{"id":564749,"date":"2021-02-24T13:47:59","date_gmt":"2021-02-24T13:47:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/24\/vodafones-bee-and-masary-acquisitions-confirmed-elsewedy-electrics-sees-net-profits-fall-25-in-2020\/"},"modified":"2021-02-24T13:47:59","modified_gmt":"2021-02-24T13:47:59","slug":"vodafones-bee-and-masary-acquisitions-confirmed-elsewedy-electrics-sees-net-profits-fall-25-in-2020","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/24\/vodafones-bee-and-masary-acquisitions-confirmed-elsewedy-electrics-sees-net-profits-fall-25-in-2020\/","title":{"rendered":"Vodafone\u2019s Bee and Masary acquisitions confirmed, ElSewedy Electrics sees net profits fall 25% in 2020"},"content":{"rendered":"<p><strong>The EGX30 rose 0.2% at today\u2019s close<\/strong> on turnover of EGP 1.59 bn (8.7% above the 90-day average). Local investors were net buyers. The index is up 5.44% YTD.<\/p>\n<p><strong>In the green: <\/strong>MM Group (+11.6%), Orascom Development Holding (+2.6%) and Cleopatra Hospital (+2.0%).<\/p>\n<p><strong>In the red: <\/strong>Fawry (-3.9%), Sodic (-2.4%) and Orascom Investment Holding (-2.1%).<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>ANALYST CORNER- News of Vodafone Egypt <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/42db6645-da56-49c4-a284-ed39e05306b4\">acquisition<\/a><\/strong><strong> of a 20% stake in each of Bee <\/strong><strong>and Masary has analysts going long<\/strong> on shares of all listed companies involved. B Investments and MM Group \u2014 who are joint venture partners in Ebtikar, itself the parent company of <a href=\"https:\/\/bee.com.eg\/en\/\">Bee<\/a> and <a href=\"https:\/\/www.e-masary.com\/\">Masary<\/a> \u2014 in particular have seen their shares jump 33% and 20% respectively since the beginning of the month, which is likely to continue as <strong>Ebtikar looks towards an IPO<\/strong>, according to Prime Research. MM Group saw its shares climb 11.6% to EGP 12.60 at the close of trading, while B Investments saw shares go up 1.4% to EGP 16.94.<\/p>\n<p><strong>This would have a knock on effect on the other side of the transaction<\/strong>, Vodafone Egypt (and consequently) Telecom Egypt, Prime says. What\u2019s exciting them is the potential for synergies that could see Vodafone open the African markets to Bee and Masary. Telecom Egypt shares rose 1.9% to EGP 11.58.<\/p>\n<p><strong>One stock that could be hit by this is Fawry, says Prime.<\/strong> \u201cThe Vodafone partnership could be viewed as a competitive risk to Fawry which has until recently been the major player in the e-payment market,\u201d it said in its research note.<\/p>\n<p><strong>What the sell-side of the acquisition <\/strong><strong>are<\/strong><strong> saying: <\/strong>Both <a href=\"https:\/\/ent.news\/2021\/2\/MM-Group-Vodafone-Bee-Masary-Acquisition-EN.pdf\">MM Group (pdf)<\/a> and <a href=\"https:\/\/ent.news\/2021\/2\/B-Investments-Vodafone-Bee-Masary-Acquisition.pdf\">B Investments (pdf)<\/a> issued bourse filings confirming yesterday's reports in the local press, while providing little else by way of new details. Key details rehashed include:<\/p>\n<ul>\n<li>Vodafone will acquire the stakes through a capital increase.<\/li>\n<li> Ebtikar confirmed that it is looking to up its stake in Bee to 80% by acquiring the stake held by software services company Techno Beez<\/li>\n<li>The companies will begin the due diligence process, which is expected to take around three months.<\/li>\n<li>Advisers: Zaki Hashem & Partners is advising Ebtikar, while Alliance Law Firm is providing counsel to Vodafone on the transaction.<\/li>\n<\/ul>\n<p><strong>OVER TO BANKING- <\/strong>where the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d7420e90-5525-412d-b387-055a9c82e644\">CBE\u2019s mandate<\/a> that banks raise micro, small, and medium enterprises\u2019 share of their loan portfolios to 25% from 20% is expected to have a strong positive impact on banking stocks, Beltone Financial\u2019s research arm said in a note today. The smart policy will increase the traditional banking sector\u2019s penetration in the market with access to new customers, which will reflect positively on their toplines, said Beltone. It is issuing a buy recommendation for almost all major bank stocks with a hold on CIB and the Egyptian Gulf Bank.