June 20th, 2018 | 0 commentsAl Ahli Bank of Kuwait – Egypt (ABK) reported a 58% year-on-year surge in net profit for the first quarter of 2018, recording EGP 109 million. Operating income grew by 25% in the three-month period ended last March to EGP 287 million as compared with the prior-year period, the bank said in a statement. Deposits of clients rose by 18% year...
June 19th, 2018 | 0 commentsIndia's Indoreama Ventures, which specializes in petrochemical production, completed an agreement with India's Donsry for the purchase of the Egyptian-Indian company for the production of polyester. Indoreama said in a statement on Monday that it entered into a partnership agreement with Donsri Petrochem for the acquisition of Egyptian- T...
June 18th, 2018 | 0 commentsSuez Canal’s revenues have increased 11.5% in the fiscal year 2017/2018 which has not ended yet, compared to the previous fiscal year. Revenues of passing through the canal amounted to $5.585 billion during the fiscal year 2017/2018, compared to $5.008 billion in the year-ago period, according to a statement by Suez Canal Authority (SCA)....
June 17th, 2018 | 0 commentsTalaat Moustafa Group Holding (TMG Holding) has achieved a year-to-date sales of EGP 11 billion. The property developer has generated EGP 5.6 billion in sales from its project Celia in the New Capital, the company said in a filing to the Egyptian Exchange (EGX) on Thursday. Estimated sales are projected to rise by EGP 1 billion to EGP 1.5...
June 14th, 2018 | 0 commentsThe extraordinary general meeting (EGM) of Pioneers Holding Company for Financial Investment has agreed to raise the company’s issued and paid-up capital to EGP 4.68 billion from EGP 3.6 billion. The EGM has approved a capital increase of EGP 1.08 billion to be distributed over 216.1 million shares at a nominal value of EGP 5 per share, t...
June 13th, 2018 | 0 commentsEgyptian Chemical Industries (Kima) has pumped around EGP 7.8 billion into the nitrogen fertilisers’ project to produce ammonia and urea by natural gas in the Upper Egypt governorate of Aswan at the end of May. The Egyptian producer of petrochemicals will invest another EGP 3.8 billion of the project’s total cost of nearly EGP 11.6 billio...
June 11th, 2018 | 0 commentsMadinet Nasr Housing and Development (MNHD) will repay an EGP 1 billion loan for the Commercial International Bank (CIB) to finance T-Zone in two years and nine months. The property company will settle the loan from the project’s cash flows after the grace period ends and the completion of the project, MNHD said in a filing to the Egyptia...
June 10th, 2018 | 0 commentsArab Contractors Company (ArabCo) said its joint venture with Suez, a French-based utility company which operates largely in the water treatment and waste management sectors, has won a €50-million ($58.3 million) deal from the Egypt government for the revamping of a wastewater treatment plant in Alexandria, Egypt. The contract was awarded...
June 8th, 2018 | 0 commentsExport Development Bank of Egypt’s (EBE) is seeking to raise profits by 26% year-on-year according to its estimated budget for the fiscal year 2018/2019. The Egypt-based lender eyes posting a profit of EGP 850.16 million in the coming fiscal year, compared to EGP 675.3 million it plans to generate in the current fiscal year, according to...
June 7th, 2018 | 0 commentsEgypt-based Heliopolis Company for Housing and Development is holding negotiations with a local bank to secure an EGP 1 billion loan in the second half of 2018. Discussions of the facility, that will be injected into completing the firm's real estate projects, reached to advanced phases, a source told Enterprise. The source further noted...
