Gas output dropped 20% y-o-y to 4.3 billion cubic feet per day (bcf/d) in January, marking its lowest monthly level since December 2016.

Dana Gas, one of the key producers in the Nile Delta, plans to launch a USD100 million project to develop production after receiving the rest of its outstanding dues. 

The European Union has agreed to fast-track the approval and disbursement of the second phase of the its macro-financial assistance and budget support program, worth EUR4 billion.

The Suez Canal Economic Zone (SCZone) has launched the first phase of a new digital services platform for investors.

The House gave the initial thumbs up to the entirety of the re-drafted Labor Act, with the bill's final approval by the legislative body penciled in for an upcoming session. 

The Customs Authority is preparing to launch a pilot operation of a new system for inspecting goods based on AI to combat customs evasion at ports, by creating a unified database for the prices of imported goods at all Egyptian ports.

Tarek Sultan, Vice Chairman of Agility, a company specializing in supply chain services, infrastructure, and innovation, said his company intends to invest USD60 million to establish modern customs and logistics facilities in the Suez Canal Economic Zone.

The German Development Bank (KfW Bank) intends to provide financing worth EUR52 million to the Ministry of Electricity to finance clean energy transition projects, sources at the German Embassy said.

ORAS (FV: EGP425.00, OW) announced that its 50-50 joint venture with Técnicas Reunidas has signed an Engineering, Procurement, and Construction (EPC) contract to build the Qurayyah IPP Expansion Project, a large-scale 3 GW combined cycle gas-fired power plant in the Eastern Province in Saudi Arabia. 

The value of projects undertaken by Egyptian contractors in Iraq jumped to USD12 billion, according to the Chairman of the Egyptian Federation for Construction and Building Contractors. 

CLHO (FV: EGP9.00, OW) issued 4Q24 results. 4Q24 attributable net profit amounted to EGP191 million, down 8% QoQ but up 78% YoY. FY24 attributable net profit came in at EGP723 million (+73% YoY). CLHO is currently trading at FY25 multiples of P/E 15.2x and EV/EBITDA of 7.4x.

ADIB AGM approved increasing issued and paid-in capital from EGP6 billion to EGP12 billion, an increase of EGP6 billion through distributing 1:1 bonus shares.

DSCW reported 4Q24 bottom line of EGP80 million (-53.2% YoY, -75.0% QoQ). This brought FY24 bottom-line to EGP901 million (+101.1% YoY).

DSCW BoD approved the establishment of Dice for Ready Made Garments in Morocco for the trade and distribution of ready-made clothing. Also, it proposed shares distribution for FY24 at a rate of half a share for each original share.

Weekly Commodities Update