The government’s state ownership policy document could go into effect at the end of this year.
The European Investment Bank plans to commit USD1.5 billion in new financing to Egypt, primarily focusing on water treatment.
The Senate approved some amendments to Investment Law No. 72 of 2017, granting projects in industries and areas determined by the Cabinet, and their expansions, an investment incentive that does not exceed 55% of the income tax value, given they use FX from abroad to finance at least half of the cost of their projects.
Trade deficit increased in August by 0.7% YoY, recording USD4.18 billion. Exports decreased by about 8% YoY recording USD3.33 billion.
Vodacom submitted a voluntary tender offer to purchase the minority shareholders’ stake (0.05%, 124,608 shares) in Vodafone Egypt for EUR17.92 per share.
ETEL 3Q22 net profit came in at EGP2.39 billion (+7.3% YoY, -1.1% QoQ), bringing 9M22 net profit to EGP6.17 billion, up 2.3% YoY.
MTIE 3Q22 net profit came in at EGP72 million (-16.6% YoY, -22.1% QoQ), bringing 9M22 net profit came to EGP216 million (-34.3% YoY).
RACC reported 3Q22 net loss of EGP6.4 million, compared to a net profit of EGP10.27 million in 3Q21 and EGP7.60 million in 2Q22, bringing 9M22 net profit to EGP10.19 million (-46.5% YoY).
ORHD 3Q22 sales reached EGP2.6 billion, up 17.0% y/y and down 2.2% q/q, bringing 9M22 sales to EGP7.3 billion, up 16.9% y/y. Net profit in 3Q22 increased 37.3% y/y and 63.1% q/q to EGP596.8 million, bringing 9M22 net profit to EGP1.4 billion, up 23.4% y/y.
EKHO 3Q22 net profit reached USD64 million (+36% YoY, -12% QoQ), bringing 9M22 net profit up 54% YoY to USD207 million.
Pachin allowed National Paints Holdings to start due diligence to determine the final price of its submitted acquisition offer.
Masdar, will sign a memorandum of understanding with infinity Power Egypt and Hassan Allam to execute a new green hydrogen project in Suez Canal Economic Zone with an investment cost of USD2 billion.
ISPH 3Q22 net profit reached EGP31 million (-77.6% YoY, +6.0% QoQ), bringing 9M22 net profit to EGP118 million, down 51.1% YoY.
According to local press, ADQ is negotiating acquiring Delta Pharma at a transaction value of EGP1.0 billion.
CIEB 3Q22 net profit recorded EGP586 million (+12% q/q, +42% y/y), bringing 9M22 bottom line to EGP1,601 million (+36% y/y).
| ADIB 3Q22 net profit recorded EGP566 million (-1% q/q, +46% y/y), bringing 9M22 net profit to EGP1,583 million (+48% y/y). EGBE 3Q22 standalone net profit recorded EGP215 million (+24% y/y, +1% q/q), bringing 9M22 bottom line to EGP625 million, up 23% y/y.
ETRS 3Q22 net profit came in at EGP10.7 million (+145% YoY, +81% QoQ), bringing 9M22 net profit to EGP30.8 million (+189% YoY).
The House Housing Committee yesterday gave initial approval to amendments that would see the government pay compensation to contractors who have suffered losses on the back of recent economic reforms such as the EGP float.
ATQA 3Q22 net profit reached EGP28.8 million, compared to loss of EGP28.3 million, bringing 9M22 net profit to EGP115.5 million (+76% YoY).
The Holding Company for Food Manufacturing opened the door for local butcheries to supply the company with its needed amount of frozen birds.
Turkey’s largest industrial group, Koç Holding, is considering investing in Egypt’s automotive sector.