Ibn Sina hires Beltone to manage IPO on EGX Ibn Sina Pharma plans to offer part of its shares on the Egyptian Exchange (EGX) by the end of 2017, Ibn Sina's managing director Amr Abdel Gawad told Al Borsa news. The pharmaceutical firm hired Beltone Financial Holding to manage its stake sale, or initial public offering (IPO), on the stock exchange, as the registration procedures are scheduled to begin before the end of 2017, said Abdel Gawad, adding that no date has been set for the actual offering or the targeted proceeds. The offering will be in the form of a partial exit for some shareholders, including the European Bank for Reconstruction and Development (EBRD), and will involve a capital hike to finance the company's expansion plans, Abdel Gawad highlighted. Misr Cement to raise capital through IPO Misr Cement–Qena's ordinary general meeting (OGM) last week has approved an issued capital increase to EGP 600 million from EGP 301.23 million, according to a bourse filing. The firm stated that the capital increase will be allocated in favour of the senior shareholders and granting them the initial public offering (IPO) rights separately from the original stock. Misr Cement's capital stands at EGP 298.7 million distributed over 29.8 million shares. NBK Egypt Q2 profits rise 80% The National Bank of Kuwait–Egypt (NBK) posted an 80% year-on-year hike in profits for the second quarter (Q2) of 2017 on the back of a growth in returns from loans, according to a bourse filling. The bank's profits amounted to EGP 397.13 million in the three months ending June 2017, up from EGP 220.8 million in the corresponding period of 2016. In the first half of 2017, NBK Egypt's profits surged 78% to EGP 726.6 million from EGP 407.4 million in the first half (H1) of 2016. Edita's Q2 profits plummet 85% on higher sales costs Edita Food Industries logged an 85.3% year-on-year drop in profits for Q2 2017 due to a higher cost of sales. In the three months ending June 2017, the firm achieved profits of EGP 7.05 million, down from EGP 48.09 million in the corresponding period of 2016, according to a bourse filing. Meanwhile, Edita's sales grew to EGP 611.6 million in Q2 2017 from EGP 550.2 million in Q2 2016. The Egyptian food company achieved standalone net profits of EGP 16.66 million in H1 2017, versus EGP 47.74 million in H1 2016. Eastern Company annual profits rise 18% boosted by higher sales Eastern Company said that its annual profits rose 18.4% on the back of increasing sales. The company achieved EGP 1.74 billion from July 2016 to June 2017, compared to EGP 1.47 billion in the same period in the previous year, according to a statement to the Egyptian Exchange (EGX). Profits amounted to EGP 450 million in the three-month period ending March 2017, compared to EGP 271 million in the corresponding period in the previous year. Juhayna Q2 profits hit EGP 27m Juhayna Food Industries posted an 8.5% year-on-year rise in profits for Q2 2017 due to higher expenses and increased cost of sales, according to a bourse filing. The company achieved profits of EGP 27.28 million in the three months ending June 2017, versus EGP 29.82 million in the corresponding period of 2016. The sales of the Egyptian company hit EGP 1.57 billion in Q2 2017 from EGP 1.33 billion in Q2 2016, while the cost of sales increased to EGP 1.13 billion from EGP 955.8 million. Oriental Weavers Q2 profits rise 22% Oriental Weavers Carpet reported a 22% year-on-year surge in profits for Q2 2017 due to an increase in sales, according to a bourse filling. In the three months ending June 2017, the company achieved profits of EGP 217.4 million from EGP 177.9 million in the corresponding period of the year before. Heliopolis Housing annual profits decline 13% Heliopolis Company for Housing and Development posted a 12.9% year-on-year drop in profits in fiscal year 2016/2017, according to a bourse filing. The firm achieved profits of EGP 348.8 million in the fiscal year ending June 2017 against EGP 400.6 million in the corresponding period of the year before. Saudi Egyptian Investment Q2 profits leap 68% Saudi Egyptian Investment and Finance reported a 68.4% year-on-year hike in profits, according to a statement. The firm achieved profits of EGP 7.11 million in the three months ending June 2017 from EGP 4.22 million in the corresponding period of 2016.
