Minister of Finance: Soaring global prices could cost the state an additional EGP15 billion for wheat imports in FY2021/22

Minister of Finance: GDP growth target during the current FY2021/22 is 6.7%, while targeting a budget deficit of 6.7% for the current fiscal year

Eight shipping lines have disrupted cargo reservations to and from Russia because of the war on Ukraine, which might affect Egyptian imports and exports

Brent crude surged to USD 129.1/bbl (+9.2%); Feeds into oil refining margins for AMOC and CCAP's ERC

MCRO 2021 net profit came in at EGP148 million (9.5% YoY), after IPO expenses of EGP30.7 million, in addition to higher provisions and interest expense. Normalized net profit recorded EGP178.7 million (+32.2% YoY); MCRO is currently trading at 2022f P/E of 11.1x and EV/EBITDA of 7.5x

Seddik Afifi divested his stake (5.174%) in RMDA at an average price of EGP2.00/share

EAST signed an agreement to provide its workers with optional early retirement; Provisions have already been booked since the beginning of FY21/22; EAST is currently trading at a FY21/22 P/E of 6.2x and an EV/EBITDA of 3.3x

The Industrial Development Authority is expected to submit the strategy for the development of the local automotive industry to President Al-Sisi within a few days, in preparation for its implementation by early April

AUTO decided to cancel the GDR program

 FWRY’s shareholders approved increasing the company’s paid-in capital to EGP1.65 billion distributed on 3.3 billion shares 

RAYA restructured the ownership 3 subsidiaries (Raya Network Power, Raya Networks, and Raya Data Center) to its subsidiary, Raya Systems

CBE revealed that as of 2021 (versus 3 yrs back): e-commerce transactions value recorded EGP30 billion (up from EGP16 billion), transactions value through PoS grew to EGP170 billion (up from EGP110 billion),transactions value through e-wallets surged to EGP268 billion (up from EGP88 billion), number of issued cards stood at 54 million card (compared to 30 million cards)