Today’s Top News & Analysis
East Port Said Port to get a new multi-purpose terminal
A consortium to build a 2GW green hydrogen plant in Suez Canal Zone
EFG Hermes posts Q3 2022 results
Contact reports 9M 2022 results
Arab Ceramic reports Q3 2022 results
FRA approves extending Banque Du Caire IPO deadline
MACRO
East Port Said Port to get a new multi-purpose terminal
A consortium of Sky Investments and Reliance Logistics, has signed a contract with the Suez Canal Zone to establish a multi-purpose terminal at East Port Said Port with investment cost of USD65mn. (Official release)
A consortium to build a 2GW green hydrogen plant in Suez Canal Zone
A consortium of Infinity, HassanAllamUtilities, and Masdar have signed a contract to build a 2GW green hydrogen plant in the Suez Canal Zone. The plant is expected to be operational by 2026. (Official release (
CORPORATE
EFG Hermes posts Q3 2022 results
EFG Hermes Holding [HRHO] reported Q3 2022 net earnings, which declined by 5% y/y to EGP337mn despite a 96% y/y growth in operating revenues to EGP2.3bn. We note that net earnings dropped due to (1) Higher G&A expenses by 90% y/y to EGP1.4bn in, and (2) impairment losses on assets, which recorded EGP175mn in the same period. We also note that the growth in operating revenues in Q3 2022 was underpinned by the consolidation of aiBank, as well as a 60% y/y jump in the Investment bank revenues to EGP1.1bn. The NBFS segment top line rose by 29% y/y to EGP664mn in Q3 2022, mainly supported by the leasing and consumer finance arm of HRHO. It is worth noting that the rise in leasing revenues was driven by double-digit growth in the average ticket size to EGP72mn (+60% y/y). HRHO is now trading at an annualized P/E of 12x, a P/BV of 1x, with annualized ROAE of 9%. (Company disclosure)
Contact reports 9M 2022 results
Contact Financial Holding’s [CNFN] 9M 2022 net earnings decreased by 2% y/y to EGP326mn. On the other hand, operating revenues grew by 28% y/y to EGP1.1bn. Meanwhile, NPM came in at 29% vs. 37% a year earlier. Annualized ROE for CNFN is now 19.1%. (Company disclosure)
Arab Ceramic reports Q3 2022 results
The Arab Ceramic Company -Ceramica Remas- [CERA] announced its Q3 2022 results where revenues reached EGP240.9mn compared to EGP189.9mn in the same period last year (+26.9% y/y). Export sales contributed 65.1% of total sales or the equivalent of EGP156.9mn (+29.2% y/y), while local sales contributed the remaining EGP84.1mn (+22.8% y/y). Net earnings however came in at EGP7.1mn (+16.4% y/y). GPM increased from 3.9% in Q3 2021 to 7.5% in Q3 2022. (Company disclosure)
FRA approves extending Banque Du Caire IPO deadline
Financial Regulatory Authority (FRA) approved Banque Du Caire's [BQDC] request to extend the deadline for its long-awaited IPO until the end of March 2023. The state owned bank's listing has been postponed several times before due to unfavorable market conditions. (FRA)
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