IMF boss confirmed that the Fund will continue to support the Egyptian economy as it carries out reforms. 

The government will pay out USD1 billion of arrears owed to foreign energy companies early next month.

The Emirati company Dana Gas will resume its drilling activities in Egypt starting next March, after receiving part of its overdue dues from the Egyptian Petroleum Authority.

BP kicked off production from the second development phase of its Raven natural gas field in its North Alexandria offshore concession. 

The Arab Organization for Industrialization is in talks with Emirati investors to set up three new factories in Egypt. The planned facilities will specialize in car tires, MDF wood from palm tree fronds, and advanced defense manufacturing.

A number of tax facilities regarding SMEs, simplifying tax procedures, and settling disputes will take effect in March.

EAST released outstanding 1H24/25 financial results. 1H24/25 net profit recorded EGP5,382 million (+85.8% YoY). EAST is currently trading at FY24/25f P/E of 6.8x and EV/EBITDA of 6.1x.

AMOC released 2Q24/25 full financial results. Net profit dropped 35% YoY (-68% QoQ) to EGP148 million. Net profit declined 5% YoY to EGP610 million in 1H24/25. AMOC is currently trading at a FY24/25e PE of 4.3x and EV/EBITDA of 2.1x.

MASR achieved strong FY24 sales of EGP46.1 billion, up 54.2% y/y, implying 4Q24 sales of EGP13.4 billion, down 10.8% y/y and up 13.7% q/q.

EGAL is studying establishing a new 600k ton aluminum plant with no further details announced. 

SWDY's Chairman expects the company to start supplying building materials to Ras Al Hekma project in North Coast in two months. SWDY is also eyeing an entrance into Brazil and India as part of its expansion plan.

CLHO announced the execution of an agreement to extend Cleopatra October (Haven) Hospital through a Build-to-Suit lease to add approximately 200 beds to the existing hospital. The expansion is expected to increase the hospital’s total capacity to up to 300 beds by 2026. 

CIRA Education will submit a mandatory tender offer (MTO) to up its stake in Cairo for Educational services (CAED) to up to 90% from the current 69.4%. CIRA is looking to acquirean additional 20.6% of its subsidiary at an initial share price of EGP30.

Weekly Commodities Update