Manage episode 342814403 series 2987212
Minister of Planning noted that real GDP growth in Egypt reached 6.6% in FY21/22.
The market is anticipating the release of large quantities of imported strategic commodities from Egyptian ports, including feed (corn and soybeans), to increase the supply in the market and limit the successive price increases.
A Russian wheat shipment of 42k tons is scheduled to arrive at Alexandria port today.
Ministry of Supply has raised the prices of oil sold through ministry outlets to EGP25/800 ml, up from EGP23.
Qalaa Holdings reported 2Q22 net profit after minority came in at EGP362 million compared to a net loss of EGP401 million in 2Q21. 1H22 bottom line recorded a net loss of EGP223 million, which is narrower than the net loss of EGP880 million in 1H21. Impressive performance at ERC with refining margins averaged USD5.4 million per day compared to USD2.7 million/day in 1Q22. 2. Better sales volumes at Taqa Arabia.
EKHO BoD has approved a treasury buyback program for up to 20 million shares or 1.5% of the company.
SODIC intends to expand locally by launching new projects, acquiring land plots from the Urban Communities Authority, or through acquisitions. Management decided not to acquire MNHD.
Passenger car sales dropped 53% y-o-y in August to just 8.7k vehicles as the market continues to struggle with barriers to imports. YTD, PC sales went down 20% YoY to 110k.
HRHO's leasing and factoring arm Corp-Solutions concluded EGP2 bn securitized bond issuance on Thursday.
EAST BoD agreed to distribute dividends of EGP1.60/share implying a payout ratio of 89% and a dividend yield of 15.5%.
BTech’s number of stores reached 143 and management plans to open 10 more stores before the end of 2022. The company is in negotiations with serval parties to acquire a 34% stake of its shares since a UK fund plans to exit.