Today’s Top News & Analysis
Egyptian government to start an emergency support fund for irregular employment
TSFE has pre-qualified 17 consortia to bid in water desalination projects
JICA to lend Egypt USD733mn for Metro line 4
AMOC 9M 2022/23: Sequential decline in net profit overshadows strong annual growth
AIVC 2022/23: Turns profitable despite a y/y lower Q4
Sheeni preliminary 9M 2022/23: Operating losses continue
EIPICO's capital increase gets the green light
PACHIN bidding war may come to an end
MACRO
Egyptian government to start an emergency support fund for irregular employment
The Egyptian President has directed to start an emergency support fund for irregular employment, providing EGP1,000. The fund should be operational once the legal procedures are done. (Al-Mal)
TSFE has pre-qualified 17 consortia to bid in water desalination projects
The Sovereign Fund of Egypt (TSFE) has pre-qualified 17 international consortia to bid for the upcoming renewable-powered desalination project tenders. The pre-qualified consortia include Elsewedy Electric [SWDY] and Orascom Construction [ORAS], which are listed in the first tier to handle the biggest projects, among other local and international construction companies. (Enterprise)
JICA to lend Egypt USD733mn for Metro line 4
Egypt’s Prime Minister said that the Egyptian government signed an agreement with the Japanese International Corporation Agency (JICA) to lend Egypt USD733mn for the construction of the fourth line of Cairo Metro. (Enterprise)
Corporate
AMOC 9M 2022/23: Sequential decline in net profit overshadows strong annual growth
Alexandria Mineral Oils Co. [AMOC] reported its preliminary consolidated results for 9M 2022/23, recording net profits of EGP1.4bn (+86% y/y) with revenues of EGP17.7bn (+45% y/y). Higher worldwide prices of petroleum products and the EGP devaluation were the main drivers for the strong y/y performance. However, AMOC’s Q3 2022/23 net profits decreased 31% q/q to EGP415mn despite higher revenues of EGP7bn (+48% q/q). The main reasons for the decline in net profits was a net profit margin contraction to 6% (-7pp q/q) on a GPM decline to 9% (-3pp q/q). (Company disclosure)
AIVC 2022/23: Turns profitable despite a y/y lower Q4
Al Arafa Investment & Consultancies [AIVC] reported consolidated 2022/23 net profits of USD11.7mn, vs. net losses of USD5.3mn a year before, on higher revenues of USD231mn (+26% y/y). In Q4 2022/23, AIVC reported a decline in net profits to USD2.1mn (-60% y/y) despite a 1.6% y/y growth in revenues to USD65mn. (Company disclosure)
Sheeni preliminary 9M 2022/23: Operating losses continue
The General Co. for Ceramics & Porcelain Products’ (Sheeni) [PRCL] 9M 2022/23 results showed net profits of EGP45mn compared to a net loss of EGP54mn the previous year. Such results came despite PRCL incurring a gross loss of EGP7.4mn, a GLM of -4% on 20% y/y higher revenues of EGP185mn. No details were provided. (Company disclosure)
EIPICO's capital increase gets the green light
EIPICO [PHAR] got the Financial Regulatory Authority's (FRA) approval to launch its EGP495.85mn capital increase between 15 May and 14 June 2023. PHAR will increase its capital by 50%, raising its paid-in capital to EGP1.49bn by offering 49,585,250 new shares at a par value of EGP10/share without an issuance premium. (Company disclosure)
PACHIN bidding war may come to an end
The Holding Co. for Chemical Industries is reportedly looking to sell its 44.6% stake in Paints & Chemical Industries (PACHIN) [PACH] to National Paints Holding, which currently has the highest tender offer on the table for PACH shares. (Al-Borsa)
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