North africa news

Photo Credit: Arabianeye-Reuters
27 February 10:21 PM Egypt to apply 0.175% stamp duty on stock trades
Cairo - Mubasher: The chairman of the Egyptian Public Taxes Authority said on Monday that they conducted a study regarding applying stamp tax to the stock market trade. The study resulted in reaching the rate of 0.175% on both the buyer and …
Photo Credit: Arabianeye-Reuters
27 February 08:23 PM Pharos places underweight recommendation on Ezz Steel
Cairo - Mubasher: Pharos Research initiated their coverage on Al Ezz Dekheila Steel with an Overweight recommendation and on Ezz Steel with an Underweight recommendation, according to a report issued on Monday. The research firm also set the FV …
(Photo Credit: Arabianeye-Reuters)
27 February 08:09 PM S&P expects GCC commercial borrowing to fall to $75bn
  Mubasher: Standard & Poor’s said in a new report that it expects long-term gross sovereign commercial borrowing for the six member states in the GCC to decline to $75 billion in 2017, from $105 billion in 2016. Sovereign commercial debt with an …
(Photo Credit: Arabianeye-Reuters)
27 February 06:20 PM Rakta seeks to trim losses to EGP 24m in 2017-2018
Cairo – Mubasher: Rakta Paper Manufacturing on Monday said that its board has approved the proposed budget estimate for the fiscal year 2017-2018, which targets a reduction in losses by 19.52%. The board aims to trim the company’s net losses to …
Photo Credit: Arabianeye-Reuters
27 February 04:30 PM General Company for Silos profits rise 74% in January
Cairo - Mubasher: General Company for Silos and Storage saw an increase in profits by 73.59% in January, according to the company’s statement to the Egyptian Exchange (EGX) on Monday. Profits reached EGP 10.52 million in January compared to EGP …
The project will produce 300,000 tonnes of wheat - (Photo Credit: Arabianeye-Reuters)
27 February 04:23 PM Al Dahra to launch phase 2 of Toshka project in 2018
By: Amr Adel Dubai - Mubasher: The chief executive government officer of Al Dahra Agricultural Holding, Sulaiman Al Nuamei, said that his company intends to begin working on the second phase of its project to reclaim 70,000 feddans in Toshka in …
The board members approved the share split (Photo Credit: Mubasher)
27 February 04:21 PM NBK Egypt’s board proposes capital hike
Cairo – Mubasher: The board of the National Bank of Kuwait – Egypt (NBK Egypt) has recommended increasing the issued capital to EGP 1.5 billion, by distributing bonus shares. The general assembly will hold a meeting to overview raising the …
The Egyptian Exchange (Photo credit: Mubasher)
27 February 03:55 PM EGX30 down 2% at close on foreign, Arab sales
Cairo – Mubasher: The EGX30 index of the Egyptian Exchange (EGX) ended Monday’s session falling by 2% or 245.9 points to the level of 12,023.93 points. Similarly, the EGX70, EGX100, and EGX50 indices fell 1.48%, 1.33%, and 2.08%, respectively. …
Pharos also set the stock target price at EGP 7.40 - (Photo Credit: Arabianeye-Reuters)
27 February 03:47 PM Pharos maintains GTH 'Overweight' recommendation
Cairo - Mubasher: Pharos Research maintained their "Overweight" recommendation on the stock of Global Telecom Holding, with a target price (TP) valuation range of EGP 7.40 to EGP 10.60 depending on tower sale proceeds, according to a recent …
Trump needs to lay out a clear plan regarding trade and tax policies - (Photo Credit: Arabianeye-Reuters)
27 February 02:05 PM Stock investors await Trump's speech to Congress
By: Mahmoud Gamal Mubasher: Investors are anticipating the US president's address to a joint session of Congress on Tuesday, with expectations of a big impact on the business environment in the US. Financial analyst at ForexTime (FXTM) Hussien …
(Press release photo)
27 February 01:32 PM Egypt, Croatia trade exchange reaches 175m euros in 2016
Cairo – Mubasher: The volume of trade exchange between Egypt and Croatia rose 25.8% in 2016 to 175 million euros ($185 million), compared to 139 million euros ($147 million) in 2015. During his meeting with the Croatian ambassador to Cairo, Darko …
(Press release photo)
27 February 01:15 PM NBK-Egypt Q4 profits decline 46%
Cairo – Egypt: The National Bank of Kuwait in Egypt (NBK-Egypt) said Monday that its profits for the fourth quarter of fiscal year 2016 rose 45.7% to EGP 189.19 million from EGP 129.85 million for Q4-15. Net profits for fiscal year 2016 reached …
(Press release photo)
27 February 01:01 PM Egypt plans investment conference in Red Sea governorate
