Egypt received nearly USD13 billion in remittances from Egyptians abroad in 1H2023.

The Fuel Pricing Committee is expected to maintain the prices of petroleum products during the current quarter as a result of the decline in Brent prices in 2Q23, and the stability of the official exchange rate.

The International Islamic Trade Finance Corporation (ITFC) aims to inject USD500 million into Egypt during the next six months to implement projects with the government, as part of its USD1.5 billion joint cooperation program.

The Egyptian Exchange will terminate the EGX50 index today, eight years after its launch.

ABUK (FV: EGP47.00, EW) 4Q22/23 Nnt profit after taxes dropped to EGP1.682 million, down 71% QoQ and 20% YoY. Lower global urea prices and lower volumes impacted results. Absence of non-operating investment income and FX gains made the large gap. FY22/23 bottom line amounted to EGP14.640 billion, up by 61.7% YoY. ABUK is trading at FY23/24 P/E of 5.67x and EV/EBITDA of 6.71x.

EFIC (FV: EGP39.53, EW) issued standalone results for 2Q23. Net profit after taxes amounted to EGP115 million, up 32% QoQ but down 23% YoY. 1H23 net profit after taxes amounted to EGP202 million, lower by 18% YoY. EFIC is trading at 2023 consolidated multiples of P/E 4.2x and EV/EBITDA 2.3X.

The government will invite international companies to bid in a tender to establish a new soda ash complex in New El Alamein, to produce 600k tons of sodium carbonate and its derivatives every year. 

SUGR (FV: EGP45.00, OW) 2Q23 net profit for the period recorded EGP765 mn compared to EGP467 mn recorded in 2Q22 and EGP324 mn in 1Q23. Higher seasonality for the quarter, along with an increase in the agreed upon supplied capacity and higher client diversity impacted numbers. SUGR is trading at a FY23 P/E of 5.2x and an EV/EBITDA of 3.7x.

Sugar producers hiked prices by 26% in July, jumping from EGP19k per ton to EGP24k per ton early in the month.

Nestle Egypt is planning on launching four new production lines by the end of 2023. 

EAST denied yesterday any official prices increase from their side.

AMIC: PC sales hit c.5k passenger cars in June, down from 5.7k the month before and almost 60% lower than June 2022, bringing the YTD figure to just 26.9k, down more than 70% from the first six months of 2022.

Toyota Group met with the government representatives in the past two weeks to discuss the possibility of assembling electric and hybrid vehicles locally.

MNT-Halan’s microfinance subsidiary Tasaheel has closed a EGP 3.34 bn securitized bond issuance.

BTFH is planning to apply for a digital banking license. In other news, it is currently in the due diligence phase to pave the way for acquiring the “Cash Microfinance” company which has been operating in the market since 2020.

ADIB’s micro-finance subsidiary has received the FRA approval to start operations, where the company’s paid-in capital is EGP25 mn and the bank’s stake is 98%. 

Rania Al Mashat is set to join the board of Abu Dhabi Islamic Bank Egypt as a non-executive member. 

ADCI FY22/23 net profit increased by 8.2% YoY in FY22/23 to record EGP82.5 million compared to EGP76.3 million in FY21/22. Net profit recorded EGP10.2 million in 4Q22/23 (+31.5% YoY, -34.2% QoQ). ADCI is currently trading at FY22/23 P/E of 5.7x and EV/EBITDA of 3.6x.

Damietta Port Authority will launch a tender by the end of September for a 10-year contract to exploit a 6.5k square-meter area for handling eco-friendly dry bulk goods.