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NBD to contribute EGP220 million in co-financing to EGAS


Emirates NBD - Egypt Branch said it will contribute about EGP 220 million to a joint financing agreement worth LE 1.8 billion for EGAS.

In a statement, the bank said it was participating in the financing agreement among eight major banks to provide financing for five years while Banque du Caire was the main salary of the agreement.

According to the statement, the financing will be used by Egyas to start the newly discovered gas projects in Egypt, which include the giant gas field "noon", the largest gas discovery in the Mediterranean, and has a reserve of 30 trillion cubic feet of gas, Gas in North Damietta east of the Nile Delta.

Emirates NBD - Egypt - fully owned by the Emirates NBD Group. The Bank has more than 2,200 employees through a network of 64 branches.
Alwadi Tourism Investment Company's profits rose by 185.3% year-on-year in the first three months of this year due to investment income of its sister companies.

Earnings per share for the period amounted to 19.57 million pounds ($ 1.08 million), compared to first-quarter profit of 6.86 million pounds ($ 379.62,000), the company said in a statement on Monday.
Investment income in the first three months of 2017 was LE 20.35 million compared to EGP 8.53 million in the same period last year, an increase of 138.6%.

The growth in investment revenues boosted the profits from the contribution of sister companies Sky Light, Golden Coast and Salam Tourism to 19.4 million and 0.8 million and 40 thousand pounds respectively.
According to the company's statement, revenues for the first quarter of this year increased by 82.6% to LE 4.2 million compared to LE 2.3 million for the same period last year.

The net profit of the company during the year 2016 amounted to about 8.26 million pounds, compared to profits of 10.2 million pounds in the previous year, a growth of 19%.

The International Fertilizers and Chemicals Company (ICFC) reported first-quarter earnings growth of 99.71% compared to the same period in 2016.
According to the company's statement on Monday, the profit for the period amounted to 1.71 million pounds, compared to a profit of 856.39 thousand pounds for the first quarter of last year.

The financial statements also showed that the company's operating profit increased to EGP 3.06 million compared to an operating profit of LE 49.94 thousand during the two comparative periods.
On annual results, the company's profits jumped by 453% to LE3.3Mn compared to a profit of LE 597.1K in 2015.

International shares ended the day higher by 3.57%, at 0.87 pounds, worth 29.47 thousand pounds, through circulation of 33.6 thousand shares.

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