CBE decided to stop working with the Inward Documentary Collection (IDC) in all importation transactions and to work with Letters of Credit (LC) instead; Import monitoring and higher database and FX efficiency is the reason

Weekly Commodities Update

Oil prices surged to USD95.80/bbl

Retail cement prices in Egypt inched up, for the second week in a row, to range between EGP1,200 -1,250 per ton

Thermal coal prices were unchanged at USD219/ton

Diesel-HSFO spreads were up 3% WoW and are at USD350/ton (CCAP)

Aluminum prices came up 2% at USD3,137/ton

Crude palm oil climbed to reach USD1,383/MT, +3.4% WoW

SMP prices rose by 2.2% to reach USD4,051/MT 

Steel/Iron Ore spreads remained stable at USD421/ton

The Egypt Urea Index is broadly stable at USD755/ton

Polyethylene (HDPE) prices were unchanged at USD1,300/ton

Polypropylene prices stood still at USD1,240/MT

Egypt signed 37 agreements in the field of oil and gas exploration within two years’ worth USD8.1 billion

SWF CEO: It is the right time to raise the permitted investments of insurance funds in the EGX to 10%

Minister of Trade and Industry has a plan to provide local substitutes for imports worth USD14 billion

Companies will place their final bids for six new steel manufacturing licenses from the Industrial Development Authority (IDA) today

El Sisi has ratified the Fintech Act, which regulates robo-advisory, nano-finance, insurtech, and (tech-enabled) consumer finance

FWRY microfinance outstanding portfolio reached EGP 437 million (+67% YoY)

EMFD awarded a contract worth EGP1.0 billion for the construction of the 42k sqm My Park project in Mivida 

ELSH Board approved a EGP45.4 million capital increase through 1:4 bonus shares

CPCI released 1H21/22 bottom line increased by 22.5% YoY to record EGP82 million in 1H21/22; CPCI is currently trading at 21/22f P/E of 4.2x and EV/EBITDA of 1.8x

UEFM released 1H21/22 net profit recorded EGP56 mn, +6.2% YoY; UEFM is currently trading at an annualized FY21/22 P/E of 5.7x