Today’s Top News & Analysis
Egypt’s automotive manufacturing components imports fall 37.7% in January 2023
Egyptian government to increase wheat incentives by 20%
Elsewedy Electric wins an EUR800mn contract in Libya
EGAL lowers its local selling prices
DOMT's OGM approves distributing cash dividends
AUTO spent only 15% of its 2015 capital increase proceeds
Macro
Egypt’s automotive manufacturing components imports fall 37.7% in January 2023
According to Automotive Marketing Information Council (AMIC), Egypt’s automotive manufacturing components imports fell to USD45.47mn in January 2023 (-37.7% y/y). (Al-Mal)
Egyptian government to increase wheat incentives by 20%
The Egyptian government approved increasing the wheat incentives by 20% to EGP1,500/ardeb in order to encourage local farmers to expand the planting of strategic corps. (Cabinet statement)
Corporate
Elsewedy Electric wins an EUR800mn contract in Libya
A consortium of Elsewedy Electric [SWDY] and Qatar’s UrbaCon Trading & Contracting Co. (UCC) won a contract to construct a 1,044 mwh power generation station for the General Electricity Co. of Libya (GECOL). The joint venture project is worth EUR800mn divided between the two companies equally, plus additional charges for an additional fee other than the above, including connections, networks and interconnection facilities with the Libyan electricity and natural gas networks.
From our point of view, this project should help SWDY increase its presence in the MEA region with more foreign currency-based projects, which should help SWDY hedge any future EGP devaluation. (Company disclosure)
EGAL lowers its local selling prices
In response to the decreasing global aluminum prices, Egypt Aluminum [EGAL] lowered its local selling prices across all of its products by EGP2,000-14,000/ton. (Al-Mal)
DOMT's OGM approves distributing cash dividends
Arabian Food Industries’ [DOMT] OGM approved distributing cash dividends of EGP0.50/share, implying an 8% yield. (Company disclosure)
AUTO spent only 15% of its 2015 capital increase proceeds
GB Corp [AUTO] spent EGP147.4mn until 2022 of the proceeds of capital increase amounting to EGP958.7mn registered on 17 June 2015, implying an achievement rate of only 15%. It spent that value in technical and advisory fees and the purchase of the machinery and equipment for motorcycles and three-wheelers factory construction project. (Company disclosure)
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