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GB Auto said on Monday its second-quarter net profit surged 92 percent to LE 77.7 million ($13.7 million), exceeding analyst forecast. The firm, Egypt’s biggest listed automobile assembler, said net profit was LE 40.4 million in the same quarter a year earlier. Investment bank EFG-Hermes had forecast the firm’s net profit at LE 71 million, …
Suez Cement, posted a 1.9 percent fall in its audited first-half net profit to LE 653.8 million ($115.2 million), it said on Tuesday. Suez, Egypt’s largest listed cement company and a subsidiary of Italcementi, had last month reported an unaudited consolidated first-half net profit for 2010 of LE 766 million. The company did not explain …
Egypt’s biggest listed property developer Talaat Moustafa Group’s (TMG) net profit rose 5.6 percent in the second quarter of 2010, less than an average forecast from analysts. The firm made a net profit of LE 338.3 million ($59.59 million) in the quarter, up from LE 320.5 million a year earlier, according to a bourse statement. …
Dairy and juice maker Juhayna Food Industries, which debuted on Egypt’s stock exchange in June, more than tripled first-half net profit, the exchange said on Tuesday. The firm, which carried out Egypt’s first initial public offering since 2008, made profit of LE 100.4 million ($17.71 million), up from LE 29.1 million the previous year, the …
Egypt’s High Administrative Court delayed a ruling on the appeal of Talaat Moustafa Group’s (TMG) Madinaty land deal case until Sept. 14, the presiding judge said on Tuesday. A lower court ruled in June that the New Urban Communities Authority (NUCA), a body under the ministry, broke the law when it sold the land directly …
CAIRO: Urban consumer inflation in Egypt was steady at 10.7 percent in the 12 months to July, the state-run CAPMAS statistics agency said on Tuesday but prices jumped on a monthly basis. The urban consumer price index – Egypt’s most closely watched indicator of prices – was 151.2 versus 136.6 a year ago, the agency …
CAIRO: Airbus is on track to secure orders for over 50 aircraft in the Middle East and North Africa this year as the industry recovers from a dismal 2009, a senior executive at the European planemaker said. Business with airlines in the region has been picking up since last year when the global economic downturn …
Egypt-based private equity firm Citadel Capital said on Monday a company in which it is an investor had secured $2.6 billion in financing for a refinery project in the Cairo area. The Egyptian Refining Company, in which Citadel said it had a stake of more than 8 percent, signed the loan to finance construction of …
Egyptian real estate company Palm Hills said on Sunday it had given a company that sold it land in southern Egypt until mid-September to return money from a cancelled deal or it would take legal action. Palm Hills bid to buy the 238 feddan (247 acre) plot of land in Aswan from Misr Aswan Tourism …
KUWAIT: Kuwait’s logistics firm Agility on Sunday confirmed that US prosecutors have moved to dismiss fraud indictments against its subsidiary, Agility Holdings. Agility, formerly Public Warehousing Co, K.S.C. (PWC) was dropped from supplying food to the US Army in Iraq, Kuwait and Jordan after being accused of overcharging the military. The company held contracts worth …
DUBAI: United Arab Emirate’s based Crescent Petroleum, largest shareholder in Dana Gas, said Iran did not cancel a 25-year gas supply contract it had signed with the National Iranian Oil Co (NIOC). Last week, Iranian media reported that the contract had been canceled, quoting an official from NIOC. "The Iranian official’s statement appears to have …
Egypt’s Alexandria Cotton Exporters’ Association (Alcotexa) committed to sell 1,199.5 tons of cotton in the week that ended on August 7, an Alcotexa official said on Sunday. The sale comprised 350 tons of Giza 70, 477 tons of Giza 88, 350 tons of Giza 86 and 22.5 tons of Giza 80, the official said. The …
Revenue from Egypt’s Suez Canal rose 5.9 percent to $406.2 million in July, a state website showed on Sunday. Revenue in June was $383.7 million. The waterway is a vital source of foreign currency in Egypt, along with tourism, oil and gas exports and remittances from Egyptians living abroad.
