Today’s Top News & Analysis
Net Foreign asset deficit reaches USD4.2bn in March
Auto sales dropped by 43% m/m in March
Xinxing Ductile Iron Pipes Co. set up its factory in Egypt
Egypt and Belarus signed three agreement
MACRO
Net Foreign asset deficit reaches USD4.2bn in March
The Central Bank of Egypt's (CBE) net foreign asset deficit declined to USD4.2bn in March 2024 vs. USD21.9bn in February 2024. This is the first improvement in two years comes in response to the Ras El-Hekma deal. (Asharq Business)
Auto sales dropped by 43% m/m in March
According to the Automotive Marketing Information Council (AMIC), Egypt’s auto sales dropped by 43% m/m in March 2024 to 4,200 vehicles, as the customers are awaiting further price reductions. The volumes came as follows:
· Passenger car sales drove the drop by a 53% m/m decline to 2,800 units.
· Truck sales decreased by 10% m/m to 920 units.
· Meanwhile, the bus sales slightly increased to 522 units (+0.6% m/m). (Enterprise)
Xinxing Ductile Iron Pipes Co. set up its factory in Egypt
According to a SCZone statement, the Chinese Xinxing Ductile Iron Pipes Co. factory construction in the TEDA Industrial Zone started. The factory will cost USD146mn manufacturing 250,000 tones of cast iron/year with a value of USD1.2bn/year. (Enterprise)
Egypt and Belarus signed three agreement
The Egyptian and the Belarusian governments signed three agreements as follows:
· Trade relations to be strengthened through giving priority to each other's exports while clearing the customs.
· Raise the investor's participation in stock markets by signing an MoU to exchange expertise.
Promoting areas of investment that the investors of each country have an interest in. (Enterprise)
Markets Performance
Key Dates
1-May-24
AIH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
2-May-24
OLFI: Cash dividend / Deadline for eligibility for a dividend of EGP0.950/Share.
8-May-24
Egypt PMI / April 2024 reading.
ELSH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
ELSH: EGM / Amending Article No. 7 of the company's bylaws.
DOMT: Cash dividend / Deadline for eligibility for a dividend of EGP0.50/Share.
9-May-24
JUFO: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
OLFI: Cash dividend / Payment date for a dividend of EGP0.950/share.
12-May-24
RAYA: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
RAYA: EGM / Discussing capital reduction & amending Articles No. 6 & 7 of the company's bylaws.
13-May-24
EFIH: OGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
DOMT: Cash dividend / Payment date for a dividend of EGP0.50/Share.
18-May-24
HRHO: OGM / Approving financial statements ending 31 Dec. 2023.
20-May-24
ORAS: OGM / Approvig financial statements ending 31 Dec. 2023 and the proposed dividends.
23-May-24
HELI: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
26-May-24
OIH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
26-May-24
SKPC: Cash dividend / Deadline for eligibility for a dividend of EGP1.25/Share.
29-May-24
SKPC: Cash dividend / Payment date for a dividend of EGP0.75/Share (1st installment)