MISR NATIONAL STEEL - ATAQA
ATQA
Companies InvestmentsNeutral News
El Wehda Industrial Sells Off EGP 100M Stake in Ataqa Amid Profit Surge
El Wehda Industrial reduces stake in Ataqa with EGP 100M share sale as company reports rising profits but declining revenues.
January 22, 2024 at 9:59:00 AMScore: 85
El Wehda Industrial Development has reduced its ownership in Misr National Steel (Ataqa) to 91.56% from 93.22%, divesting 20 million shares for EGP 99.94 million at EGP 4.99 per share. The transaction, facilitated by Commercial International Brokerage Company on 18 January 2024, marks a strategic shift. Ataqa’s 9M-23 results reveal a net profit surge to EGP 593.57 million (vs. EGP 115.50 million in 9M-22) despite a revenue dip to EGP 1.71 billion (from EGP 1.99 billion). Basic EPS climbed to EGP 0.49 from EGP 0.09.
Recommended Actions
- Monitor Ataqa's stock for post-sale price stability
- Analyze revenue trends before considering entry
- Track institutional investor behavior post-divestment
- Compare EPS growth against sector benchmarks
- Review broker reports for updated price targets
Positive Aspects
- 5x net profit growth year-over-year
- 444% surge in basic EPS
Negative Aspects
- Revenue decline in 9M-23
- Strategic stake sale by major shareholder
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