Egyptian real estate firm Palm Hills Developments said on Sunday demand for homes in Egypt helped fuel the firm’s highest ever reservations of new units in the second quarter, despite a dip in its bottom line. Palm Hills said a new financing and advertising campaign also helped it sell LE 1.75 billion of new reservations, …
Egypt will not raise local wheat prices or cut bread subsidies after a Russian wheat export ban sent world prices soaring, a government minister was quoted as saying by a state newspaper on Sunday. Egypt said on Sunday it had sent a letter to the Russian trade minister requesting rescheduling delivery of 540,000 tons of …
CAIRO: Egyptair, Egypt’s flagship carrier and one of Africa’s largest airlines, aims to boost full-year profit nearly a third, rebounding from a global economic downturn, an executive said on Sunday. "We are making a profit," said Hussein Massoud, chairman and chief executive officer of the EgyptAir holding company. "We are planning to see more this …
CAIRO: Egypt’s benchmark index ended almost flat at 0.3 percent lower, led by heavyweight Orascom Telecom (OT) and Orascom Construction. "Heavyweight stocks are down as investors are selling to make profit following the market gains of last week," said Mina Iskander of investment bank EFG-Hermes. OT lost 1.5 percent and Orascom Construction 1 percent. Egypt’s …
CAIRO: Egypt plans to start an international bidding process this year for its first nuclear energy plant, Electricity and Energy Minister Hassan Younes told state-run Al-Ahram newspaper. The Arab world’s most populous country is aiming to shift away from oil and gas to other sources and has said it wants to build four nuclear power …
CAIRO: Egypt’s main state wheat buyer said on Thursday he would seek an additional 60,000 tons of wheat per month to make up for any shortfall after Moscow said it was temporarily banning grain exports. Egypt is the world’s largest wheat importer and the government has signed contracts for the purchase of 540,000 tons of …
CAIRO: Egypt’s main stock index added 1.6 percent by the close, after the Talaat Moustafa Group’s court case was postponed and Orascom Telecom said its Algerian accounts have not been frozen. Talaat Moustafa gained 0.9 percent. The firm, which is the country’s biggest listed developer, is challenging a ruling that a land sale deal agreed …
DUBAI: Dubai’s Mashreq, the bank owned by the billionaire Al Ghurair family, is pursuing growth in North Africa hoping to tap the business flow between that region and the United Arab Emirates, an executive said. The lender is betting on Egypt and Libya, where it is still in the race to obtain a banking license, …
KUWAIT: Kuwaiti telecom firm Zain said it received $295.4 million from India’s Bharti Airtel as part of the sale of its African assets. In June, Zain and Bharti closed a $9 billion deal for the Kuwaiti firm’s African assets excluding Sudan and Morocco. Zain had received $7.87 billion after the closing, and said it would …
The Egyptian pound strengthened for a seventh day as foreign investors continued to switch funds into Egyptian equity and fixed income, traders said. Several transactions worth $50 million each were made early in the session, one dealer said. The Egyptian pound is also being supported by demand from Gulf Arab tourists, who have been flocking …
Egypt’s net foreign reserves rose to $35.28 billion in July, from $35.22 billion a month earlier, the Central Bank of Egypt said on its website on Thursday. In July 2009, net foreign reserves came in at $31.63 billion.
SINGAPORE: Taiwan’s Formosa Petrochemical Corp sold nearly 2.0 million barrels of Oman crude for August loading in the spot market after a blast forced it to shut its refinery in late July, trade sources said on Thursday. The company declined to comment on the deal and it was not immediately known who the buyers were. …
Egyptian sanitary ware and ceramics maker Lecico posted a decline in second-quarter revenue and net profit on Thursday, hit by costs from a fire at one of its export warehouses. Lecico exports a third of its sanitary ware including toilets and sinks and has a significant presence in Britain and France. It said continued weakness …
National Societe General Bank (NSGB), Egypt’s second biggest private bank by assets, said second quarter net profit jumped 28 percent, coming in at the high end of analyst forecasts. Net profit rose to LE 323.1 million ($56.8 million) from a restated LE 252.6 million in the second quarter of 2009. Three analysts had forecast an …
DOHA: Industries Qatar will be in focus on Thursday after its second-quarter results beat analysts’ forecasts. The Gulf’s second-largest chemical producer by market value made a second-quarter net profit of 1.4 billion riyals ($384.7 million). Analysts polled by Reuters had expected an average quarterly profit of 1.16 billion riyals. "The strong half-yearly net profits can …
MANAMA: The outlook for Bahrain’s banking system remains negative as more losses loom mainly due to exposure to local and regional real estate, rating agency Moody’s said on Thursday. The agency said in a statement it expected non-performing losses to rise and that "the severity and timing of real-estate-related losses (was) still uncertain". Bahraini retail …
KUWAIT: Trading in Kuwait’s logistics firm Agility was halted on Thursday on a media report that U.S. prosecutors were going to drop fraud charges against it. The bourse did not mention the report in its brief statement, but Al-Watan daily quoted the Middle East Economic Digest (MEED) magazine as saying the company said U.S. prosecutors …
