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Correction: SODIC registers EGP 477m net loss in 2013

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,” …

Sara Aggour

Bahrain’s Investcorp eyes extended growth after profit leap

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 …

Daily News Egypt

CBE reports EGP 11.3billion balance of payment deficit

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 …

Islam Serour

Facebook at half-price: which way now?

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 …

Daily News Egypt

Banque Du Caire scores EGP 201 million in Q1

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 …

Daily News Egypt

The EGPC issues new bid round for 20 blocks

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, …

Daily News Egypt

Beltone Financial forms joint-venture with Altree Capital

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 …

Daily News Egypt

Amer Group’s profits slump in first half

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 …

Daily News Egypt

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