<\/p>\n<p><strong>EARNINGS WATCH- Elsewedy Electric saw its net profit after minority interest decline 1% <\/strong><strong>y-o-y in 4Q2020 to EGP 1.3 bn, <\/strong>the company said in an <a href=\"https:\/\/ent.news\/2021\/2\/El-Sewedy-4Q20-Earnings-Release-E-Final.pdf\">earnings statement (pdf)<\/a>. Revenues for the quarter saw a substantial increase of 24% y-o-y, buoyed by a 20.1% y-o-y increase in the company\u2019s turkey projects segment in FY2020 to EGP 22.7 bn. Despite the segment contributing a larger share to the company\u2019s top-line (49% from 45% in 2020), revenues for FY2020 fell 1% y-o-y to EGP 46.4 bn, on the back of the challenging pandemic year which caused disruptions. This comes as topline from the meters, transformers, and wires and cables segments saw declining revenues for the year. Consequently, net profits for FY2020 declined 25% y-o-y to EGP 3 bn.<\/p>\n<p><strong>2021 is the comeback year: <\/strong>The company adapted to the disruptions caused by the pandemic through improving operational efficiencies and controlling expenses growth. This was achieved through more stringent corporate governance systems and automating a number of business activities. Management believes that these measures will set up the company for a return to growth in FY2021. \u201cAs global economic conditions continue to normalize, Elsewedy will work to further expand its footprint into new markets and is working to identify opportunities for profitable investment,\u201d the company said.<\/p>\n<p><strong>Misr Cement Qena reported a 39% y-o-y surge in net profits in FY2020<\/strong> to EGP 23 mn compared to EGP 16.5 mn the previous year, according to a <a href=\"https:\/\/ent.news\/2021\/2\/Press-Release-Misr-Cement-Co-Qena.pdf\">press release (pdf)<\/a>.<\/p>\n<p><strong>Heliopolis Housing reported a net loss of EGP 84.6 mn in the first six months of FY <\/strong><strong>2020-2021<\/strong>, compared to a EGP 351 mn profit in the same period a year earlier, according to the company\u2019s <a href=\"https:\/\/ent.news\/2021\/2\/Heliopolis-Housing-earnings-FY2020-21-H1.pdf\">earnings release (pdf)<\/a>. This was caused by a collapse in the company\u2019s revenues, which plunged almost 90% to just EGP 77.9 mn, compared to EGP 732.4 mn in 1H FY2019-2020.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The EGX30 rose 0.2% at today\u2019s close on turnover of EGP 1.59 bn (8.7% above the 90-day average). Local investors were net buyers. The index is up 5.44% YTD. In the green: MM Group (+11.6%), Orascom Development Holding (+2.6%) and Cleopatra Hospital (+2.0%). In the red: Fawry (-3.9%), Sodic (-2.4%) and Orascom Investment Holding (-2.1%). [&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":[140,139,2515,409,152,633,642,1759,3554,1851,595,142],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-564749","post","type-post","status-publish","format-standard","hentry","category-go-with-the-flow","tag-b-investments","tag-bee-smart-payment-solutions","tag-bpe-partners","tag-earnings-watch","tag-elsewedy-electric","tag-enterprisepm","tag-go-with-the-flow","tag-masary","tag-misr-cement-qena","tag-mm-group","tag-non-banking-financial-services","tag-vodafone-egypt","wpautop","entry"],"acf":{"mongo_id":"355a289e-2f8b-45cf-8247-2c5ff90b10f3","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[564743],"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>Vodafone\u2019s Bee and Masary acquisitions confirmed, ElSewedy Electrics sees net profits fall 25% in 2020 - 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\/02\/24\/vodafones-bee-and-masary-acquisitions-confirmed-elsewedy-electrics-sees-net-profits-fall-25-in-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vodafone\u2019s Bee and Masary acquisitions confirmed, ElSewedy Electrics sees net profits fall 25% in 2020\" \/>\n<meta property=\"og:description\" content=\"The EGX30 rose 0.2% at today\u2019s close on turnover of EGP 1.59 bn (8.7% above the 90-day average). 