Today’s Top News & Analysis
October inflation higher
Egypt is reportedly getting USD15bn for its NWFE program
Telecom Egypt denies receiving an offer for its VODE stake; QIA deposits USD1bn at CBE
EGBE reports Q3 2022 preliminary results
Alexandria Containers’ Q1 2022/23 earnings double y/y
CI Capital advises Blnk on a securitization bond
Sheeni continues to endure losses during Q1 2022/23
Egytrans reports 9M 2022 preliminary results
SIPES withdrew its tender offer to acquire PACHIN
MACRO
October inflation higher
Egypt’s urban inflation hit 16.2% in October 2022, compared to 15% in September 2022. On the other hand, monthly inflation came in higher, registering 2.6% in October vs. 1.6% in September 2022. (CAPMAS)
Egypt is reportedly getting USD15bn for its NWFE program
Egypt has signed a number of partnerships with international finance institutions and development partners to implement projects worth USD15bn under its Nexus on Water, Food, & Energy (NWFE) program. (Enterprise)
CORPORATE
Telecom Egypt denies receiving an offer for its VODE stake; QIA deposits USD1bn at CBE
Telecom Egypt [ETEL] has denied receiving any formal offer related to its stake at Vodafone Egypt [VODE] until now. This comes after Qatar Investment Authority (QIA) deposited USD1bn with the Central Bank of Egypt (CBE) as it negotiates to acquire stakes in major companies. (Mubasher, Enterprises)
EGBE reports Q3 2022 preliminary results
Egyptian Gulf Bank [EGBE] announced its preliminary standalone results for Q3 2022. The bank continues to show improved performance during 2022, as 9M 2022 net income came in at EGP625mn, reflecting a 22% y/y increase. As for Q3 2022 on a standalone basis, EGBE’s bottom line increased 25% y/y to EGP216mn, yet its q/q growth was subdued at 2%. This came despite a strong growth in the bank’s net interest income (NII) of 10% y/y (+17% q/q) to EGP800mn on higher yields. On the balance sheet side, EGBE managed to increase its loan portfolio by 10% ytd to EGP25.6bn (+2% q/q), derived from a satisfying increase in deposits by a 14% ytd to EGP73.7bn (+4% q/q). (Company disclosure)
Alexandria Containers’ Q1 2022/23 earnings double y/y
Alexandria Containers & Cargo Handling [ALCN] announced Q1 2022/23 results, which showed net profit of EGP669mn (+99% y/y) on revenues of EGP851.5mn (+58% y/y). Such growth came from handling 195,751 containers (+8.1% y/y) throughout the quarter with an average revenue/container of EGP4,350 (+46.5% y/y). GPM came in at 74.3% (+11.2pp y/y), the highest in the last five years. (Company disclosure).
CI Capital advises Blnk on a securitization bond
CI Capital Holding [CICH] was the financial advisor for an EGP202mn securitized bond issuance for consumer finance player Blnk as a part of a three-year EGP2bn program. (Company disclosures)
Sheeni continues to endure losses during Q1 2022/23
General Co. for Ceramic and Porcelain Products (Sheeni) [PRCL] achieved a net loss of EGP9.3mn in Q1 2022/23 compared to a net loss of EGP14.6mn in Q1 2021/22. Revenues reached EGP51.24mn (+20% y/y), but GLM rose to 9.2% compared to a GLM of 3.6% a year before. (Company disclosure)
Egytrans reports 9M 2022 preliminary results
Egytrans' [ETRS] preliminary 9M 2022 results showed net profits coming of EGP30.8mn (+189% y/y) on revenues of EGP292.4mn (+45.7% y/y). GPM came in at 21.3% (-366bps y/y), while NPM came in at 10.5% (+520bps y/y). (Company disclosure)
Egytrans reports 9M 2022 preliminary results
Egytrans' [ETRS] preliminary 9M 2022 results showed net profits coming of EGP30.8mn (+189% y/y) on revenues of EGP292.4mn (+45.7% y/y). GPM came in at 21.3% (-366bps y/y), while NPM came in at 10.5% (+520bps y/y). (Company disclosure)
SIPES withdrew its tender offer to acquire PACHIN
SIPES withdrew its offer to acquire Paints & Chemical Industries (PACHIN) [PACH] after National Paints Holding LTD offered to buy a 100% of the company for EGP29/share. (Company disclosure)
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