Orange Egypt will continue reshuffling its executive management on 1 September, the company said in a statement. Through the restructure, Orange aims to increase its operational efficiency and add experienced competent caliber in the information and communication technology (ICT) sector. The new executive management includes Maha Nagy as the company's vice president for communications and Abdul Fattah Fizi as vice president for sales, the statement added. Naeem Holding turns to profitability in Q2 Naeem Holding announced turning to profitability in the second quarter (Q2) of 2017 year-on-year, according to a bourse filing. Net profits amounted to $326,420 in Q1 2017, versus losses of $2.84 million in Q2 2016. Revenues jumped 255% year-on-year to $3.46 million in Q2 2017. Standalone profits reached $1.65 million in the first half (H1) of 2017, compared to losses of $879,650 in H1 2017. Palm Hills' Q2 profits jump 114% Palm Hills Development Company posted a 114% year-on-year hike in profits for Q2 2017, according to a bourse filing. Net profits reached EGP 137.03 million in Q2 2017 from 63.9 million in Q2 2016, after tax and minority interest. The company witnessed a 156% year-on-year growth of EGP 2.5 billion in new sales, supported by new launches in West Cairo and the North Coast. Revenues increased 48% to EGP 1.6 billion in Q2 2017 from EGP 1.08 billion in Q2 2016. In H1 2017, profits grew to EGP 349.3 million from EGP 169.3 million in H1 2016. EGX Listing Committee approves EBE capital increase The Egyptian Exchange's (EGX) Listing Committee approved raising the issued capital of the Export Development Bank of Egypt (EBE) to EGP 1.7 billion from EGP 1.4 billion, funded by statutory reserves and retained earnings. The capital increase is distributed over 28.8 million shares, with a par value of EGP 10 per each share, at one bonus share for each five shares before capital increase, according to a statement to the EGX. SAIB Q2 profits fall 87% Societe Arabe Internationale de Banque (SAIB) posted an 87% year-on-year drop in profits for Q2 2017 due to the decrease in yield on loans, according to a bourse filing. The bank achieved profits of $2.2 million in the three months ending June 2017, compared to $16.3 million in the corresponding period of 2016. In H1 2017, net profit declined 23.5% to $23.4 million, versus $30.9 million in H1 2016. Heliopolis Housing sales hit EGP 126m in June Heliopolis for Housing and Development's total sales of housing units reached EGP 125.7 million in three projects during July 2017, according to a statement. Heliopolis Housing sold housing units of EGP 113.7 million, EGP 6.7 million, and EGP 5.2 million in Masaken Sheraton, Heliopolis, and Obour City, respectively, the firm said. In June 2017, Heliopolis Housing had previously sold about EGP 136.3 million in the three abovementioned projects. Amer Group turns to losses in Q2 2017 on higher costs Amer Group Holding turned to losses in Q2 2017 due to higher cost of revenue, according to a bourse filing. The company's losses came in EGP 632,500 in the three months ending June 2017, versus profits of EGP 7.12 million in the same period last year. The cost of revenue reached EGP 334.6 million in Q2 2017 from EGP 289.6 million in Q2 2016. Revenues rose to EGP 431.3 million in Q2 2017 from EGP 414.1 million in Q2 2016. Arab Aluminum profits accelerate 7% in H1 2017 Arab Aluminum posted a 6.8% year-on-year surge in H1 2017 due to higher sales, according to a bourse filing. Net profits amounted to EGP 3.23 million in H1 2017 from EGP 3.02 million in H1 2016. Sales increased 44% to EGP 132.09 million in H1 2017, compared to EGP 91.6 million in H1 2016. ADIB Egypt H1 profits surge 78% Abu Dhabi Islamic Bank – Egypt (ADIB) reported a 78% year-on-year hike in profits for H1 2017 due to Murabaha proceeds, according to a bourse filing. The bank achieved profits of EGP 338.9 million in the six months ending June 2017 from EGP 190.7 million in the corresponding period last year. Murabaha proceeds increased 50% to EGP 1.84 billion in H1 2017 from EGP 1.22 billion in H1 2016. Ghabbour Auto turns to losses in Q2 2017 Ghabbour Auto reported net losses in Q2 2017 due to higher finance costs, according to a bourse filing. Net losses amounted to EGP 170.5 million in the three months ending June 2017, versus profits worth EGP 123.7 million in the same period last year. Finance costs reached EGP 356.3 million in Q2 2017 from EGP 146.4 million in Q2 2016. Sales increased to EGP 4.17 billion in Q2 2017 from EGP 3.92 billion in Q2 2016. Garhy Steel plans IPO in Q1 2018: chairperson Garhy Steel is planning to offer 25% of its shares on the Egyptian Exchange (EGX) during Q1 2018, chairperson Gamal El Garhy told Al Borsa newspaper. The Egyptian company hopes to raise EGP 3.6 billion needed for its $200 million pelletising plant and $250 million smelting and rolling plants. A local investment bank is managing the IPO procedures, El Garhy said, declining to share any further details. The firm aims to increase its output of billet to 1.2 million tonnes annually, which will save 80% of pig iron needs and will diminish billet imports to 300,000 tonnes annually. TMG, Kingdom Holding to develop Four Seasons Sharm El Sheikh at EGP 7bn Taalat Moustafa Group Holding (TMG) and Saudi Arabia-based Kingdom Holding Company are implementing the expansion of the Four Seasons Resort Sharm El Sheikh at a value of EGP 7 billion, compared to an estimated cost of EGP 1.6 billion in 2016. The resort's expansion is expected to be completed by 2018, adding 800 hotel rooms to reach a capacity of 1,400 hotel rooms.
