CAIRO: Egyptian real estate developer SODIC said on Tuesday it fell to a net loss last year, when the industry was thrown into turmoil by challenges to state land sales and a mass uprising.
SODIC, the country's third-biggest listed developer, (...)
CAIRO: Egyptian bank EFG-Hermes reported a 63 percent drop in 2011 net profit on Sunday as the economic fallout from uprisings across the Middle East pushed down brokerage, investment banking and asset management revenue.
Net income before (...)
CAIRO: Egypt's stock exchange briefly suspended trade in EFG Hermes shares on Tuesday but resumed dealing after the investment bank issued details about its Chief Executive Yasser El-Mallawany, who faces a travel ban.
The shares were trading down (...)
CAIRO: The chairman of Beltone Financial is to sell his 20 percent stake in the Egyptian investment bank to Arabiyya Lel Estithmaraat (AIC), the stock exchange said on Wednesday.
Egyptian investment firm AIC was already building a stake in (...)
CAIRO: Egyptian garment marker El Nasr Clothing & Textiles Co (Kabo) reported a wider net loss for the first quarter, the bourse said on Tuesday.
Net loss for the quarter was LE 5.65 million ($938,700), compared with a loss of LE 1.25 million in (...)
CAIRO: Real estate firm Egyptian Resorts narrowed its losses in the third quarter of 2011 as revenue grew from its utilities business, the firm said on Tuesday.
Egyptian Resorts, which makes most of its money selling land to developers, reported (...)
CAIRO: Egypt's Misr Cement Qena said on Sunday its nine-month net profit fell 16 percent from a year earlier.
Net profit fell to LE 263.7 million ($44.2 million) from LE 313.9 million in the first nine months of 2010, it said in a statement (...)
CAIRO: Developer Egyptian Resorts (ERC) plans to launch its delayed Sawari project in the second quarter of 2012, the firm's chief executive officer said on Wednesday.
ERC, taking a hit from political turmoil after president Hosni Mubarak was (...)
CAIRO: Egypt's Oriental Weavers, the world's biggest machine-woven carpet maker, expects 5-6 percent growth in net profits in 2012 as oil prices stabilize and it expands into new export markets, a company official said on Monday.
The firm also (...)
CAIRO: Egypt's Eastern Company posted a net profit of LE 631 million ($105.9 million) for the full year to the end of June, down 26 percent from a year earlier, the stock exchange said.
The cigarette monopoly made net profit of 850.4 million (...)
CAIRO: Orascom Construction Industries (OCI), Egypt's biggest listed firm, said on Thursday it planned to buy back 440,000 treasury shares on the bourse, or their equivalent in global depository receipts (GDRs).
In a statement to the Cairo stock (...)
CAIRO: The head of Egypt's stock exchange said on Monday that the dividends of listed companies will be exempted from new taxes proposed by the government in its 2011/12 budget.
"We reached an agreement to exempt companies listed on the bourse (...)
CAIRO: Egypt's Orascom Telecom (OT) chairman on Thursday ruled out Russia's Vimpelcom succeeding in talks over dispute with the Algerian government over its Djezzy unit.
The long-running dispute over Djezzy, OT's biggest single source of revenue, (...)
CAIRO: Egypt's Misr Cement Qena posted an 11 percent drop in 2011 first quarter net profit to LE 103.7 million ($17 million), the stock exchange said on Wednesday.
The firm is one of the first to report first quarter results, which analysts have (...)
CAIRO: Egyptian property developer Nasr City Housing posted a 1.3 percent decline in unaudited net profit for its first six months of its financial year, on weak sales, the firm said on Sunday.
The formerly state-run company, now about 30 (...)
CAIRO: An Egyptian judicial panel ruled on Tuesday that a state land sale to Palm Hills Development, Egypt's second biggest listed developer, was illegal and should be scrapped.
Palm Hills Development was the second company to face such a ruling, (...)
CAIRO: Egyptian group El Sewedy Electric said on Sunday that the strife in Libya had forced it to postpone a $65 million cable manufacturing plant it planned to build in Tripoli.
Sewedy, the Arab world's biggest listed producer of cables used in (...)
CAIRO: Egypt's Arabiyya Lel Estithmaraat investment firm said on Sunday it agreed to pay LE 320 million ($55.4 million) for a majority stake in the historic Omar Effendi department store chain.
Egypt had sold the chain to Saudi Arabia's Anwal for (...)
Egypt's fast food group Mo'men plans to sell 40 percent of its shares in an initial public offering (IPO) in late 2012, its chairman said, a rare potential offering on a bourse that has had just one IPO in two years.
Mohammad Mo'men told Reuters (...)
CAIRO: Egypt's Misr Aswan Tourism said on Sunday its shareholders agreed to scrap a land sale contract with the country's second-biggest listed property firm, Palm Hills Developments, and return money from the sale.
Egyptian President Hosni (...)
CAIRO: Egypt's Talaat Moustafa (TMG) said on Wednesday the government had given commitments to respect its contracts, a day after a court upheld a ruling that could threaten the real estate firm's flagship project.
TMG stock had slid 11.7 percent (...)
CAIRO: Real estate firm Egyptian Resorts said on Sunday its board of directors agreed to take back a piece of land the company had sold for about $11 million after the buyer failed to meet some sale requirements.
The firm, which makes most of its (...)
CAIRO: A $62 million acquisition by Egypt's Pioneers Holding of investment bank Beltone Financial has been scrapped after the two sides failed to agree on a strategy for the merged firm, the parties said on Sunday.
Under the plan, announced in (...)