S&P expects core inflation in Egypt to reach its peak at 39% in October 2023 before retreating to 35% by the end of the year. It also expects the depreciation of the Egyptian pound to EGP37 by the end of 2023.

The Russian steel giant Novostal-M Holding seeks to expand its presence in Egypt by establishing a new factory and undertaking various projects. 

The government plans to offer two river docks in the logistics zone in Alexandria for sale to the private sector next December.

The Ministry of Health and Population revealed a package of preventive measures to protect against infection with the new mutant of the Coronavirus, Eris.

ECAP released 2Q23 financial results, with net profit recording EGP60.4 million (+65.1% YoY, +6.1% QoQ) on the back of lower FX losses. Revenues came in at EGP594.5 million in 2Q23 (+37.9% YoY, -2.7% QoQ). ECAP is currently trading at 2023f P/E of 5.9x and EV/EBITDA of 3.2x.

ATQA released 2Q23 earnings of EGP281.9 million, up from only EGP18.8 million in 2Q22, bringing 1H23 earnings to EGP410.7 million (+373% YoY). Revenues surged 12% YoY to EGP523.2 million in 2Q23, bringing 1H23 revenues to EGP922.7 million (-31%).

ELEC reported 1H23 consolidated earnings of EGP539.2 million, up from EGP190.5 million in 1H22 (+183%). Revenues surged 54% YoY to EGP3.6 billion in 1H23.

MCRO reported 2Q23 financial results showing net profit of EGP19.9 million in 2Q23 (-51.1% YoY, +110.8% QoQ). Revenues recorded EGP182 million in 2Q23 (+6.9% YoY, +17.3% QoQ), driven solely by price increase, capped by decline in volumes. Gross profit came in at EGP128 million in 2Q23 (-2.4% YoY, +13.1% QoQ), implying a GPM of 70.3% (-6.7pps YoY, -2.6pps QoQ). Margin contraction was impacted by lower volumes as well as inflationary and currency pressures. 

RAYA reported 1H23 financial results showing a net profit of EGP350.4 million, compared to EGP170.1 million (+106% YoY). Net profit performance came on the back of revenue growth (mainly from Raya distribution and Raya Information Technology(, margin expansion, lower  G&A expenses to sales, and currency depreciation for export-oriented business arms (RACC and Raya Foods).

The Land and Dry Ports Authority to collect an amount of USD600k, next January, representing the usufruct right for the first year of operating the 6th of October Dry Port from SWDY (FV: EGP22.87, OW) - DB Schenker consortium, according to local media. 

According to local media, ACAMD intends to reoffer its 24.8k sqm Tanta land plot for sale after the withdrawal of the Egyptian Company for Housing and Development - RAMW which had submitted an offer in August 2022.