Today’s Top News & Analysis
Eni and EGAS pledging to fight climate change
A new electric trains factory in Egypt
EFG Hermes to exit Pakistan & Jordan markets
Sidpec’s BoD approved 2023 Budget
Giza Systems' valuation increases by 7.6%
Al Arafa reports its Q3 2022/23; BoD approves setting up a UAE company
Cairo Educational Services reported Q1 2022/23 results
Vodacom snaps fewer Vodafone Egypt shares than targeted
Reliance Heavy Industries appealed against the court ruling for South Valley Cement
MACRO
Eni and EGAS pledging to fight climate change
Italy’s Eni signed an agreement with the Egyptian Natural Gas Holding Co. (EGAS) to study carbon emission reduction technology. Eni is one of Egypt’s largest hydrocarbon emitters from its oil and gas operations. (CNBC Arabia)
A new electric trains factory in Egypt
The Ministry of Transportation is reportedly looking to start an electric train factory as part of a consortium with the Spanish Talgo and the National Egyptian Railway Industries Co. (NERIC). (Al-Borsa)
CORPORATE
EFG Hermes to exit Pakistan & Jordan markets
EFG Hermes Holding [HRHO] plans to exit Pakistan and Jordan markets in addition to a third market yet to be announced. The exit is to focus HRHO's resources to increase its efficiency. HRHO would still serve both markets' institutional clients. Both Pakistan and Jordan accounted for less than 1% of revenues in both 9M 2022 and 2021. (Company disclosure)
Sidpec’s BoD approved 2023 Budget
Sidi Kerir Petrochemicals’ (Sidpec) [SKPC] BoD approved 2023 budget, expecting net income of EGP890mn on revenues of EGP9.4bn. The 2022 budget had expected net income of EGP320mn on revenues of EGP5.2bn. The company’s 9M 2022 figures have already far eclipsed their full-year expectations, with a net income of EGP744mn on revenues of EGP5.8bn. Meanwhile, sources alleged that Sidpec intends to acquire ETHYDCO during Q3 2023. (Al-Borsa, Company disclosures: 1, 2, 3)
Giza Systems' valuation increases by 7.6%
Valuation of B Investments Holding's [BINV] indirect stake in Giza Systems, which was sold to Solutions by STC [KSA: 7202], a subsidiary of Saudi Telecommunications Co. (STC) [KSA: 7010], increased from USD119mn to USD128mn after reviewing Giza Systems' working capital and cash balances. (Company disclosure)
Al Arafa reports its Q3 2022/23; BoD approves setting up a UAE company
Al Arafa Investment & Consultancies [AIVC] reported consolidated Q3 2022/23 net profits of USD4.9mn (+113% y/y) on higher revenues at USD55.1mn (+4.2% y/y). On a separate note, AIVC BoD approved submitting a proposal to an OGM to write off debt balances from 2010 of USD46mn, all of which is provisioned. In addition, the BoD approved establishing a limited liability company in Dubai to be fully owned by AIVC. (Company disclosure: 1, 2)
Cairo Educational Services reported Q1 2022/23 results
Cairo Educational Services [CAED] reported Q1 2022/23 net profits of EGP9.2mn (+3% y/y) on revenues of EGP27mn (+13% y/y). However, gross profit margin decreased to 50% (-4pp y/y). (Company disclosure)
Vodacom snaps fewer Vodafone Egypt shares than targeted
Having launched a tender to acquire as much as 124,608 shares in Vodafone Egypt [VODE], Vodacom will now buy 49,493 shares (equivalent to only 0.02% of VODE) after its offer expired yesterday. (EGX, Enterprise)
Reliance Heavy Industries appealed against the court ruling for South Valley Cement
South Valley Cement [SVCE] said that Reliance Heavy Industries appealed against Cairo's Economic Court ruling to dismiss the lawsuit. (Company disclosure)
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