The African Development Bank has allocated USD 2.2 bn for water projects in Egypt.
At the National Dialogue, officials called for a ‘unified industrial law’ that would merge the disparate legislation currently in effect and set up an authority tasked with eliminating bureaucratic hurdles and simplifying licensing rules for the industrial sector.
The government is spending a total of EGP180 bn on the Hayah Karima initiative in FY23/24.
MNHD’s net profit in 1Q23 grew 152.9% y/y and 50.4% q/q to EGP304.4 million. Revenue in 1Q23 reached EGP1.0 billion, up 24.7% y/y and down 53.5% q/q.
MNHD started taking steps to expand outside Egypt, particularly in the Gulf area, and is considering entering new markets in the Gulf and in Europe.
ISPH recorded net profit of EGP73 million in 1Q23 (+22.2% YoY, +33.9% QoQ). Bottom line during the quarter was driven by healthy revenue growth (+28.3 YoY, +6.0% QoQ) and margin expansion. ISPH is trading at 2023f P/E of 11.0x and EV/EBITDA of 5.6x.
ATLC recorded net income of EGP36 million in 1Q23 (+105% q/q, +38% y/y). The significant sequential growth mainly took place on the back of 1) strong top-line growth, 2) lower OPEX and provisions, and 3) FX gains of EGP3.6 million. ATLC is currently trading at P/B23 of 1.2x and P/E23 of 4.8x.
As per local media, an Emirati investor is interested to invest in Kima.
“Energy China” will sign a framework agreement to build a green hydrogen plant in the Suez Canal Economic Zone.
EFID will be finalizing a 100% acquisition on a non-listed frozen bakery manufacturing company by the upcoming week with a total deal amount of EGP380 mn (EGP0.53/EFID share).
Industry experts are expecting a rise in prices of dairy products by at least 10-15% within the next two weeks due to the increase in demand for milk, coupled with a supply shortage.
Misr Duty-Free Shops Company (MFSC) achieved an increase in net consolidated profits by 54.9% to reach EGP211 million in 9M FY22/23. Stock is trading at 5x FY22/23 P/E.