the six-month period ended 30 June, compared to EGP 994 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Thursday. The bank’s deposit po...
August 9th, 2019 | 0 commentsLondon-based Capital Economics expected that the Central Bank of Egypt (CBE) will maintain the qualitative easing policy in his next meeting in August. The CBE’s Monetary Policy Committee (MPC) is expected to reduce interest rates by 100 basis points (bps), Capital Economics said, according to a report released on Thursday. The bank will...
