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Monday, November 30 - 2009

Al Ahram Beverages Company

Name Al Ahram Beverages Company
Sector Manufacturing - Food & Beverage
Trading CASE
RIC Code PYBR.CA
Location EGYPT

Profile and Background

Al Ahram Beverages Company - ABC was successfully privatized in 1997 when Mr. Ahmad Zayad bought the government's stake in the company. Since its privatization, ABC built on its monopoly position in the local market to expand its activities into a full-fledged range of beverages including beer, wine, and non-alcoholic carbonated and other soft drinks.

The new strategic plans include also the development of ABC activities in the Middle east and the Arabian Peninsula. Benefiting from a strong brand name in the local market, and a monopoly position, ABC was a cash cow for the Egyptian government, production driven, with no marketing focus and bad quality beer.

By buying its only competitor in the local market (El-Gouna Beverages) for EP 255 million, ABC confirmed its full coverage of the local market, buying the remaining 15% of the beer market and 35% of the wine market.

High taxations and customs on beverages and huge investment requirements constitute strong entry barriers and secure the local market from external competition. The major plant's capacity (El Obur) stands at 500,000 hl/year, expandable to 1 million with minor additional investments.

To it, we should add a 1.2 million hl/year of non-alcoholic beverages through the Sharkeya and Nile Brewery plants. The distribution network covers most of the Egyptian land, with a fleet of 500 trucks, 78 warehouses and 1200 salespeople.

ABC has also signed a deal with SDAFCO (Saudi Dairy & Foodstuff) for the distribution of its non-alcoholic products in Saudi, Bahrain, Kuwait and Qatar. Sales are expected to reach 1.5 million cases this year, up from 400,000 in 2000, and insuring a steady stream of dollar income, eliminating Fx risks.

Shareholding Groups

Individuals N/A
Institutions 17%
Floating N/A
Government N/A

Board Members (Listed in alphabetical order)

Stock Performance

Al Ahram Beverages Company Stock Performance

Market Information

Stock Egypt Index
Last Closing EGP 65 2342.38
YTD % 0% 50.24%
Weekly % 0% -5.34%
Year High EGP 0 2538.48
Year Low EGP 0 1559.12
52 Week High EGP 65 2538.48
52 Week Low EGP 65 906.69
BETA -0.1288
Outstanding Shares
Market Cap EGP 0
Market Cap in $ USD $0
% of Egypt Market 0.00%
% of Sector 0.00%
Rank by Cap N/A

Key Figures in '000 EGP

2001 2000 1999
Total Assets 1,085,297 747,760 665,180
Shareholder's Equity 450,230 431,850 340,910
NIAT 92,224 112,880 102,590
Dividends N/A N/A N/A

Financial Ratios

2001 2000 1999
Assets Growth 45.14% 12.42% N/A
Earning Growth -18.30% 10.03% 0.00%
ROaA 10.06% 15.98% 30.85%
ROaE 20.91% 29.22% 60.19%
No. Of Shares 20,490,000 20,490,000 20,490,000
EPS 4.50 5.51 5.01
EPS Growth -18.30% 10.03% 0.00%
Payout Ratio N/A N/A N/A

Valuation Ratios

Trailing
PE 0.00
PB 0.00
DVPS 0.00
Div Yield 0.00%
EV 947,980.00
EV/Equity 2.11
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