Today’s Top News & Analysis
Egypt’s petroleum trade surplus surpassed USD3bn in 2022
Egypt’s medical and pharmaceutical exports increase 39% y/y
COMI closes securitization issuances of EGP32bn in 2022
Telecom Egypt may obtain new frequencies
Heliopolis Housing cancels partnership with Mountain View in HelioPark
Misr Hotels reports its preliminary H1 2022/23 results
General Co. for Silos & Storage reports its preliminary H1 2022/23 results
SODIC's subsidiary signs an EGP2.75bn medium-term facility
Palm Hills Developments' to reduce its capital by 2%
Bedaya to sell its stake in Alshroouk Scan
MACRO
Egypt’s petroleum trade surplus surpassed USD3bn in 2022
The Minister of Petroleum & Mineral Resources revealed that the trade surplus for the petroleum sector exceeded USD3bn in 2022. He expects Egyptian petroleum exports in 2023 to be greater than USD18bn. (Alarabiya)
Egypt’s medical and pharmaceutical exports increase 39% y/y
Medical, pharmaceutical, and cosmetics exports grew to USD968mn in 2022 (+39% y/y). (Al-Mal)
CORPORATE
COMI closes securitization issuances of EGP32bn in 2022
Commercial International Bank [COMI] has announced the successful closure of 11 securitization bond issuances worth EGP32bn in 2022, including the largest securitization issuance in Egypt's debt market history to New Urban Communities Authority (NUCA). (Mubasher)
Telecom Egypt may obtain new frequencies
Reportedly, Telecom Egypt [ETEL] applied for obtaining new frequencies in the 1,800MHz zone. While the prices and release date will be determined later, the frequency band will be 5MHz. The National Telecom Regulatory Authority may open a bid if other operators apply to obtain the frequencies. (Al-Borsa)
Heliopolis Housing cancels partnership with Mountain View in HelioPark
Heliopolis Housing & Development [HELI] has backed out from the partnership with Mountain View in HelioPark project on the back of unfavorable economic conditions and increasing land prices. We note that HELI's parent company, the Holding Co. for Construction & Development, is reportedly negotiating sale of assets with GCC investors. (Asharq Business)
Misr Hotels reports its preliminary H1 2022/23 results
Misr Hotels [MHOT] reported net profits for H1 2022/23 at EGP347mn (+129% y/y), on higher continuing profits of EGP281mn (+85% y/y). Meanwhile, revenues grew to EGP399mn (+65% y/y). Gross profit margin came higher as well, at 91% (+4.5pp y/y). (Company disclosure)
General Co. for Silos & Storage reports its preliminary H1 2022/23 results
General Co. for Silos & Storage [GSSC] reported net profits for H1 2022/23 at EGP67mn (+22% y/y), on higher revenues of EGP453mn (+42% y/y). However, gross profit margin slightly decreased to 29% (-1.1pp y/y). (Company disclosure)
SODIC's subsidiary signs an EGP2.75bn medium-term facility
Al-Yosr for Projects & Real Estate Development, a subsidiary of SODIC [OCDI], signed an EGP2.75bn medium-term facility with Arab African International Bank under the CBE's developer finance scheme. The facility will be used to partially finance the development cost of SODIC's The Estates project in West Cairo. (Company disclosure)
Palm Hills Developments' to reduce its capital by 2%
In a meeting held on Sunday, Palm Hills Developments' [PHDC] BoD decided to reduce the company’s paid-in capital by EGP120mn from EGP6bn to EGP5.88bn by canceling 60mn treasury shares with a par value of EGP2 a share. (Company disclosure)
Bedaya to sell its stake in Alshroouk Scan
Bedaya, a small enterprise fund, is close to selling its 35% stake in Alshroouk Scan to the latter’s founders for a total of EGP24mn. (Al-Mal)
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