The central banks of the United Arab Emirates and Egypt agreed Thursday to a currency exchange deal.
The Egyptian and Chinese central banks discussed a potential swap line during talks in Beijing last week, the CBE said Wednesday.
Global index provider FTSE Russell said on Thursday it will add Pakistan and Egypt to watch lists for possible demotion in its equity index suites.
The President announced that Suez Canal revenues stand currently at USD10 billion and are expected to exceed USD10.5 billion by the end of 2023.
The budget deficit is expected to widen to 6.9% of GDP in the current fiscal year before narrowing to 4.7% by FY27/28, Finance Minister said.
GAFI's CEO said on Saturday that FDI inflows climbed 10% YoY in FY22/23.
GAFI plans to apply tax incentives for new projects starting November.
GAFI is reducing the time needed for good customs release from 147 days to 14 days.
The Minister of Planning announced that Egypt targets an annual sustainable growth rate of 7-8%.
EBRD has cut its Egypt growth forecast for 2024 by 0.7% to 4.5%.
The government will end scheduled power cut starting 10 October, according to local press.
The Export-Import Bank of China is lending Egypt USD400 million to finance the third phase of the electric light rail train (LRT).
GASC has bought 170k tons of wheat in an international tender on Wednesday.
The Supply Ministry is working towards importing 200k tons of raw sugar in the coming months to maintain at least six months worth of supply in reserve.
Trial operations of the electricity connection between Egypt and Saudi Arabia will start by the end of May 2025.
We upgraded our FV to SUGR from a previous EGP45.0/share to EGP67.3/share with an Overweight recommendation. Our upgrade is mainly backed by the fast-paced rally in global sugar selling prices. SUGR’s financial performance is highly correlated to sugar prices and the exchange rate. We expect a 2023 DPO of 50% and a DY of 13%. SUGR is currently trading at a FY24 P/E of 6.8x and an EV/EBITDA of 3.9x.
The banking sector's net foreign assets deficit declined by USD360 million to reach USD25.9 billion last August.
MICH OGM held on 26 September 2023 approved:
- Dividends distribution for FY22/23 with a DPS of EGP3.00/share. Dividend yield amounts to 9.3% and payout ratio is 40.36%.
- Distribution of stock dividends with a ratio of 1:2 along with the cash dividends.
- Approval of initiating a new company for chlorine granules production in cooperation with Egyptian Chemical Industries Holding Company and Cadence for Energy and Consultancy Company.
Kima's (FV: EGP7.48, EW) BoD issued a correction for FY22/23 results: top line new figure is EGP6.612 billion instead of the previously announced EGP6.611 billion. Net profit amended figure is EGP1.151 billion instead of EGP1.196 billion.
Oil output will likely remain unchanged amid an ongoing oil price rally when OPEC+ leaders meet on Wednesday. Brent crude closed at USD95.31/bbl last Friday.
Oil Minister announced a plan to drill 110 exploratory oil and gas wells by 2030, with investments amounting to USD4.8 billion.
ETEL announced that Medusa Submarine Cable System (which will land in Port Said in 2025) will be connected to the Red Sea landing stations of Suez, Zafarana, and Ras Ghareb through Telecom Egypt’s extensive terrestrial crossing network.
SPMD released 2Q23 consolidated financial results showing attributable net loss of EGP24.8 million compared to net loss of EGP36.1 million in 2Q22 and net loss of EGP24.2 million in 1Q23. Revenues came in at EGP14.1 million in 2Q23 (-15.0% YoY, -10.9% QoQ).
RCare Fund is eyeing a new healthcare investment opportunity in Egypt, according to local press.