Urea Egypt price index declined to USD720/ton compared to 1Q22 average of USD843/ton.

ORAS announces that Suez Industrial Development Company (SIDC), a majority-owned subsidiary, signed an agreement with Al Ahly Capital Holding to jointly develop a 2.2 million square meter industrial park in Abu Rawash. SIDC will be the lead developer of the industrial park. SIDC will also own 25% of the project company.

ESRS has reduced the price of rebars by EGP 1,000/ton (-5% MTD) to EGP 18,170/ton (including VAT) due to raw material price declines.

ARCC 1Q22 attributable net income recorded EGP59 million reversing the comparative quarter losses of EGP6 million. ARCC is currently trading at FY22e P/E of 15.5x, EV/EBITDA of 4.7x and EV/ton of EGP401.

 ISPH signed a contract to acquire El Shorouk Hospital (105 beds), for EGP430 mn. Assuming revenue per bed of EGP2.0-3.0 mn, at a 100% utilization rate, this translates into hospital revenues of EGP210-315 mn and net profits of EGP47.2-70.8 million with FV of EGP0.32 per ISPH share, and brings our ISPH FV to EGP4.82.

ISPH reported 1Q22 net profit of EGP59 million in 1Q22, below our estimates of EGP77 million, implying an increase of 17.9% YoY and a decline of 18.4% QoQ.  ISPH is trading at 2022f P/E of 5.4x and EV/EBITDA of 3.9x. 

RMDA concluded the acquisition of a new molecule that Is forecasted to generate revenues c.EGP 30 million with EBITDA contribution north of EGP 14 million.

CIEB 1Q22 consolidated bottom line recorded EGP492 million, pre minority interest and appropriations, (+14% q/q, +30% y/y). CIEB is trading at attractive multiples with P/E22 of 5.9x, and P/B22 of 1.0x.

Saudi Sovereign Wealth Fund is considering making a bid to acquire the United Bank, which is 99.9% held by the CBE. 

Saudi Savola Group is close to acquiring the Egyptian Belgian Company best known for its "Ole" branded baked goods in a transaction worth of EGP600 mn. 

Consumers that have made any down payment made for a car before 12th of April have the right for a full refund of the down payment with interest at the highest prevailing bank rate (18%), if the car has not been delivered to date.

Consumer Protection Agency will raise the cap on prices by 5% that was introduced in March. 

DSCW received FRA's approval for a capital increase of EGP265 million, to reach EGP371 million from a previous EGP106 million. 

Regarding EGTS’s (FV: EGP1.36, EW) lawsuit concerning the 20.0 million sqm third phase Sahl Hasheesh land plot, the court decided to reserve the case for ruling on 31 July 2022.

ZMID reported a 100.9% y/y increase in 1Q22 revenue to EGP126.9 million and 77.5% y/y increase in 1Q22 net profit to EGP75.1 million.

Seven or eight state-owned hotels are planned to be merged into a single entity ahead of listing on the EGX, including Nile Ritz-Cartlon, Cairo Marriott Hotel, Marriott Mena House, Luxor’s Sofitel Winter Palace, and Aswan’s Sofitel Legend Old Cataract.

Aman Microfinance, a subsidiary of RAYA, plans to launch an investment fund for micro-lending within 3 months and intends to establish a company for micro-insurance at the beginning of 2023.

ETRS released 1Q2022 financial indicators. Bottom line came in at EGP3.2 million in 1Q2022, reflecting NPM of 3.4%, versus a negligible net loss in 1Q21. 

The general authority of Red Sea ports signed a MoU with Abu Dhabi ports group consortium to grant them the right of managing, operating, and constructing a multi-purpose terminal within Safaga Port.