Egypt is in negotiations with China to pay off debt through the sale of strategic assets.

Egypt's non-oil exports by 20% during the first half of this year, reaching about USD19.4 billion.

Farid: A lot of improvements will be implemented to the listing requirements to encourage a large number of companies to consider public offerings.

Emirati fertilizer company CFC Group will establish an industrial complex in Qena Governorate under the new joint industrial partnership between Egypt, the UAE, Jordan and Bahrain for USD 400 mn.

Apache intends to pump more investments in its concession areas in the Western Desert, as part of USD3.5 bn commitments for 2022. 

Saybad Investments is studying raising its offer to acquire up to 90% of PACH, after a competitive offer is made by Sipes at EGP17.50-18.50/share.

National Printing and Grand View Investments (of CCAP) acquired the International Finance Corporation’s share in the first, amounting to 14%, with a total value estimated at EGP175.9 million. 

Egypt’s exports of petrochemicals and fertilizers increased by 35% YoY in 1HFY21/22 to register USD4.37 billion. 

TMGH 2Q22 sales decreased 66.2% y/y to EGP5.9 billion, bringing 1H22 sales to EGP11.3 billion, down 46.2% y/y due to an unfavorable base effect. Net profit rose 29.4% y/y to EGP546.6 million in 2Q22. TMGH is targeting FY22 sales of around EGP24.0 billion. 

ELSH reported a a 59.2% y/y increase in 1H22 net profit to EGP85.5 million.

MPRC reported a 32.9% y/y increase in 1H22 net profit to EGP104.3 million.

POUL 2Q22 bottom line for the quarter reached an all-time high of EGP183.3 mn, compared to EGP27.5 mn in 2Q21 and EGP52.5 mn in 1Q22. Attributable net profit for 1H22 recorded EGP236 mn.POUL is currently trading at a FY22 P/E of 3.1x and EV/EBITDA of 2.9x.

The newly established Arab Alloys Company is investing EGP1 billion to build a ferroalloys industrial complex in the Suez Canal Economic Zone. 

ETEL signed a 5-year commercial agreement with Orange Egypt for national roaming services, that should drive margin expansion in 2023. ETEL is currently trading at 2022f P/E of 3.3x and EV/EBITDA of 2.6x.

The Central Bank of Egypt (CBE) is creating a platform for making contactless phone payments by working with international partners on the platform.

The number of payments made via mobile wallets in Egypt more than doubled y-o-y to 212 mn in 1H 2022, while the value of transactions rose to EGP 250 bn. The number of POS transactions rose by almost 50% to EGP108.7 bn.

Dalia Khorshid has been appointed the new managing director and CEO of Beltone Financial effective today. 

Weekly Commodity Update |           Last Price            WoW Change, %

Brent, USD/bbl           93.5     -9.0%

Diesel-HSFO Spread, USD/ton          504.4   -7%

Egypt Urea, USD/ton 765.0   0.7%

Polyethylene, USD/ton           1,240.0            -1.6%

Polypropylene, USD/ton        1,015.0                        -6.0%

Steel/Iron Ore Spreads, USD/ton       407.4   4.2%

Aluminum Cash Price, USD/ton        2,423.8            -0.9%

Egyptian Retail Cement, EGP/ton      1,328.0            1.0%

Steam Coal FOB Newcastle Australia, USD/ton            361.0   -10.9%

SMP, USD/MT           4,063.0            -5.0%