"Narrative Summit" Releases 2025 Recommendations to Cement Egypt's Position as a Global Tourism Destination    Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



News in brief
Published in Daily News Egypt on 15 - 02 - 2010


Egypt index up, helped by solid results
The Egyptian index benchmark inched up 0.2 percent to end at 7,019 points, helped by firms like Egypt Kuwait Holding Co. which announced improved profits.
Shares in Egypt Kuwait Holding jump 5.2 percent after the company released better-than-expected 2009 figures.
The market will curve higher ... after the good financial performance from different companies, says Sally Refaat of Cairo Capital Securities.
Heading lower, Pioneers Holding dips 3 percent following news that a court had ruled against a subsidiary of the firm in a case involving share manipulation. Pioneers said it was contesting the ruling. - Reuters
Egypt s Nasr City Housing 6-month net profit drops
Egyptian developer Nasr City Housing posted a net profit of LE 42.9 million ($7.82 million) for the period July-December, down from LE 61.7 million a year earlier, it said on Monday.
The figure implied a net profit of LE 17.9 million for the period October-December, based on Reuters calculations. That quarterly figure was below one analyst s forecast.
Investment bank CI Capital had estimated a net profit of 30.8 million pounds for the three-month period. - Reuters
Egypt signs $61 million contracts for Abu Qir power station
Egypt's ministry of Electricity and Energy signed four contracts worth a total of LE 335 million ($61 million) to carry out work at its Abu Qir power station, state run news agency MENA reported. The station, which will cost about LE 9.3 billion ($1.7 billion) consists of two steam units with a total capacity of 1,300 MW.
The OPEC Fund for International Development will lend Egypt $30 million for the project, while West Delta Electricity company, an affiliate to the Egyptian Electricity Holding Company, will raise separate funding.
The Abu Qir plant is located on the Mediterranean Sea Coast approximately 25 kilometers east of the Alexandria city.
Early this month the Egyptian government signed four new contracts worth about LE 200 million to link East Oweinat with the national electricity grid. The project will inaugurate new electricity cables with 220KV capacities from Toshka s electricity station to East Oweinat.
Egypt's five year energy plan aims to add 9,200 MW to the country's national grid, set up transformer stations and extend power lines. By the year 2027, the government aims to add 58,000 MW by investing up to $120 billion in the electricity sector. - IntelliNews
PACH records LE 85.6 consolidated net profit in 1H09/10
Pachin (PACH) announced its financial results for the first half of 2009/10, where it recorded a net consolidated profit of LE 85.6 million, compared to LE 49.9 million in first half of 2008/09, an increase of 71.6 percent year on year. The company also announced its standalone profit of LE 3.4 million compared to LE 3.3 million in the first half of 2008/09, a 3.1 percent year on year. - Egypt Stock Exchange
MCQE posted 16 percent growth in 2009
Misr Cement (Qena) released its 2009 net profits revealing a year on year growth of 16.3 percent reaching LE 352.3 million (2.5 percent increase vs. CICRe of LE 361.4 million) up from LE 302.9 million in 2008.
Although that MCQE's net results came in slightly below CI Capital estimates, CI said they are pleased with the growth exhibited in the bottom line figure. They are "confident in the top line growth and the improvement in the operating profits year on year, and reckon that they are the main factors behind the growth in the bottom line. - CI Capital
PIOH sets a private equity fund to invest in food industries
Pioneers Capital, a unit of Pioneers Holding (PIOH), will set a private equity fund to invest in food industries at $100 million. Fund establishing procedures will be completed soon while subscription will start in March, expecting to conclude acquisition deals in the second quarter of 2010. Pioneers Holding stake in the fund, which will be promoted in Gulf markets, will reach 20 percent. - Al Borsa
Egyptian Minister of Investment leads delegation to Singapore to boost investor relations
An Egyptian delegation led by Mahmoud Mohieldin, Minister of Investment is scheduled to head to Singapore on March 4 to showcase Egypt as a destination for institutional and direct investment in a half-day conference organized by Nextview Pte Ltd, a Singapore-based leading provider of real time trading tool solutions, investor education and financial conferences in Asia Pacific. This event is also co-hosted by DBS Bank and the Singapore Business Federation.
The event is spearheaded by Egypt's CI Capital. The 2nd Egypt Day Investor Conference in Singapore will feature four Egyptian listed companies, all involved in four different sectors of the economy -- financial services, cables manufacturer, oil and gas, and carpets manufacturer. Out of the four companies, three are constituents of the Egyptian Exchange s EGX 30 Index, namely Maridive Oil & Services, El Sewedy Cables and Commercial International Bank.
Other speakers will include Stephen Ho, Managing Director of DBS Bank, Maged Shawky, Chairman of the Egyptian Stock Exchange and Osama Saleh, Chairman of the General Authority for Investment and Free Zones of Egypt.
The conference aims to tighten investor links between Egypt and Singapore and other ASEAN countries through a range of issues such as the current state and trends of the Egyptian investment climate and economic plans, business framework and environment, direct investment and joint opportunities in Egypt and many more. - Al Bawaba


Clic here to read the story from its source.