Egypt’s PMI scored 46.7 in March 2023, from 46.9 in February, signaling a further deterioration in the performance of non-oil companies. 

Egypt’s external debt in 2Q FY22/23 rose 5.1% q-o-q to USD 162.9 bn during the October-December quarter. 

The Suez Canal Economic Zone (SCZone) will head to India in June, to meet with businesses and investors in sectors including automotive, pharma, and green fuel in efforts to attract more foreign investors to the zone.

A delegation of Chinese tour operators wrapped up a four-day visit to Egypt to bring more tourists to Egypt this year.   

The Ministry of Electricity has received 3 expressions of interest from Saudi companies to invest in projects to produce electricity from wind energy and produce hydrogen and green ammonia, with investments of USD1.5 billion.

The National Bank of Egypt and Bank Misr collected EGP67 billion from the two new CDs on the first day of issuance. 

CIB has launched new three-year certificates of deposit with a fixed 22% interest rate, for a minimum deposit of EGP3 mn. 

The Tax Authority is working on a decision to set its own USD exchange rate to facilitate tax calculations for companies that calculate their earnings in USD.

IRAX reported its consolidated financial results for 4Q22 with net attributable earnings standing at EGP914.6 million (-65% YoY, -35% QoQ), bringing FY22 earnings to EGP6.4 billion, 10% higher than last year. IRAX is currently trading at FY23e P/E of 8.1x and EV/EBITDA of 3.6x.

Two consortia were qualified for the electrification of signaling on Cairo - Beni Suef line project with initial investment of USD221 million. The consortia are Hassan Allam - Alstom and ORAS (FV: EGP106.9, OW) - Talis.

Brent crude settled higher by USD5.04 yesterday, or 6.3%, at USD84.93/bbl after the OPEC+ group jolted markets with plans to cut more production.

The Parliament approved four bills allowing the Oil Ministry to sign exploration agreements with foreign oil and gas companies.

CNFN has closed an EGP1.9 bn securitized bond issuance for its consumer finance arms Contact Creditech and Contact Credit. This is the second issuance within a program of EGP10 bn that CNFN intends to issue over the coming period to finance its subsidiaries. 

ETEL (FV: EGP29.50, OW) announced dividends distribution for 2022 of EGP1.25 per share, implying a dividend payout ratio of 23% and a dividend yield of 4.95%. Record date is on 13th April and distribution date is on 20th April.

Development Partners International (DPI) and Amethis have acquired a significant minority stake in the local pharma player Marcyrl. The stake and value of transaction were not disclosed.