We published our earnings expectations for 3Q22/FY22. We expect 3Q22 aggregated profits to rise 16% YoY and decline 8% QoQ and FY22 aggregated profits to rise 30% YoY.

According to the Minister of Finance, an assistance package from the IMF is in the “final confirmation” stage.

Egyptians resident abroad will be able to import a new car and eventually get a full rebate on all customs fees and taxes. The car owner pays their vehicle import fees — including customs fees, VAT, and other taxes — upfront to the Finance Ministry in FX when they import the new car. They will then receive a full rebate on the dues in five years’ time in EGP, at the USD/EGP exchange rate at that time and without interest.

A consortium of several Emirati companies is looking at establishing a large-scale logistics hub at an Egyptian airport. 

The Siemens-built 4.8 GW combined-cycle power plant in Beni Suef has been tapped as the first of the three plants to be transferred to the Sovereign Fund of Egypt’s pre-IPO fund before the end of the year.

The government expects GDP growth of 5.5% in FY2022/23.

Egypt aims to increase natural gas exports to USD1 billion per month by next January, from the current level of USD600 million.

According to a TV interview with SKPC’s CEO, addressing points concerning the acquisition of 80% of Ethydco: deal is expected to be done within one year, both companies plan to import the ethane propane feedstock, SKPC’s market share after the acquisition is expected to increase to more than 50% compared to the current 25-35%, SKPC is studying cooperation with Nigerian company Run Gas to build a petrochemicals complex in Africa.

SKPC EGM that was scheduled on 2 November 2022 is moved to 20 November 2022.

EFIC stated in an EGX release that the company will not be impacted by the latest natural gas price hike given that it does not use the ethane propane mixture.

Aluminum prices on the London Metal Exchange soared on Wednesday after it was reported that the United States was considering a ban on Russian aluminum in response to the conflict in Ukraine.

CIRA disclosed that the number of enrolled students in its K-12 segment climbed to reach 32.2k students (+5.6% YoY), while enrolled students in its higher education segment climbed to reach 16k students (+14.3% YoY). CIRA now has 23 faculties in its higher education segment from a previous 16, backed by the launch of their new Badr University in Assuit with 7 operational faculties.

The Saudi Sovereign Fund is in negotiations with an Egyptian education company to acquire a stake in the company.

JUFO announced that 31 October 2022 will be the record date and 3 November 2022 will be the distribution date for their previously announced 2021 dividends of EGP0.35/share.

State grain buyer GASC will on Saturday start selling wheat to mills producing 72% extraction wheat flour. The move will last for one month.

Soybean prices crossed the EGP20k/ton for the first time amid supply shortages in the market. 

Banque du Caire raised interest rates on three-year USD certificates of deposit to 5.3% from 2.5%.

Cabinet approved extending foreign airlines’ exemption from airport fees until the end of April 2023.

UNIT Board approved continuing purchasing treasury shares during the period 12 October 2022 to 11 February 2023.