Egypt is set to resume LNG exports in January after half a year with virtually no gas leaving its shores. The government hopes to export as much as 1 billion cubic feet of gas per day from the beginning of next year.

OPEC+ member states are meeting today to discuss how to respond to falling oil prices, decide on next year’s production targets, and decide on whether to prolong production cuts.

Emirati firm Dana Gas is planning to invest USD43 million in Egypt next year, as part of an intensive natural gas drilling program.

The OECD reckons that central banks will maintain a hawkish monetary policy in 2024, as continuing cost pressures for businesses alongside rising food and energy prices for consumers could drive a tighter monetary policy than is currently projected for the coming year.

Tourism Ministry is seeking to obtain approval from the Council of Ministers within the next two weeks for an incentive proposal that it submitted in cooperation with the Ministry of Finance to support the construction of new hotels and expects to announce the incentives before the end of December.

The Food Industries Export Council expects the sector’s exports to reach record levels by the end of this year at USD5.1 billion, compared to about USD4.1 billion maintained in the past two years.

MOPCO released 3Q23 consolidated financial results. Net profit declined by 5% YoY (-18% QoQ) to EGP1.25 billion in 3Q23. Net profit posted a 3% YoY increase in net profit to record EGP5.2 billion in 9M23. MOPCO is currently trading at 2024f PE of 14.7x and EV/EBITDA of 10.1x.

EFIC released 3Q23 consolidated financial results. Net profit declined by 28% YoY (-63% QoQ) to EGP80 million in 3Q23. Net profit recorded a 9% YoY decline in net profit to EGP515 million in 9M23. EFIC is currently trading on a 2024f PE of 5.1x and EV/EBITDA of 4.4x.

DSCW released 3Q23 results. Attributable net profit recorded EGP156 mn (+295.2% YoY, +49% QoQ). DSCW is currently trading at a FY24 P/E of 4.2x and an EV/EBITDA of 3.9x.

CICH’s net income climbed 54% y/y to reach EGP747 mn in 9M23. The company’s topline rose 87% y/y to EGP4.7 bn in 9M23, while its loan portfolio expanded by 32% y/y to EGP21 bn.

The United Bank is expected to pull back the curtain on its sale agreement in mid-December as it currently awaits mandatory tender offers (MTO) from the bidders.