Today’s Top News & Analysis
More limits in card transactions
China to invest USD15.5bn in SCZone
Suez Canal to raise transit fees
ESRS Q2 2023: FX losses erase any operational income
A subsidiary of Elsewedy Electric secures USD50mn loan
MACRO
More limits in card transactions
The Central Bank of Egypt has imposed a limit of USD250/month on local foreign currency transactions using credit cards, while the limit for travelers abroad is not yet known. This comes a week after the cancellation of any FX payment by debit cards. (Asharq Business)
China to invest USD15.5bn in SCZone
The SCZone has inked several agreements with Chinese companies for several green investments and manufacturing projects. The projects include:
· A new green hydrogen plant.
· A green energy-powered potassium chloride facility.
· China Glass to establish a glass factory.
· Xinxing Ductile to open an iron pipe factory.
· Shandong Tianyi Chemical to invest in a new bromine factory. (Enterprise)
Suez Canal to raise transit fees
The Suez Canal Authority decided to increase its prices for passing ships between 5 and 15%, starting next January. The authority, in a statement, will raise the regular transit fees for petroleum tankers, petroleum derivatives carriers, liquefied petroleum gas carriers (LPG), liquefied gas carriers (LNG), carriers of other distinctive chemicals, car carriers, fast ships, and special permanent units. The Authority also decided to increase passing fees by 5% for solid cargo ships, general cargo ships, and others. (Economy Plus)
CORPORATE
ESRS Q2 2023: FX losses erase any operational income
Ezz Steel Co. [ESRS] released its H1 2023 consolidated financial statements, posting net losses of EGP643mn (vs. net profits of EGP2.6bn in Q2 2022, on higher revenues of EGP62.3bn (+62% y/y) with a GPM of 27.1% (+0.5pp y/y). The company’s net losses were caused by recording an FX loss of EGP13.1bn. (Company disclosure)
A subsidiary of Elsewedy Electric secures USD50mn loan
United Metals Company (UMC), a subsidiary of Elsewedy Electric [SWDY], has secured an USD50mn loan from The European Bank for Reconstruction and Development (EBRD). The loan will be used to cover UMC's working capital needs to import copper cathods. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
18-Oct-23
ELSH: BoD meeting / Discussing agenda items.
EFIC: Cash dividend / Payment date for a dividend of EGP1.5/share (3rd installment).
23-Oct-23
ABUK: Cash dividend / Deadline for eligibility for a dividend of EGP7.00/Share.
EAST: Cash dividend / Deadline for eligibility for a dividend of EGP3.75/Share.
MICH: Cash dividend / Deadline for eligibility for a dividend of EGP3.00/Share.
24-Oct-23
ORAS: Cash dividend / Deadline for eligibility for a dividend of EGP8.51/Share.
25-Oct-23
ORAS: Cash dividend / Ex-dividend date for EGP8.51/Share.
EGAL: OGM / Approving financial statements for 2022/2023.
MCQE: Stock dividend / Last date for eligibility for a 0.33-for-1 stock dividend.
26-Oct-23
MCQE: Stock dividend / Date for distributing a 0.33 for-1 stock dividend.
ABUK: Cash dividend / Payment date for a dividend of EGP2.00/share (1st installment).
MNHD: Cash dividend / Payment date for a dividend of EGP0.075/share (2nd installment).
EAST: Cash dividend / Payment date for a dividend of EGP2.00/share (1st installment).
MICH: Cash dividend / Payment date for a dividend of EGP1.50/share (1st installment).
29-Oct-23
PRCL: OGM / Approving financial statements ending 30 June 2023.
PRCL: EGM / Amending Article No. 3 of the company's bylaws.
31-Oct-23
ORAS: Cash dividend / Payment date for a dividend of EGP8.51/share.
MCRO: Cash dividend / Payment date for a dividend of EGP0.096/share (2nd installment).