Today’s Top News & Analysis
Moody's downgrades Egypt's credit rating
Lower imports decreases Trade balance deficit in November 2022
Russian companies to export food oil to Egypt
ADQ to join Vodafone Egypt acquisition
Canal Shipping Agencies H1 2022/23 preliminary net income jumps by 311% y/y
MACRO
Moody's downgrades Egypt's credit rating
Moody's downgraded the credit rating of Egypt to B3, while changing its outlook to stable. (Moody's)
Lower imports decreases trade balance deficit in November 2022
Egypt's trade balance deficit decreased by 38.5% y/y, reaching USD2.15bn, on the back of lower imports of USD5.94bn (-26.8% y/y). (Economy Plus)
Russian companies to export food oil to Egypt
Three major Russian companies are in negotiations with The Russian Food Exhibition in Egypt to supply food oil. It is stated that a Russian company called "AFCO" has already supplied Egypt with food oil at a competitive price of EGP58/bottle (800mn bottle). (Al-Borsa)
CORPORATE
ADQ to join Vodafone Egypt acquisition
It has been reported that ADQ Holding is negotiating with the Egyptian Government to acquire Telecom Egypt’s [ETEL] stake in Vodafone Egypt [VODE]. (Asharq Business)
Canal Shipping Agencies H1 2022/23 preliminary net income jumps by 311% y/y
Canal Shipping Agencies [CSAG] H1 2022/23 preliminary results showed a huge growth in net income reaching EGP289.5mn (+311% y/y), whereas revenues came in at EGP35.7mn (+2.3% y/y). The bottom-line increase is attributable to the higher investment income from Damietta Container Handling Co. [DCCC] and Port Said container Handling Co. [POCO], and FX gains. Gross profit margin widened to reach 35.4% (+17.8 pp y/y), while Net profit margin reached 810%. (Company disclosure)
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