North Cairo Mills profits soars 163% in FY16/17 The financial indicators of North Cairo Flour Mills showed a rise in profits by 163% year-on-year in fiscal year 2016/2017, according to a bourse filing. The company said in a statement to the Egyptian Exchange (EGX) that profits amounted to EGP 66.7 million compared to EGP 25.4 million for the year before. Samcrete turns to losses in 2016 Samcrete Misr reported net losses of EGP 11.3 million for fiscal year (FY) 2016 against profits of EGP 19.18 million in 2015, as shown by the company's financial statements. Samcrete said in a statement to the Egyptian Exchange (EGX) that foreign exchange losses totalled EGP 111.9 million last year compared to EGP 18.75 million in the year before. Delta Sugar H1-17 profits up 466% Delta Sugar reported a 466% year-on-year hike in profits for the first half (H1) of 2017, according to a bourse filing. The company achieved profits of EGP 350.6 million in the six months ended June 2017 from EGP 61.9 million in the corresponding period of the year before. The sales of the company rose to EGP 1.4 billion in H1 2017 from EGP 955 million in H1 2016. General Company for Silos profits rise 20% in FY16/17 General Company for Silos and Storage posted a 20.4% year-on-year surge in profits for FY 2016/2017, according to a bourse filing. The firm achieved a net profit of EGP 70.16 million in the fiscal year ending June 2017 from EGP 58.24 million in the prior period. Net revenues dropped to EGP 549.6.6 million in the period between July 2016 and June 2017, while sales reached EGP 609.6 million. Abu Qir Fertilizers profits jump 119% Abu Qir Fertilizers posted a 119% year-on-year hike in profits for FY 2016/2017 on foreign exchange gains, according to a bourse filing. The firm achieved a net profit of EGP 2.23 billion in the fiscal year ending June 2017 from EGP 1.02 billion in the prior fiscal year. The company's revenues amounted to EGP 6 billion from July 2016 to June 2017, versus EGP 3.9 billion in the same period of the year before. Banks approve lower interest rates on Palm Hills loans Palm Hills Development (PHD) announced concluding its negotiations with lending banks to reduce the applied interest rates on the firm's existing debts. The applied interest rate on the syndicated medium-term loan of EGP 2.4 billion and the syndicated medium-term loan of EGP 750 million will be lowered from 3.25% to 1.75%, and from 2.9% to 1.9%, respectively, over the corridor lending rate. Rooya files for EGX listing Rooya Group for Investment has filed its listing documents to the Egyptian Exchange (EGX), according to a statement. The company aims at offering its stock on EGX, after obtaining the approval of the main shareholder, Pioneers Holding Company for Financial Investment. Pioneers' board of directors recently approved the listing of Rooya Group on the EGX. Pioneers owns a controlling stake of 60% of Rooya's shares, which it acquired for EGP 1.2 billion in March 2015. Alexandria Portland Cement turns to losses in H1 2017 Alexandria Portland Cement reported a 112% year-on-year plunge in profits for H1 2017, despite higher sales, according to a filing bourse. The Egyptian company's losses amounted to EGP 192.61 million in the first six months ending June 2017 from of EGP 90.74 million in the corresponding period of 2016. Consolidated sales rose to EGP 1.4 billion in H1 2017, versus EGP 1.14 billion in H1 2016. Misr Chemical Industries turns to losses in FY16/17 Misr Chemical Industries reported losses of EGP 20.8 million in FY 2016/2017 versus profits of EGP 29.005 million for the year before, as shown by the company's financial statements. The company said in a statement to the EGX on Sunday that revenues declined to EGP 158.1 million in FY 2016/2017 down from EGP 169.6 million in the previous year. Kima profits jump 130% in FY 2016/2017 The financial statements of Egyptian Chemical Industries (Kima) showed a surge in profits by 130% for FY 2016/2017 on the back of a rise in sales. Profits amounted to EGP 231.3 million between July 2016 and June 2017, compared to EGP 100.5 million for the same period in the year before, the company said in a statement to the EGX. Credit Agricole H1 profits surge 49% amid higher interest revenue Credit Agricole – Egypt posted a 49% year-on-year hike in profits for H1 2017 due to higher net interest income. The bank achieved profits of EGP 941.6 million in the six months ending June from EGP 630.2 million in the same period of the year before. The bank's interest income grew to EGP 2.23 billion in H1 2017 from EGP 1.46 billion in H1 2016.
