The government plans to launch a new export subsidy program by the end of August or the beginning of September.

Non-petroleum exports decreased by 17% to record USD16 billion during the first half of the current year, compared to USD19.3 billion in the previous year.

Petroleum exports declined by 53%to USD3.7 billion in 5M2023, compared to USD7.9 billion in the same period of 2022.

The Ministry of Electricity targets increasing electricity production from EGP472 billion in the current fiscal year to EGP632 billion in FY25/26.

Moody’s downgraded the ratings of 10 smaller US banks and put six larger lenders on review for a potential downgrade as it warned of weak profitability and funding risks in the US banking sector

An unnamed foreign company has made an offer to the government to establish a green hydrogen plant in Egypt, according to a cabinet statement yesterday. The plant would be powered by 15 GW of solar energy and export USD1 billion (400k tons) of green hydrogen annually, all of it to Europe. A plot has already been chosen for the plant and the unnamed firm will now look to carry out feasibility studies.

JUFO (FV: EGP14.00, OW) released their 2Q23 results showing:
•Net profit recorded EGP218 mn (+24.7% YoY, -35.9% QoQ) with a margin of 5.8% versus 6.3% in 2Q22 and 9.9% in 1Q23. Despite the sequential decline in financing expenses, profitability was remarkably affected by weaker gross profitability caused by the inflation in raw materials.
•Revenues recorded EGP3,730 mn (+35.1% YoY, +9% QoQ).  The rise came supported by price increases rather than volumes, which witnessed a decline, where the dairy and juice segments experienced the majority of this decline, while the yogurt segment experienced a small decline, backed by Ramadan’s positive seasonality. 
•JUFO is currently trading at a FY23 P/E of 12.5x and an EV/EBITDA of 6.9x. 

Ethydco is planning to borrow USD250 million from Mashreq Bank in order to repay a USD denominated debt to local banks in 2024. 

Fawry Microfinance, a subsidiary of FWRY, has received preliminary approval from the FRA to add SME financing services.

ETRS will finalize its acquisition of 99.9% of NOSCO through a share swap in 4Q2023. The acquisition will result in ETRS shareholders holding a majority 70.17% stake in the merged entity, which will now be known as Egytrans NOSCO, while the remaining 29.83% ownership will be held by NOSCO shareholders. The acquisition will allow ETRS to expand its presence in the projects and land transport markets, bolster warehousing and fleet capacities, and tap into a large joint customer base.

HELI (FV: EGP12.44, OW) appointed Sameh Hammouda as its new Managing Director and CEO.

Midea Group launched its USD25 mn washing machine factory in China’s TEDA industrial zone in Ain Sokhna. The company expects to produce 1.5 mn washing machines each year at the factory, for export to the Middle East, Africa, the EU, and the US.

Egypt Sat Auto's CEO announced that the first Egyptian electric vehicle will be launched in the market by 1Q24 with two models at a price range of EGP100k-150k.