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Pre-Trading Thoughts
Manage episode 347550557 series 2987212
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Remittances from Egyptians working abroad declined in August to record USD2.2 billion, compared to USD2.7 billion in August last year.
Exports of ready-made garments increased by 29% during 9M2022 to record USD1.91 billion.
The EGX will launch Africa’s first voluntary carbon market in mid-2023.
Alstom signed a framework agreement with the National Authority for Tunnels to design, build, and maintain Cairo Metro Line 6.
Egypt and Germany inked nine cooperation and financing agreements worth EUR160 million.
The Local Development Ministry is within days set to sign contracts worth EGP4.2 billion to establish sanitary landfills and waste recycling facilities for municipal waste.
Egypt will invest EGP3 billion to plant 100 million trees over the next seven years.
ARCC standalone 3Q22 net profit reached EGP138.8 million versus a net loss of EGP3.4 million in 3Q21.
ARCC Board approved a cash dividend distribution of EGP0.66/share for 9M22, implying a DY of 11.7%.
The Egyptian Electricity Transmission Company has postponed tenders and practices that it intended to offer to foreign companies to supply electrical supply supplies, after approving new conditions for tenders that include paying the foreign component in EGP, provided that it is linked to the dollar price on the due date and paid in the local currency. Several Egyptian and international companies are competing for tenders, including SWDY, Siemens, Schnieder Electric, Energia, Egymac, Madkour, and ABB.
Trial operations have begun for the Sixth of October dry port. The project is 70% held by SWDY.
Construction of the second reactor at the 4.8 GW Dabaa nuclear power plant got underway yesterday.
EFIC 3Q22 net profit reached EGP111 million (-58% QoQ, +19% YoY).
Brent crude fell about 9% during the week, losing 2.4% on Friday to settle at USD87.62/bbl.
IDHC reported a net loss of EGP18 million in 3Q22, compared to a net profit of EGP454 million in 3Q21 and EGP126 million in 2Q22.
CICH reported 9M22 net profit of EGP486 mn, up 18% YoY.
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