Egypt’s PMI posted 46.9 in February, compared to 45.5 in January.
The net foreign liability position of the Egyptian banking system widened to USD21.7 billion in January from USD20 billion in December.
The President announced a EGP150 billion program that includes wage increases and a higher minimum wage for civil servants, higher pension payouts for state employees, and a higher income tax exemption threshold.
Renewable energy projects in Egypt that are under development by the private sector exceed USD4 billion and have a total capacity of 3,500 MW.
ESRS expects consolidated forex losses to preliminarily reach EGP5.3 billion and EGP4.8 billion for ESRS and IRAX, respectively, in the first two months of 2023. The company also expects forex losses to reach EGP3 billion and EGP2.9 billion for ESRS and IRAX, respectively, in 4Q22. It is worth highlighting that around 20% of ESRS’s debt is denominated in USD in addition to other undisclosed USD-denominated liabilities. Accordingly, we expect ESRS to record a consolidated net loss of around EGP2 billion in 4Q22.
Beshay Steel raised rebars price by EGP500/ton to EGP29,000/ton, while Marakby Steel raised its price by EGP1,500/ton to EGP28,500/ton.
Six local entities submitted their technical and financial offers to supply 720 km long electric cables for Canal Electricity Distribution Company. The result of the bid will be announced in March. SWDY is one of the competing entities.
Recent mazut price increase is expected to raise the production cost of cement by around EGP100/ton for plants depending on the fuel as a secondary source of energy. These companies include MCQE and MBSC.
PHDC 4Q22 sales rose 92.1% y/y and 23.8% q/q to EGP8.5 billion, bringing FY22 sales to EGP26.0 billion, up 50.4% y/y. Net profit in 4Q22 reached EGP345.0 million, up 82.7% y/y and down 2.1% q/q, bringing FY22 net profit to EGP1.3 billion, up 52.3% y/y.
MNHD launched the second phase of Clubside, a new project in Taj City, following the launch of the first phase a few months ago which recorded EGP1.0 billion in sales. Total investments of the two phases are estimated at EGP3.6 billion.
MCRO 4Q22 net profit reached EGP44.4 million (+7.9% YoY, -23.6% QoQ), bringing FY22 net profit to EGP173.9 million (+17.5% YoY).
ETRS expects to conclude a majority acquisition of trucking firm National Company for Transportation and Overseas Services before the end of 1H 2023.
The Egyptian General Petroleum Corporation offered an auction for the development of eight old wells in Gulf Suez and Eastern Desert.
GV Developments signed an agreement with TAQA Arabia to establish Tarboul Infra to develop, design, build, and operate the infrastructure and utilities in Tarboul City in Giza.
Banque du Caire’s digital payments subsidiary Taly has launched with initial capital of EGP500 million.
CNFN’s consumer financing arm is now providing financing for furniture and home maintenance.
Sphinx International Airport received its first Nesma Airlines flight from Madrid since the airport’s reopening in November 2022.
Wizz Air is running three weekly flights between Abu Dhabi and Sohag starting this summer.