Today’s Top News & Analysis
Egypt's industrial exports reach an all-time high in 2022 (+10% y/y)
Egypt's exports of chemicals and fertilizers reach an all-time high in 2022 (+23% y/y)
ITFC grants facilities of USD1.5bn to Egypt in 2023
Russia to export wheat to Egypt in rubles
ADIB rectifies the subscription rate to its capital increase
FAIT's BoD proposes a DPS of EGP1.98
CIRA Education to retain 2021/22 net profits
MACRO
Egypt's industrial exports reach an all-time high in 2022 (+10% y/y)
The Engineering Export Council of Egypt reported that industrial exports achieved an all-time high of USD3.8bn in 2022 (+10% y/y). The most important segments that saw growth were: cables (+25.6% y/y), electric and electronic industries (+18.4% y/y), car parts (+13.8% y/y), and home appliances (+0.8% y/y). The council targets for exports to increase in 2023 by at least 20%, by opening new export markets in Africa. (Economy Plus)
Egypt's exports of chemicals and fertilizers reach an all-time high in 2022 (+23% y/y)
According to the Chemical & Fertilizers Export Councils, Egypt's exports of chemicals and fertilizers increased 23% y/y in 2022, reaching a new all-time high of USD8.63bn vs. USD7.03bn in 2021. Exports of chemicals alone represented 24% of total 2022 non-oil exports. (Al-Mal)
ITFC grants facilities of USD1.5bn to Egypt in 2023
Egypt has reportedly signed a USD1.5bn fund facility agreement with International Islamic Trade Finance Corporation (ITFC) in 2023, which are intended to support ration goods and petrochemicals. (Asharq Business)
Russia to export wheat to Egypt in rubles
Russia will export wheat and other grains to Egypt in rubles. Russia had previously accepted payment in rubles in another grains agreement with Turkey. Yet, the Russian government did not fully shift its transactions to be in rubles. (Al-Mal)
CORPORATE
ADIB rectifies the subscription rate to its capital increase
In a disclosure published yesterday, Abu Dhabi Islamic Bank - Egypt [ADIB] rectified the previously-announced subscription rate of 93.4% to the bank's EGP1bn capital increase to 98.5%. The remaining unsubscribed amount of 1.5mn shares will be offered in a second-phase subscription. (Company disclosure)
FAIT's BoD proposes a DPS of EGP1.98
Faisal Islamic Bank - Egypt's [FAIT] BoD proposed distributing a cash dividend of EGP1.98/share, implying a payout ratio of 27% and a 7.6% dividend yield. (Company disclosure)
CIRA Education to retain 2021/22 net profits
CIRA Education’s [CIRA] shareholders approved in an OGM retaining 2021/22 net profits. CIRA will allocate 10% of its retained earnings to be distributed to the company’s employees. (Company disclosure)
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