The deficit in Egypt’s banking system net foreign assets widened to negative USD 27.1 bn during the month from negative USD 24.4 bn in May. According to Egypt's agreement with the IMF, the Central Bank pledged not to grant any bank an exception from maintaining open currency positions (which is the difference between assets and liabilities in foreign currency) and to consult with the fund if net foreign assets decreased for a period of 3 months by a value equivalent to two billion dollars. During 1H FY22/23, the deficit in Egypt's net foreign assets widened to about USD7.1 billion, reaching about USD19.9 billion at the end of December. 

The Electricity Ministry on Sunday received 35k tons of imported mazut to generate power at the national electricity grid, and dial-down power cuts. 

AMOC posted a consolidated net loss of EGP65 million compared to a consolidated net profit of EGP449 million in 4Q21/22 and EGP408 million in 3Q22/23. We believe this could be a result of the absence of FX gains during 4Q22/23, in addition to booking provision during the quarter. Revenues declined by 8% QoQ and increased by 5% YoY) to EGP6.5 billion. On a fiscal year basis, AMOC posted a net profit of EGP1.3 billion in FY22/23, an 11% YoY growth. AMOC is currently trading on a 23/24e PE of 6.0x and an EV/EBITDA of 3.7x.

Local fertilizers producers announced in an EGX release, the impact of the new natural gas feedstock 20% reduction decision. ABUK stated that they achieved the targeted production volumes for July 2023 for all the main products thanks to the cost-efficient production methods. The company returned to the normal rates of the received feedstock yesterday (1st of August). On the other hand, MFPC explained that it was not affected positively or negatively by the decision.

NBE and Banque du Caire are arranging a syndicated loan for the Egyptian Phosphate Company in Abu Tartour, at a value of USD800 million. The company is working on the implementation of a new industrial complex in the Abu Tartour plateau, at an investment cost of about USD1.2 billion.

National Paints Holding (NPH) has shaken up the leadership of Pachin, less than a week after it completed its takeover of the EGX-listed paintmaker.

Dragon Oil, wholly owned by the government of Dubai, intends to increase its oil production in Egypt by 27% in October, to 70,000 barrels per day.

HELI Board 1) approved a contract with Matrix Company to manage and operate the developed part of Merryland Park for three years for EGP17.5 million and 2) preliminarily approved an offer from a developer to develop a 77 feddan land plot in New Heliopolis on a revenue share basis.

ZMID declared EGP0.15/share cash dividends (DY of 2.7%). Record date is 28 August 2023. 

EFID could borrow up to USD45 mn from IFC to support its working capital and fund capex in its facilities in Egypt and Morocco. The board is set to meet on 31 August to discuss the loan.

Sources denied to Enterprise that the Sovereign Fund of Egypt (SFE) is looking to acquire a stake in Misr Pharmacies and confirmed that the SFE is not currently involved in any discussions with the owners of Misr Pharmacies to acquire a stake in the company, according to what was reported by local press.

Mienta will invest USD5 mn to establish a factory in the Elsewedy industrial zone in Ain Sokhna. The factory is expected to start operations next year and will produce 650k appliances by 2025. This is the company’s third factory in Egypt.