Obour Land, Emaar, & Al Baraka Bank Report Earnings📈
It’s Q3 earnings season, & Obour Land (OLFI), Emaar Misr (EMFD), & Al Baraka Bank (SAUD) have released their 9-month earnings.
OLFI🧀 recorded net profits of EGP 255.2 million in the first nine months of 2021, a 6.5% YoY increase.
EMFD🏡 reported net profits of EGP 2.8 billion in the first nine months of 2021, a 138% YoY increase.
SAUD🏦 reported net profits of EGP 1.02 billion in the first nine months of 2021, an 8.9% decrease.
Speed Medical to Open 13 New Branches🏥
Speed Medical (SPMD) announced the opening of 13 new branches, bringing the total number of company branches to 134 medical analysis laboratories.
More details🧐 SPMD partnered with Gezira Sporting Club to open an exclusive Speed Lab branch for its members for a period of 3 years. The company also agreed to provide medical analysis services for travelers & workers of several airlines, including Lufthansa, Austrian Airlines & Swiss Airlines.
Startup Spotlight💡 e-Commerce Startup ShipBlu Raises $2.4 Million💰
Y Combinator-backed startup ShipBlu has raised $2.4 million in a seed round led by Nama Ventures, according to TechCrunch.
ShipBlu business model🤷♀️ ShipBlu operates a delivery & fulfillment model. The company delivers all kinds of packages for its retailers & merchants, & charges customers per package, depending on standardized sizes, destination, & shipping speed.
As for the fulfillment side, ShipBlu stores merchants’ products in warehouses it leases, & connects with merchants’ online stores, monitoring orders through a dashboard. When orders come in, ShipBlu packs the orders from the warehouse & delivers them to the customers.
Why is this important🤔 The company plans to use the funds to grow its investment & service offering across Egypt, as ShipBlu CEO Ali Nasser hopes to expand the company’s network infrastructure to 99% of the country’s population. Notable ShipBlu competition in Egypt are companies like Flextock & Bosta.
Headlines We’re Watching👀
- E-finance’s Board Agrees to EGP 2.5 Billion Capital Increase
- EGX Approves Listing Capital Raise Shares of Sidi Kerir (SKPC)
- Middle Egypt Flour Mills (CEFM) Shareholders Approve EGP 3.25 per Share Dividend
Elon Musk is Willing to Spend $6 Billion to Fight World Hunger…if the World Food Programme can Describe How🥴
Elon Musk tweeted: “If WFP can describe on this Twitter thread exactly how $6B will solve world hunger, I will sell Tesla stock right now and do it.”
More details🧐 Musk’s statement came after U.N. World Food Programme Executive Director David Beasley challenged Musk, Amazon founder Jeff Bezos along with other billionaires in a CNN interview last week, calling on them to step up on “a one-time basis” to help end starvation.
Why is this important🤔 Musk’s net worth is estimated by Forbes to be more than $315 billion, a number that has grown dramatically in recent weeks largely due to the soaring price of Tesla shares he owns. A $6 billion donation would therefore account for ~2% of his total wealth.
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