EGX 30: 10,845 (-1.3%) weekly change, (-22.3%) YTD
Traded Value 1W Avg: EGP 636M , (+6.9%) above 90D Avg.
EGP:USD: 15.69 (-0.0%) weekly change
Ibnsina Pharma and Syndicate of Pharmacists reach an agreement to cancel boycott call and lawsuits.
As part of the mutual interest between Ibnsina Pharma and Syndicate of Pharmacists, the parties agreed that Ibnsina stops investment in “3elagi tech” which owns 3elagi application. Ibnsina’s chairman said that “the company is keen to maintain strong relations with pharmacists who are the focal point for the company and the reason for its success therefore we decided to cancel our intention to invest in this field which was announced last November”. (Company release)
CIB reports EGP 2.35B Net Income for Q320, down 26% YoY
CIB reported its Q3 2020 results with a net income of EGP 2.45B, down 26% YoY and revenues of EGP 6.65B, up 10% YoY. The results show no hole in the bank’s balance sheet after the CBE said in late October that a review had found significant issues with the bank’s credit cycle and internal controls. The bank’s bottom line would have grown 15% had CIB not taken provisions of EGP 1.6 bn (Enterprise)
Orascom Development to sell 35% of New City Housing & Development
Orascom Development Egypt’s (ODH) board has approved plans to sell the company’s 35% stake in affordable homes builder New City Housing and Development for EGP 129M. The sale would come as part of a strategy by ODH to narrow its focus on core businesses, which centers on high-end real estate including El Gouna and O West. (Company release)
EU approves Google’s USD 2.1B acquisition of Fitbit
Google now has the green light to acquire wearable maker Fitbit for USD 2.1B. In approving the deal, Google has agreed not to use Fitbit data, including GPS and health data, gathered from any user in the EU for targeted advertising for 10 years. (Techcrunch)
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FDA approves Pfizer/BioNTech and Moderna COVID-19 vaccines for emergency use.
Word of the Week
Income Statement, or P&L, is one of a company’s financial statements that shows their profit over a period of time. The profit – also referred to as net income, net earnings or the bottom line – is determined by taking all revenues and subtracting all expenses.