Today’s Top News & Analysis
CPI's fifth ease in a row
Optimistic growth forecasts
Two new hydropower projects in Luxor & Qena
Remittances from Egyptians abroad increased by 66% y/y in June
EDA greenlights increasing prices for RMDA
MACRO
CPI's fifth ease in a row
The annual urban CPI eased for the fifth consecutive month to 25.7% in July vs. 27.5% in June. (Asharq Business)
Optimistic growth forecasts
The government announced in a cabinet statement its optimistic forecasts for the economy growth in the current FY25 being 4.2%, FY27 being 5.5%, and FY30 being 6.5%. (Enterprise)
Two new hydropower projects in Luxor & Qena
Sources said the government concluded the studies of setting up two pumped storage hydropower projects in Luxor and Qena with a capacity of 1,000 MW each and an expected cost of USD2.5bn. (Asharq Business)
Remittances from Egyptians abroad increased by 66% y/y in June
Sources said the remittances from Egyptians abroad increased to USD2.6bn(+66% y/y, -3.7% m/m) in June. (Enterprise)
CORPORATE
EDA greenlights increasing prices for RMDA
Rameda [RMDA] announced the Egyptian Drugs Authority (EDA) giving the green light to increase the average prices of 22 SKUs by 40-50%. RMDA said the approved price increases will relieve pressure on its gross profit margins in addition to supporting RMDA's developments, production, and supply of needed medications in the Egyptian market. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
8-Aug-24
MPRC: Cash dividend / Payment date for a dividend of EGP0.50/Share.
11-Aug-24
MCQE: EGM / Amending Article No. 3 of the company's bylaws.
12-Aug-24
MSCI / MSCI's August 2024 Quarterly Index Review Announcement.
14-Aug-24
ICLE: EGM / Amending Article No. 3 of the company's bylaws.
ETEL: Earnings Announcement / Announcing Q2 2024 financial results.
ORAS: Cash dividend / Deadline for eligibility for a dividend of EGP9.69/Share.
17-Aug-24
MFPC: OGM / Considering distributing cash dividends.
18-Aug-24
OFH: OGM / A board reshuffle.
20-Aug-24
ACGC: EGM / Amending some Articles of the company's bylaws.
21-Aug-24
ORAS: Cash dividend / Payment date for a dividend of EGP9.69/Share.
EXPA: Stock dividend / Last date for eligibility for a 0.33-for-1 stock dividend.
22-Aug-24
EXPA: Stock dividend / Date for distributing a 0.33 for-1 stock dividend.
29-Aug-24
PHAR: Cash dividend / Payment date for a dividend of EGP1.00/share (2nd installment).
ZMID: Cash dividend / Payment date for a dividend of EGP0.10/Share (2nd installment)
CCAP: OGM / Discussing appointing an additional auditor for the company’s accounts for the current year ending 31 Dec. ,2024.
CCAP: EGM / Discussing the continuation of the company.
SKPC: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.