Cairo – Mubasher: Egypt's investment and international cooperation minister Sahar Nasr said Monday that the ministry plans to hold an international investment conference in the Red Sea governorate to promote investment opportunities there. During …
(Photo credit: Arabianeye - Reuters)
27 February 12:54 PM Cairo Educational Services 2016 profits fall 11%
Cairo – Mubasher: Cairo Educational Services said Monday that its profits for fiscal year 2016 declined 10.7% to EGP 6.26 million from EGP 7.01 million for FY15. The company’s board approved a proposal to distribute cash dividends of 30 piasters …
(Photo credit: Arabianeye - Reuters)
27 February 12:30 PM Suez Canal Technology 2016 profits down 46%
Cairo – Mubasher: Suez Canal Company for Technology Settling’s profits for fiscal year 2016/2017 fell 45.6% to EGP 65.63 million, compared to EGP 120.61 million for FY15/16, according to a bourse filing. The company’s stock was last traded at EGP …
(Photo credit: Arabianeye - Reuters)
27 February 12:22 PM Trans Oceans suffers losses in Q4
Cairo – Mubasher: Trans Oceans Tours posted on Monday a net loss of EGP 470,500 for the fourth quarter of fiscal year 2016, compared to net profits of EGP 2.57 million in Q4-15. The company suffered losses worth EGP 444,400 in fiscal year 2016, …
The Egyptian Exchange (Photo credit: Mubasher)
27 February 12:17 PM ICID turns profitable in Q4
Cairo – Mubasher: The International Company for Investment and Development (ICID) reported on Monday a net profit of EGP 685,000 for the fourth quarter of fiscal year 2016, compared to net losses of EGP 691,000 for Q4-15. Profits for 2016 grew …
Profits for FY16 increased 93.33% (Photo credit: Arabianeye - Reuters)
27 February 11:57 AM Al Baraka Bank profits rise 121% in Q4
Cairo – Mubasher: Al Baraka Bank – Egypt posted on Monday a rise of 120.6% in its profits for the fourth quarter of fiscal year 2016 to EGP 124.5 million, versus EGP 56.43 million for Q4-15. Profits for fiscal year 2016 increased 93.33% to EGP …
Palm Hills’ consolidated profits for 2016 decreased 17.2% (Photo credit: Company's website)
27 February 11:54 AM Palm Hills OGM approves 2016 financials
Cairo – Mubasher: Palm Hills Development Company said Monday that its ordinary general meeting (OGM) has approved the financial statements for fiscal year 2016. Furthermore, the OGM adopted the board and auditors report of the year which ended on …
The Egyptian Exchange (Photo credit: Mubasher)
27 February 11:37 AM Egypt bourse opens in red
Cairo – Mubasher: The benchmark EGX30 index of the Egyptian Exchange (EGX) shrank 0.10% or 12.5 points to the level of 12,257.36 points on Monday. By 10:23am Cairo time, the EGX70 index dropped 0.47% to 481.33 points, and the EGX100 declined 0.32% …
(Photo credit: Arabianeye - Reuters)
27 February 11:37 AM Arab Polvara turns profitable in 2016
Cairo – Mubasher: Arab Polvara Spinning and Weaving posted on Monday a net profit of EGP 45.05 million for fiscal year 2016, against a net loss worth EGP 93.26 million for FY15. The company attributed the turn to profitability to the sale of a …
(Photo credit: Arabianeye - Reuters)
27 February 11:16 AM AMIC shareholders to discuss annual dividends 19 March
Cairo – Mubasher: Arab Moltaqa Investments Company (AMIC) said Monday that it will hold its ordinary general meeting (OGM) on 19 March to discuss distributing cash dividends of EGP 1 per share for fiscal year 2016. The OGM will also look into the …
Consolidated net profits for FY16 rose 1,840% (Photo credit: Arabianeye - Reuters)
27 February 11:11 AM Global Telecom Q4 profits fall 4%
Cairo – Mubasher: Global Telecom Holding’s consolidated net profits for the fourth quarter of fiscal year 2016 declined 4.3% to $35.4 million, versus EGP 37 million for Q4-15. Consolidated net profits for FY16 rose 1,840% to $194 million from $10 …
Annual losses shrank 47.6% to EGP 733,500 (Photo credit: Arabianeye - Reuters)
27 February 11:07 AM Gulf Canadian annual losses decrease 47.6%
Cairo – Mubasher: Gulf Canadian Real Estate Investment reported on Monday losses worth EGP 717,200 for the fourth quarter of fiscal year 2016, compared to profits of EGP 1.6 million for Q4-15. Annual losses shrank 47.6% to EGP 733,500 from EGP …
Previous QIIB shareholders' meeting (Photo Credit: Mubasher)
27 February 11:07 AM QIIB opens new bank in Morocco
Doha – Mubasher: Qatar International Islamic Bank (QIIB) announced the launch of a new bank with a capital of MAD 600 million ($57.8 million) in Morocco, according to a bourse filing.  QIIB will be opened in partnership with local lender Credit …