{"id":564259,"date":"2021-08-19T13:39:05","date_gmt":"2021-08-19T13:39:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/19\/heikal-settles-absentia-ruling-stellar-earnings-for-orwe\/"},"modified":"2021-08-19T13:39:05","modified_gmt":"2021-08-19T13:39:05","slug":"heikal-settles-absentia-ruling-stellar-earnings-for-orwe","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/19\/heikal-settles-absentia-ruling-stellar-earnings-for-orwe\/","title":{"rendered":"Heikal settles \u2018absentia\u2019 ruling + Stellar earnings for ORWE"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>MARKET NEWS<\/strong><strong>-<\/strong> <strong>Qalaa Holdings Chairman Ahmed Heikal has settled a case involving a <\/strong><strong>single USD 4 mn <\/strong><strong>cheque<\/strong>, which saw him slapped with a travel ban <a href=\"https:\/\/enterprise.press\/issues\/2021\/06\/15\/france-wants-third-largest-source-fdi\/#tldr-story-06\">back in June<\/a>, the company said in <a href=\"https:\/\/ent.news\/2021\/8\/Qalaa-19-08-2021-1.pdf\">a regulatory filing (pdf)<\/a> today. Heikal was informed by authorities back then that he was not allowed to travel as the result of a court ruling handed down to him in absentia without him even being aware there were proceedings for him to attend (or to which to send his lawyer). The matter is now resolved, according to the filing. Qalaa shares followed the EGX down today, closing off 2.6%.<\/p>\n<p><strong>It\u2019s a not-uncommon feature of our legal landscape for verdicts to be handed down without the defendant even being notified<\/strong> that they\u2019re taking place. Verdicts issued in absentia are automatically set aside when the defendant appears and the court then re-hears the case. Legal scholars and lawmakers have for years <a href=\"https:\/\/alwafd.news\/essay\/52183\">called for<\/a> the provision to be scrapped, most recently during <a href=\"https:\/\/www.elbalad.news\/3516332\">a 2018 debate<\/a> about the overhaul of the penal code.<\/p>\n<p><strong>EARNINGS WATCH-<\/strong><\/p>\n<p><strong>Oriental Weavers saw its net income grow 461% y-o-y in 2Q2021<\/strong> to EGP 299 mn, the carpet maker reported in its <a href=\"https:\/\/ir.orientalweavers.com\/wp-content\/uploads\/2021\/08\/OW-2Q21-Earnings-Release.pdf\">earnings release (pdf)<\/a>. Sales revenues grew 57.5% y-o-y for the quarter to EGP 2.9 bn.<\/p>\n<p><strong>Amer Group saw losses to the tune of EGP 33.9 mn in 2Q2021,<\/strong> down from a bottomline of EGP 17 mn in 2Q2020, the company reported in its consolidated <a href=\"https:\/\/ent.news\/2021\/8\/Amer-Group-Earnings-19-08-2021.pdf\">financial statements (pdf)<\/a>. Revenues for the quarter declined to EGP 233.5 mn, down from EGP 386.8 mn during the same period in 2020.<\/p>\n<p><strong>MARKET ROUNDUP-<\/strong><\/p>\n<p><strong>The EGX30 fell 0.9% at today\u2019s close<\/strong> on turnover of EGP 1.9 bn (27.6% above the 90-day average). Local investors were net buyers. The index is down 0.3% YTD as of today\u2019s close.<\/p>\n<p><strong>In the green:<\/strong> Palm Hills (+1.9%), CIRA (+1.1%), and GB Auto (+0.7%).<\/p>\n<p><strong>In the red:<\/strong> Fawry (-5.0%), Speed Medical (-2.6%), and Raya (-2.5%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MARKET NEWS- Qalaa Holdings Chairman Ahmed Heikal has settled a case involving a single USD 4 mn cheque, which saw him slapped with a travel ban back in June, the company said in a regulatory filing (pdf) today. Heikal was informed by authorities back then that he was not allowed to travel as the result [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7219],"tags":[1805,832,409,633,642,1202,613],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-564259","post","type-post","status-publish","format-standard","hentry","category-go-with-the-flow","tag-ahmed-heikal","tag-amer-group","tag-earnings-watch","tag-enterprisepm","tag-go-with-the-flow","tag-oriental-weavers","tag-qalaa-holdings","wpautop","entry"],"acf":{"mongo_id":"d5367477-911f-4727-a7a1-37b6673c874b","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[564253],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Heikal settles \u2018absentia\u2019 ruling + Stellar earnings for ORWE - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/19\/heikal-settles-absentia-ruling-stellar-earnings-for-orwe\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Heikal settles \u2018absentia\u2019 ruling + Stellar earnings for ORWE\" \/>\n<meta property=\"og:description\" content=\"MARKET NEWS- Qalaa Holdings Chairman Ahmed Heikal has settled a case involving a single USD 4 mn cheque, which saw him slapped with a travel ban back in June, the company said in a regulatory filing (pdf) today. Heikal was informed by authorities back then that he was not allowed to travel as the result [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/19\/heikal-settles-absentia-ruling-stellar-earnings-for-orwe\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-19T13:39:05+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/19\/heikal-settles-absentia-ruling-stellar-earnings-for-orwe\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/19\/heikal-settles-absentia-ruling-stellar-earnings-for-orwe\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Heikal