IMF staff and the Egyptian authorities made substantial progress on all policies including a continued fiscal consolidation path, additional fiscal and related structural policies that would further expand the social safety net, monetary and exchange rate policies that would anchor inflation expectations, improve monetary policy transmission, improve the functioning of the foreign exchange market, and bolster Egypt’s external resilience. “IMF staff and the Egyptian authorities have agreed to finalize their work to reach a Staff-Level Agreement very soon."

Egypt registered a primary surplus of 0.11% of GDP in 1QFY2022/23.

The Suez Canal Economic Zone (SCZone) will provide new services to ships including bunkering and catering starting from 1Q2023.

The British DPI fund is studying a number of investment opportunities, in the retail and consumer goods sectors in Egypt. The fund is expected to inject between USD150-200 million.

SKPC issued in a release on Thursday that the feedstock cost will be determined by EGPC, on a monthly basis, according to the new formula approved by the cabinet, and will be indicated in the company’s financial statements. 

CCAP’s subsidiary TAQA Arabia has launched the largest solar power plant to date in Sharm El Sheikh. Built at a cost of EGP 250 million, the project is set to supply 30% of the power load in Nabq.

ARCC sent a release to EGX affirming that the recent hike in natural gas prices for cement manufacturers will have a limited effect on the company in the near term, adding that the company has been stocking up on coal and pet coke to avoid any production disruption.

COMI has raised interest rates on three-year USD certificates of deposit to 5.25%. 

A UAE-based e-commerce company is considering submitting an offer to buy a majority stake in HRHO's consumer finance arm, ValU.

CANA has agreed to contribute a 10% share of the Catalyst Fund for Investment in SMEs, which ranges between EGP400 and EGP500 million.

Raya Foods, a subsidiary of RAYA, targets exports of EGP1.0 billion in 2023, compared to around EGP700 million.

SPMD recorded a net loss of EGP36.2 million in 2Q22 (-146% YoY, +6.8% QoQ), compared to a net profit of EGP78 million in 2Q21. Weak bottom-line performance in 2Q22 is mainly driven by the significant drop in revenues.  On a semi-annual basis, the bottom line recorded a net loss of EGP74 million in 1H22 (-161% YoY), compared to a net profit of EGP122.2 million in 1H21. SPMD is waiting for FRA approval on its EGP110 million capital increase request, mainly to get rid of 70-80% of the debt due to the rising interest. SPMD is currently trading at 2022e P/E of -8.1x and EV/EBITDA of -155.3x

Holdi Pharma signed a new financing contract with Abu Dhabi Islamic Bank worth USD3.4 billion, to finance the restructuring plans of its affiliated pharmaceutical companies (AXPH, CPCI, ADCI). 

Medical and pharmaceutical industries’ exports recorded USD632 million in 8M2022, compared to USD432 million; +46.3% YoY.

Private bakeries in Cairo, Alexandria, and Menoufia can get state wheat from GASC for EGP10k/ton if they stick to state bread prices, according to the Supply Ministry.

Some USD 340 mn worth of corn and soybeans for chicken feed is stuck at ports waiting for letters of credit, according to vice chairman of the Poultry Producers Union Mohamed El Shafei.  The lack of available food is forcing farmers to kill the chicks, he said.

ELKA Board approved continuing purchasing treasury shares during the period 13 October 2022 to 12 February 2023.