JUFO 1Q22 financial indicators showing a YoY rise in revenues of 29.1% to settle at EGP2,403 mn. Bottom-line for the quarter reached EGP142 mn, +15.4% YoY. JUFO is currently trading at a FY22 P/E of 15.8x and an EV/EBITDA of 5.9x.

EGCH released 3Q21/22 net profit after taxes recorded EGP151 million compared to EGP209 million recorded in 2Q21/22 and a net loss of EGP388 million in 3Q20/21. Sales for 3Q21/22 amounted to EGP1,004 million, compared to EGP1,129 million in the previous quarter and EGP134 million in 3Q20/21. A decline of 11% QoQ, an increase of 6.5x YoY. Kima is trading at 2022 EV/EBITDA multiple of 5.0x and P/E of 6.8x. 

MNHD stated that it has not received an official offer from Aldar Properties to acquire a majority stake in MNHD.

The Saudi Public Investment Fund is interested in acquiring a stake in the hotel company that is to merge seven or eight state-owned hotels. The Saudi Public Investment Fund could acquire a 20% stake, while a 10% stake is earmarked to be offered on the EGX.

Public Entreprises Minister said that PIF could acquire a stake in EGAL (FV: EGP25.00, EW). EGAL announced in a press release that it is studying increasing the capital and offering it to a strategic investor.

ESRS sent a release to EGX denying that it is merging with IRAX.

Hermes Financial Solutions intends to apply for a license to practice factoring activity for the corporate sector.  In the first stage, the focus will be on financing the education sector before expanding into other sectors. The company granted financing worth EGP 5.5 billion YTD and plans to grant another EGP 4.0 billion during the remainder of 2022.

The investment cost of establishing an industrial complex for cars in East Port Said is around USD800 million, with negotiations currently ongoing with 5 international companies to attract them to initiate factories in the industrial zone.

[Correction] GB Auto’s car finance arm Drive Finance has closed its first EGP 700 mn corporate bond issuance as part of a wider EGP 2 bn program. The proceeds will be used to unlock growth.

GSK is planning to invest EGP250 million by the end of this year to reach a total investment of EGP300 million in 2022. GSK is aiming to launch 3 new molecules for psychological health, cancer & vaccines before the end of this year.

Etisalat Group has extended its new corporate brand  to its Egyptian telecom operations, which will now be known as etisalat by e&. 

Egypt has inked a contract to buy 180,000 tons of wheat from India, and is looking at ways to extract more flour from grain as it tries to trim imports. Egypt has strategic reserves of wheat sufficient for 5.7 months.

Supply Minister said that Egypt aims to import 10 million tons of wheat, 5 million tons by the government, and the same by the private sector during the next six months.

The Ministry of Electricity is considering adopting a flexible pricing policy for tariffs, that would be adjustable every 6 months.

Owners of chalets and apartments in tourist towns will need to notify the Egyptian Tax Authority (ETA) before renting out their units as the rent will be considered taxable revenue.