Earnings, Earnings, & More Earnings📈
Let’s dive right in.
CI Capital (CICH)📊 reported net profits of EGP 1.22 billion in the first nine months of 2021, a 268.9% YoY) increase compared to EGP 330.77 million.
Telecom Egypt (ETEL)📞 reported net profits of EGP 6.1 billion in the first nine months of 2021, a 72.5% YoY increase from EGP 3.53 billion.
Minapharm Pharmaceuticals (MIPH)💊 reported net profits of EGP 225.6 million in the first nine months of 2021, up by 134.8% YoY from EGP 96.1 million.
Contact Financial (CNFN)💵 reported net profits of EGP 341.92 million in the first nine months of 2021, a 69% YoY increase from EGP 202.24 million.
Misr National Steel (ATQA)🔩 reported net profits of EGP 65.74 million in the first nine months of 2021, a 244% YoY increase compared to EGP 20.24 million.
Emerald Real Estate Investment (EMRI)🏡 reported net profits of EGP 22.34 million in the first nine months of 2021, a 77% YoY increase compared to EGP 12.61 million.
Saudi Company “Brmaja” Plans to List on EGX💻
Saudi digital marketing & tech company Brmaja is holding serious talks with the FRA & other officials to begin the process of offering a 20% stake on the EGX by March 2022, according to company investment manager Ahmed Said.
More on Brmaja🧐 Headquartered in New Cairo, Brmaja owns two subsidiaries currently operating in Egypt. Brmaja IT, which operates educational, health, e-commerce platforms, & Brmaja Innovation, which provides digital systems to the banking & telecommunications sectors, & the Postal Authority.
Why is this important🤔 Brmaja wants to make Egypt its central hub. By offering a 20% stake on the EGX, Brmaja expects to raise more than EGP 400 million pounds. With the IPO funds, Brmaja plans to make several acquisitions across Africa, Dubai, & Saudi Arabia.
Startup Spotlight💡 – Rabbit Raises $11 Million in Pre Seed Round🐇
E-grocery startup “Rabbit” has closed its pre-Seed funding round of $11 million from Global Founders Capital, Foundation Ventures, Raed Ventures, MSA Capital and Goodwater Capital.
More on Rabbit🧐 Rabbit buys these five categories of items (groceries, basic fashion items, cosmetics, toys & household items) from third-party suppliers, stores them in its warehouses, adds a markup & sells through its app with a flat delivery fee for customers.
In Egypt & Africa at large, Rabbit is one of the pioneers alongside Breadfast, the latter of which recently announced that it would begin to complete deliveries in less than 20 minutes.
Why is this important🤔 Rabbit currently serves 4 districts in Greater Cairo, Mohandessin, Zamalek, Maadi, & Nasr City, with plans to expand to several major cities in the next 12 months. Rabbit expects to receive hundreds of thousands of orders per month through its expansion.
Headlines We’re Watching👀
- Apple Makes a Play for Small Businesses, Taking on Google & Microsoft
- NBK Inks EGP 850 Million Financing Deal with Madkour for Projects
EV Startup “Rivian” Stock Soars in Market Debut🚙
Electric vehicle maker Rivian, which is yet to record any significant revenue, surged on its Nasdaq debut, with an opening market value of more than $100bn, greater than General Motors & Ford. The latter of which owns a 12% stake in Rivian.
More details🧐 Rivian shares were priced at $78 for its IPO, but opened at $106.75, 37% higher than its IPO price! This is the biggest U.S. stock market debut since Faceb, sorry, Meta, went public in 2012.
Why is this important🤔 The Tesla hype is real…& apparently contagious. As economies transition to clean energy vehicles, investors are riding the wave surrounding EV companies, eager to invest in a company some believe can reproduce the kind of success Tesla enjoyed since its own IPO.
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