settles \u2018absentia\u2019 ruling + Stellar earnings for ORWE\",\"datePublished\":\"2021-08-19T13:39:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/19\/heikal-settles-absentia-ruling-stellar-earnings-for-orwe\/\"},\"wordCount\":315,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"Ahmed Heikal\",\"Amer Group\",\"earnings watch\",\"EnterprisePM\",\"Go with the Flow\",\"Oriental Weavers\",\"Qalaa Holdings\"],\"articleSection\":[\"GO WITH THE FLOW\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/19\/heikal-settles-absentia-ruling-stellar-earnings-for-orwe\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/19\/heikal-settles-absentia-ruling-stellar-earnings-for-orwe\/\",\"name\":\"Heikal settles \u2018absentia\u2019 ruling + Stellar earnings for ORWE - 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Qalaa said the preliminary ruling over a commercial dispute was made in absentia without the knowledge of its representatives.\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":563010,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/15\/this-morning-qalaa-chairman-ahmed-heikal-slapped-with-travel-ban-arab-league-gerd-meeting-today-nato-gets-tough-on-china-fed-meeting-starts-today\/","url_meta":{"origin":564259,"position":1},"title":"THIS MORNING: Qalaa Chairman Ahmed Heikal slapped with travel ban; Arab League GERD meeting today; Nato gets tough on China; Fed meeting starts today.","author":"enterpriseam admin","date":"15 June 2021","format":false,"excerpt":"Good morning, friends \u2014 we hope you got a good night\u2019s sleep and are looking forward to hump day. It\u2019s a busy news news morning, so let\u2019s jump right in:We have part two of our exclusive sitdown with French Finance Minister Bruno Le Maire, who signed in Cairo earlier this\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571728,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/21\/heikal-appears-on-egx-talks-to-discuss-how-covid-19-is-impacting-qalaa-holdings\/","url_meta":{"origin":564259,"position":2},"title":"Heikal appears on EGX Talks to discuss how covid-19 is impacting Qalaa Holdings","author":"enterpriseam admin","date":"21 May 2020","format":false,"excerpt":"Ahmed Heikal on EGX Talks: Qalaa chairman Ahmed Heikal sat down for the first installment of the Egyptian Exchange\u2019s EGX Talks Youtube series (watch, runtime: 18:38), which launched to keep retail investors engaged during the pandemic. Among the highlights: \u201cWe are in good shape\u201d: Qalaa\u2019s portfolio is diverse, with 46\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546194,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/qalaa-losses-narrow-in-2021\/","url_meta":{"origin":564259,"position":3},"title":"Qalaa losses narrow in 2021","author":"enterpriseam admin","date":"8 May 2022","format":false,"excerpt":"Rising revenues helped Qalaa Holdings to narrow its losses to EGP 2.3 bn in 2021 from EGP 2.6 bn the year before, according to the company\u2019s full year earnings release (pdf). Revenues rose 27% y-o-y to EGP 45.8 bn during the 12-month period on higher commodity prices and improved refining\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":626465,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/03\/earnings-watch-qalaa-holdings-revenues-rise-48-losses-narrow-54-y-o-y-in-1q2018\/","url_meta":{"origin":564259,"position":4},"title":"Earnings Watch: Qalaa Holdings revenues rise 48%, losses narrow 54% y-o-y in 1Q2018","author":"enterpriseam admin","date":"3 July 2018","format":false,"excerpt":"EARNINGS WATCH- Qalaa Holdings revenues rise 48%, losses narrow 54% y-o-y in 1Q2018: Qalaa Holdings\u2019 revenues rose 48% y-o-y in 1Q2018 to EGP 3.1 bn \u201cdue to stellar performance of its key segments, broad-based economic recovery, and a favorable regulatory environment,\u201d the company said in a regulatory filing (pdf). The\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":557239,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/qalaa-losses-ease-in-2q2021-on-stronger-revenues\/","url_meta":{"origin":564259,"position":5},"title":"Qalaa losses ease in 2Q2021 on stronger revenues","author":"enterpriseam admin","date":"12 September 2021","format":false,"excerpt":"Qalaa Holdings\u2019 losses eased to EGP 401.5 mn in 2Q2021 from EGP 712.1 mn in the same period last year, according to the company\u2019s earnings release (pdf). Revenues were up 37% y-o-y to hit EGP 10.2 bn in the April-June period, extending pandemic-era growth that saw the company\u2019s top line\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/146.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564259","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=564259"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564259\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/564253"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=564259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=564259"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=564259"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=564259"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=564259"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}