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Holding Company for Spinning and Weaving is comprised of 32 subsidiary companies, including 9 cotton companies and 22 spinning and weaving companies.
The Egyptian government expands scope of exceptional tax on wealth to cover companies and corporations rather than just individuals
The bank achieved a rate of return on equity of 19% in comparison with the same period in 2013, in addition to an increase in the rate of return on assets which rose from 2.5% to 3.1%.
Reuters – Egyptian property developer Talaat Moustafa posted a first-quarter profit after tax of EGP 160.8m ($23m) on Wednesday, up 15% from a year earlier, it said in an emailed statement. Revenues fell to EGP 1.14bn from EGP 1.52bn, it said.
The Daily News Egypt reported yesterday that real estate company Sixth of October Development and Investment (SODIC) reported a net profit of 229m, however, 2013 actually ended with a net loss of EGP 447m. “The company actually made a net loss. This [229m net profit] would have been the figures if not for the take-offs,” …
Net profit rose to EGP 369.12m last year on sales up 13% at EGP 5.52bn, boosted by new designs, Oriental Weavers said in a statement.
Reuters – Bahrain-based investment company Investcorp expects 15-20% annual growth over the next five years, its chief financial officer said on Sunday after reporting a 53% increase in first-half net profit. Investcorp, which famously took luxury brands Gucci and Tiffany & Co public in the 1990s, made a net profit of $60.1m in the six …
The main driver was banks’ heavy investment in government T-bills and bonds, whose yields jumped because of the state’s worsening financial position in the wake of the February 2011 revolution which ousted President Hosni Mubarak.
Independent unit to manage small- to medium-sized projects will be launched before the end of this year
New mortgage and savings certificate products were released during the last quarter
The company warned revenue could drop to between TWD 50bn and TWD 60bn ($1.6bn and $2bn) in the current quarter to the end of September.
The Faisal Islamic Bank of Egypt stated that its profits for the first half of the current fiscal year totalled EGP 370.8m (nearly $53m), compared to EGP 283.6m during the first half of 2012.
AMIC announced its standalone financial results for the first quarter ending 31 March
Samsung hopes to sell upwards of 10 million phones within first month
Mobile tax, a new burden on the average citizen!?
Apple is expected to sell as many as 10 million of the devices in just the first days of the launch
The Central Bank of Egypt (CBE) announced Monday that Egypt’s balance of payment totalled USD eight billion during the 2011/2012 fiscal year, compared to a surplus of $571.2 million in the previous fiscal year. The decline was attributed to reduced tourism profits and the current political atmosphere in Egypt and the region. CBE reported that …
Lieutenant General Hamdy Wahiba denies El-Brince’s accusations
Washington (AFP) — If you bought Facebook shares in the May IPO and held onto them, by Monday morning you would have lost more than half your investment, and not see any encouraging signs of making your money back. Three months after the largest tech share issue ever on US markets, Facebook fell to a …
By Islam Serour Banque Du Caire’s financial operations results for the first quarter of 2012 indicate a net profit of EGP 201 million, as opposed to EGP 44.9 million by the end of 2011. According to bank officials, the achieved profit exceeded the targeted figure by 200 percent. Banque Du Caire’s General Assembly, headed by …
By Islam Serour The Egyptian General Petroleum Corporation(EGPC) announced a new bid round for 20 blocks in the areas of the Eastern and Western Deserts exploration. Total investments according Hani Dahy, Chairman of the EGPC, is estimated to amount to $8.5 billion in the 2012-2013 fiscal year. Adel Saeed, the EGPC’s Vice Chairman for Agreements, …
By Islam Serour Beltone Financial, a leading assets management company in Egypt, has formed a joint-venture company with the African asset management house Altree Capital, dubbed Altree Beltone Capital Ltd. Beltone Financial Holding, which reportedly ranked as the principal asset manager during the first half of 2012, is seeking to empower its position in the …
MOIL Egypt facing a tough fiscal position, losses $22.7 millions in the first half of 2012
Asian markets remain higher, following Germany refusal to take action towards the eurozone debt
ARES to trade 10% of its shares in NILEX
Amer Group made EGP 126.79 million net profits during the first half of 2012, a 37.1 percent decline compared to EGP 201.435 million in the same period last year. Riad Refaat, Investors Relations Manager at the company, explained that the decline in profits is understandable given the current economic circumstances, particularly in the real estate …
The Egyptian mobile company has seen decline in losses but still faces a sizable deficit.
Apple is making profits, yet less than predicted ones!