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Vodafone will acquire the stakes through a capital increase. The acquisition comes\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/347.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546009,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/20\/vodafone-egypt-acquires-10-stake-in-bee-and-masary-setting-the-record-straight-on-an-arco-ashry-steel-tieup\/","url_meta":{"origin":564749,"position":1},"title":"Vodafone Egypt acquires 10% stake in Bee and Masary + setting the record straight on an Arco-Ashry Steel tieup","author":"enterpriseam admin","date":"20 April 2022","format":false,"excerpt":"Vodafone Egypt makes first stake buys in Bee + Masary: Vodafone Egypt has acquired 10% stakes in e-payment platforms Bee and Masary, subsidiaries of non-banking financial services (NBFS) provider Ebtikar, according to a disclosure (pdf) filed to the EGX yesterday by Ebtikar parent company B Investments. The telecoms giant \u2014\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/338.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":615386,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/18\/vodafone-egypt-gets-cbe-approval-to-up-stake-in-fintech-platform-basata\/","url_meta":{"origin":564749,"position":2},"title":"Vodafone Egypt gets CBE approval to up stake in fintech platform Basata","author":"enterpriseam admin","date":"18 February 2024","format":false,"excerpt":"Vodafone acquired its existing 10% stake in the firm in 2022","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/1615.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564041,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/04\/vodafone-egypt-wraps-up-due-diligence-on-bee-masary\/","url_meta":{"origin":564749,"position":3},"title":"Vodafone Egypt wraps up due diligence on Bee, Masary","author":"enterpriseam admin","date":"4 August 2021","format":false,"excerpt":"Vodafone Egypt completes due diligence on Bee + Masary: Vodafone Egypt has wrapped up its due diligence on e-payments platforms Bee and Masary, subsidiaries of non-banking financial services (NBFS) player Ebtikar, an unnamed source at Ebtikar told Enterprise this morning, confirming earlier reports in the local press. The telecoms giant\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/362.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":628133,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/26\/ebtikar-acquires-33-7-stake-in-masary\/","url_meta":{"origin":564749,"position":4},"title":"Ebtikar acquires 33.7% stake in Masary","author":"enterpriseam admin","date":"26 June 2018","format":false,"excerpt":"M&A WATCH- Ebtikar acquires 33.7% stake in payments outfit Masary: Ebtikar for Financial Investment, a joint venture between B Investments and MM Group, acquired a 33.7% stake in e-payments firm Masary in a transaction worth EGP 130 mn, Ebtikar said in a statement on Monday (pdf). The transaction on Masary,\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":560972,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/21\/ebtikar-now-holds-80-of-bee-rx-healthcare-has-a-egp-1-bn-ma-pipeline\/","url_meta":{"origin":564749,"position":5},"title":"Ebtikar now holds 80% of Bee + Rx Healthcare has a EGP 1 bn M&#038;A pipeline","author":"enterpriseam admin","date":"21 March 2021","format":false,"excerpt":"Ebtikar now holds 80% of Bee after acquiring an additional 20% stake in the company held by software services company Techno Beez. The EGP 40 mn transaction officially closed yesterday, Al Mal reports, citing unnamed sources. Ebtikar, which already held a 60% stake in Bee before the transaction, is now\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564749","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=564749"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564749\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/564743"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=564749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=564749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=564749"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=564749"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=564749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}