Today’s Top News & Analysis
EDA approves raising the prices of 3,000 drugs
Government to raise the fuel subsidies by 18% y/y in FY25
Ministry of Oil to pay 20% of overdue arrears to international oil firms
Gabal El Asfar water treatment plant supported by EUR61.5mn
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EDA approves raising the prices of 3,000 drugs
The Egyptian Drugs Authority (EDA) approved raising the prices of 3,000 drugs between 30-80% in light of the increase in costs on the free exchange rate, after receiving price proposals from all pharmaceutical companies. However, the EDA still awaits the cabinet's approval which directed the companies to conduct a detailed cost study for the manufacturing of drugs. (Al-Mal)
Government to raise the fuel subsidies by 18% y/y in FY25
The Egyptian government plans on raising the fuel subsidies for FY25 to EGP154bn (+18% y/y) following the recent rise in fuel prices and the free exchange rate. We note that on Sunday, the Ministry of Finance posted primary figures for the subsidies at EGP147bn (+13% y/y). (Asharq Business)
Ministry of Oil to pay 20% of overdue arrears to international oil firms
The cabinet said yesterday that the Ministry of Oil will start paying 20% of the overdue arrears to the international oil companies that operate in Egypt. This is worth USD1-1.5bn of estimated USD6.25bn total arrears. (Enterprise)
Gabal El Asfar water treatment plant supported by EUR61.5mn
The Ministry of International Cooperation said that the European Union (EU) and the French Development Agency will support Egypt with EUR61.5mn in finance for the third phase of the Gabal El Asfar water treatment plant. The project is aimed to be the largest water treatment plant in Egypt serving 17.5mn people by 2040. (Enterprise)
Markets Performance
Key Dates
27-Mar-24
EXPA: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
GBCO: EGM / Amending Articles No. 5 of the company's bylaws.
28-Mar-24
FAIT: Cash dividend / Payment date for a dividend of EGP1.853/share.
CIEB: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
MCQE: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
HDBK: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
EMFD: OGM / Approving financial statements ending 31 Dec. 2023.
ISPH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
EFID: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
30-Mar-24
PHAR: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
31-Mar-24
ARCC: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
LCSW: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
EFIH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
RACC: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
RACC: EGM / Amending Articles No. 6 & 7 of the company's bylaws.
EKHO: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.