AD Ports’ Noatum has acquired a majority stake in maritime, logistics, and cargo services provider Safina Shipping Services. 

Egypt’s unemployment rate fell to 6.5% of the total workforce in the second quarter of this year, falling 0.2 percentage points from the previous quarter.

Renewables firm Infinity Power, Emirati state-run renewables giant Masdar, and the Egyptian Electricity Transmission Company (EETC) have made plans to build a 200 MW wind farm in Ras Ghareb. The project will cost some USD216.7 million.

The government is gearing up to launch a new international tender for natural gas exploration in at least ten areas in the Mediterranean and waters in the Delta. 

The Saudi Public Investment Fund is considering buying a state in the Egyptian Electricity Transmission and Distribution Company, a subsidiary of the Electricity Holding Company. 

The government last week announced the National Low-Carbon Hydrogen Strategy, which aims to transform Egypt into a global hub that targets 5-8% of the global green hydrogen market by 2040.

Egypt’s 5-year CDS rate cooled down to 6.57% at the end of trading on Friday, compared to 7.34% on August 7.

The Sovereign Fund of Egypt (SFE) CEO Ayman Soliman has resigned from his post, according to media reports.

The Ministry of Petroleum is studying fair pricing of gas for factories.

SWDY (FV: EGP45.69, EW) posted a solid set of results for 2Q24 with attributable earnings surging to EGP4.5 billion (+68%, +12% QoQ). In 1H24, net attributable income soared to EGP8.4 billion (+52% YoY) SWDY is trading at FY24e P/E of 10.2x and EV/EBITDA of 4.9x. 

LCSW (FV: EGP30.08, OW) reported steady 2Q24 consolidated results. Net attributable income came in at EGP150.4 million (-10% YoY, -69% QoQ). 1H24 net attributable income surged 144% YoY to EGP627.9 million. LCSW is currently trading at FY24e PE of 2.5x and EV/EBITDA of 2.1x.

MCQE reported expectedly fragile 2Q24 consolidated financial results. Attributable bottom-line came in red, recording a loss of EGP1.1 million in 2Q24, reversing previous quarter profit of EGP31.5 million, yet reducing 2Q23 loss of EGP21.9 million. This brought 1H24 net attributable income to EGP30.4 million (-30% YoY). MCQE is trading at FY24e P/E of 17.4x and EV/EBITDA of 6.8x.

SCEM reported a net attributable income of EGP651.3 million in 1H24 reversing comparative period net loss after minority of EGP79.7 million. 

The Egyptian government is considering reducing gas prices for ceramic factories to support the industry and stimulate its export.

The government is studying increasing the tariff for purchasing electricity generated from waste by 68% to reach EGP235 piasters per kilowatt hour, instead of EGP140 piasters, from projects launched by the private sector.

EKHO released 2Q24 financial results, posting a 32% YoY decline (-56% QoQ) in net profit to record USD28 million, down from USD40 million in 2Q23 and USD63 million in 1Q24.

MFPC is paying out a dividend of EGP3.75/share.

EFIH reported 2Q24 results. Net attributable profit recorded EGP300 million (-31.2% YoY, -35.1% QoQ), bringing 1H24 net attributable profit to EGP763 million (+6.2% YoY), implying a NPM 33.4% (-8.0pps YoY). EFIH is currently trading at 2024f P/E of 31.7x and EV/EBITDA of 19.3x.

CICH (FV: EGP8.00, OW) released 2Q24 financial results. Net income after minority interest and taxes rose 146% y/y in the first half of 2024 to EGP1.3 billion. CICH is currently trading at P/E24 of 3.1x and P/B24 of 0.7x.