Today’s Top News & Analysis
Net foreign liabilities decline 24% in February
Economic growth slows down on higher foreign debt
Better auto sales in February 2024
MACRO
Net foreign liabilities decline 24% in February
The Egyptian banking system's Net Foreign Liabilities declined by 24% to USD21.9bn through February 2024 after hitting an all-time high of USD29bn in January. This improvement comes in reflex to Ras El-Hekma deal and the free exchange rate which increased the foreign investor's interest in Egypt. (Enterprise)
Economic growth slows down on higher foreign debt
The Egyptian economic growth slowed down in Q2 FY24 to 2.3% vs. 2.6% in Q1 FY24 and 3.9% a year earlier. This comes in light of the increase in Egypt's foreign debt to a total of USD168bn vs. USD164.5n the previous quarter. (Asharq Business)
Better auto sales in February 2024
According to the Automotive Marketing Information Council (AMIC), Egypt’s auto sales recovered in February 2024 after recording their lowest in 10 months in January, the volumes came as follows:
· Passenger car sales drove the recovery by a 22% m/m increase to 5,852 units.
· Truck sales increased by c.9% m/m to 1,026 units.
However, bus sales only slightly declined by 1% m/m to 519 units. (Enterprise)
Markets Performance
Key Dates
2-Apr-24
ORWE: EGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
ORWE: OGM / Amending some Articles of the company's bylaws.
MFPC: Cash dividend / Deadline for eligibility for a dividend of EGP2.00/Share.
3-Apr-24
Egypt PMI / March 2023 reading.
6-Apr-24
OLFI: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
7-Apr-24
FWRY: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
MFPC: Cash dividend / Payment date for a dividend of EGP2.00/share.
14-Apr-24
DOMT: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
16-Apr-24
ORHD: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
17-Apr-24
MASR: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
18-Apr-24
SWDY: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
SWDY: EGM / Discussing capital reduction & amending Articles No. 6 & 7 of the company's bylaws.
CLHO: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
20-Apr-24
DSCW: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
DSCW: EGM / Amending Articles No. 3, 4 & 7 of the company's bylaws.