The Sovereign Fund of Egypt (SFE) is gearing up for new sales of state-owned companies in 1Q24. The privatization program will expand to include companies working in the infrastructure and financial services sectors.

Two of five LNG shipments destined for Europe are being prepared to leave Egypt within a week, government officials have reportedly said. The Oil Ministry plans to export all five shipments before the end of 2023.

Private-sector workers on the minimum wage will get a salary bump from the beginning of 2024. From 1 January, the minimum wage will rise 17% to EGP3.5k a month (before taxes and social insurance deductions) from EGP3k currently.

The government has turned to its strategic sugar reserves in a bid to put a lid on soaring prices, a government source said. The Supply Ministry will dump 240k tonnes into the market this month to fill the supply gap to reduce the volatility, which has continued despite a raft of measures put in place by the government to restore calm.

Canadian gold miner Aton Resources plans to start extracting gold from its Abu Marawat concession in the Eastern Desert by 2025. The Egypt-focused firm will secure a production license this month.

Brazil is showing interest in investing in logistics and green energy projects in the Suez Canal Economic Zone.

The government has sought help from the World Bank to launch a mandatory market for carbon certificates, and the bank will help in establishing and transferring the necessary expertise to establish the market.

ESRS reported consolidated results for 3Q23 with revenues soaring to EGP40.1 billion (+85% YoY, +19% QoQ), bringing 9M23 top-line to EGP103.2 billion (+70% YoY). Attributable net loss came in at EGP509 million in 3Q23, reversing last quarter profits of EGP1.0 billion and 3Q22 profits of EGP1.1 billion. This led to negative earnings of EGP1.2 billion in 9M23 vs. a positive figure of EGP3.7 billion in 9M22. ESRS’s P&L was significantly hit by a forex loss of EGP10.8 billion during the quarter, bringing 9M23 forex loss to EGP23.9 billion. ESRS is currently trading at FY24e PE of 4.8x.

LCSW’s AGM agreed to distribute 3.2 million treasury shares to the company’s shareholders as free shares, implying 0.04 share for each original share held.