Banks' net foreign assets position improved significantly by c.78% from a net liability position of USD13.2 billion in February to a net liability position of USD2.8 billion in March.

Finance Minister now expects the country’s primary surplus to come in at 5.75% by the end of the current fiscal year.

China’s state-owned Xinxing Ductile Iron Pipes Company has begun construction on a USD146 million ductile iron pipe factory in the TEDA industrial park, according to an SCZone statement. 

The Ministry of Communications aims to increase digital exports by 30% by the end of this year to exceed USD8 billion.

Egypt aims to increase industrial investments by about 10% during 2024 to reach at least USD3.6 billion.

The General Authority of the Suez Canal Economic Zone signed with the Thai company Hi-Tech a contract granting a usufruct for an area of 64k sqm in the Qantara West area to build a sportswear factory with investments amounting to USD20 million.

Amr El-Kady, CEO of the Tourism Promotion Authority, revealed its intention to launch a major marketing campaign to promote Egyptian tourism in 12 to 14 markets in May.

Banque du Caire will receive a line of financing worth USD25 million from the International Islamic Trade Finance Corporation and the Saudi Export-Import Bank to help Saudi SMEs expand their presence in Egypt and encourage non-oil exports to Egypt.

SKPC released 1Q24 unaudited financial indicators. Net profit grew 7% YoY and declined by 13% QoQ to EGP559 million in 1Q24. SKPC is currently trading at 2024e PE of 6.6x and EV/EBITDA of 4.7x.

SKPC's BoD also approved stock dividends of 1:5, increasing the company's issued and paid-in capital from EGP1.5 billion to EGP1.8 billion distributed over 907 million shares and financed from 2023 profits.

SKPC is distributing cash dividends of EGP1.25/share distributed over two tranches. The first tranche worth EGP0.75/share will be distributed on 29 May 2024, while the second tranche worth EGP0.50/share will be distributed on 25 September 2024. the dividend will be distributed for shareholders on record on 26 May 2024. Implied dividend yield is 4.6%.

EGAL reported indicators for 3Q23/24 with net profit after tax coming in at EGP1.8 billion, almost flat QoQ and 19% lower YoY. Meanwhile, 9M23/24 bottom line surged to EGP5.2 billion (+33% YoY). EGAL is currently trading at FY23/24e P/E of 4.6x and EV/EBITDA of 3.8x.

Egypt's total iron and steel exports dropped 8% YoY to USD478 million in 1Q24.

HELI (FV: EGP18.84, OW) signed a contract with Middle East for Real Estate Development and Investment to co-develop an 894 feddan land plot in New Heliopolis, with a minimum guarantee to HELI of EGP23.8 billion. This project is in addition to the 865 feddan project in New Heliopolis that is also to be co-developed by Middle East for Real Estate Development and Investment.

AMIC released its numbers for March 2024, showing a drop in PC sales by 53% MoM and 41% YoY to record 2.8k units, bringing PC sales to 13.4k units in 1Q24 (+9% YoY).

COMI intends to borrow USD50 million during 2H24 from the European Bank for Reconstruction and Development with the aim of financing finance green projects in Egypt.

Businessman Ahmed Tarek is reportedly studying investing USD100 million in the healthcare sector over the coming three years and is considering acquiring a 20% stake in an EGX-listed pharmaceutical company, according to local press.