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Mena for Touristic and Real Estate Investment (share price: EGP 4.38, earnings per share: EGP 0.43, FY/07) has announced according to a statement sent to the “CASE” that the company is currently preparing for the establishment of 200 housing units project in New Cairo, with a total investment cost of EGP 700.0 million (US$ 127.3 million). Moreover, the company is also preparing for establishment 2000 units for youth housing projects in 6th of October City, with a total investment cost of EGP 200.0 million(US$ 36.4 million).
Egyptian Company for Mobile Service- Mobinil (share price: EGP 146.86, earnings per share: EGP 18.25, FY/07) has announced the distribution of EGP 3.62 per share as cash dividend for shareholders of record date January 1st, 2008 and the distribution date will be on January 8th, 2008.
Shorouk for Modern Printing and packaging (share price: EGP 13.7, earnings per share: EGP 2.07, FY/07) has announced its 9M preliminary financial statement result for the period ending September 2008. Net profit has slashed by 35.7%, recording EGP 14.6 million (US$ 2.6 million), down from EGP 22.7 million (US$ 4.1 million) in the comparable period.
Steel producers and importers agreed on unifying steel prices and stabilizing the ex-factory prices for the second consecutive month in a row to stand at EGP 3,800 per ton for both local steel as well as the imported one. This action was taken to help steel importers compensating their previous losses, where the global steel prices came at EGP 2,800 leaving them a luring profit margin. However, the Egyptian steel demand remains very strong in face of the decline in global markets, as the global steel rebars average selling prices reach US$ 435 per tone, while the average billet prices record US$ 365 per tone.
INERTIA RESEARCH |
