The Non-Deliverable Forward Contracts on the EGP hit 44/USD, Bloomberg reported. 

Prime Minister met with SFE head and chairwoman to follow up on its efforts to attract investments. 

The Export Development Fund has sent the proposal for the new program to the export councils for review and comments before final approval.  

The initiative to facilitate the import of cars by Egyptians abroad attracted USD500 million since its launch until now. 

Gas output from Eni’s Zohr gas field dropped 11% y-o-y to 2.5 bn cfd in 2022, taking a toll on Egypt’s total gas production, which dipped to a 28-month low of 6.1 bn cfd in February, down 7% y-o-y. 

There are two scenarios for telecom services price increases: 1) NTRA implements a 50% price increase on all services, followed by an annual 10-20% per annum rise (tied to inflation), and 2) A different price increase for each service, depending on each company’s revenues, costs, and subscriber structure. 

NUCA approved a new mechanism for calculating the interest rate on land payments based on calculating the average interest rate on the EGP announced by the CBE during the last three months instead of calculating it on a daily basis.

According to JLL, hotel occupancy rate in Cairo reached 74% in the first two months of 2023, up from 62% in the same period last year. 

EgyptAir is operating three weekly flights from Cairo to New Jersey starting 3 June 2023.

FWRY approved increasing the company’s issued capital to EGP1.70 billion (distributed over 3.406 billion shares), equivalent to 3% increase of the company’s issued shares and allocated to the ESOP. 

TALM released 1H22/23 attributable net profit of EGP192 mn, a 38% rise YoY, driven by a rise of 28% YoY in revenues (the number of students). 

CIRA's BoD has approved plans to apply for a new loan to meet debt repayments to the European Bank for Reconstruction and Development (EBRD).

The Kuwait Investment Authority said in a tweet that it is not interested in investing in an Egyptian bank that is offered for sale (The United Bank).

The Consumer Finance Companies Union is currently working on linking all member companies operating in the sector electronically, with the aim of detecting fraud immediately, in cooperation with “i-Score.”

FAIT released standalone positive financial results in 1Q23, where the bottom line recorded EGP2.15 billion (+80.6% y/y). The significant growth is mainly attributable to non-interest income growth (investment income and FX gains).

CANA is offering a 3-year fixed CD at a rate of up to 19%, while EGBE has launched a 3-year CD, a fixed certificate at 19%, and a declining-rate certificate that starts at 23%. Interest is paid monthly on both CDs and the minimum deposit is EGP 1,000.

ETRS BoD is moving forward with NOSCO's acquisition as follows: 1) Archer’s Financial Advisory valuation for ETRS and NOSCO with fair values of EGP2.594 and EGP58.033, respectively, with 1 share of ETRS for every 0.0447 share of NOSCO. 2) Capital increase by EGP68.9 million distributed on 68.9 million shares, bringing total capital to EGP224.9 million.

MICH 9M22/23 net profit amounted to EGP435.66 million compared to EGP148.4 million in 9M21/22. MICH is trading at a 22/23 annualized P/E of 7.9x. 

Weekly Commodities Update

Aluminum Cash Price, USD/ton         2,366.8            4.8%

Egypt Urea, USD/ton  340.0   2.3%

Copper Cash Price, USD/ton 8,963.0            1.3%

Polypropylene, USD/ton         997.5   0.5%

Egyptian Retail Cement, EGP/ton      1,890.0            -0.1%

Polyethylene, USD/ton           1,090.0            -0.9