Today’s Top News & Analysis
25% decline in NFAs in October
Egypt to sign contracts for 21 desalination plants next year
NERA cancels a 50MW solar plant project
MICH posts 4M 2022/23 results
KABO announced Q1 2022/23 results
Ezz steel up its selling prices
DCHC and PSCCHC plan to appear on EGX
MACRO
25% decline in NFAs in October
Recording the second worst m/m deterioration since May 2022, Net Foreign Assets (NFAs) of the Egyptian banking system recorded a 25% decline in October 2022 to negative EGP551bn against negative EGP441bn in September2022. (CBE)
Egypt to sign contracts for 21 desalination plants next year
The Egyptian government will sign contracts to build 21 new desalination plants next year. The projects will cost a total of USD8bn, with more than 200 developers from 35 countries interested in the project. (Enterprise)
NERA cancels a 50MW solar plant project
The New and Renewable Energy Authority (NREA) canceled a 50MW solar plant project in Aswan to lower its debt burdens. (Enterprise)
CORPORATE
MICH posts 4M 2022/23 results
Misr Chemcial Industries [MICH] 4M 2022/23 bottom line upped by151% y/y to EGP162mn. Reasons for bottom line growth is higher sales volume and higher average selling prices. We note that October's bottom line alone came in at EGP58mn. Our 12MPT for MICH is EGP20.0/share. (Company disclosure)
KABO announced Q1 2022/23 results
El Nasr Clothing & Textiles Co.'s [KABO] reported Q1 2022/23 consolidated net profits of EGP4mn compared to EGP1mn a year earlier. Net profits improvements came in view of:
(1) Top line growth to EGP93mn (+16% y/y),
(2) GPM increased to 28% (+6.8pp y/y),
and (3) SG&A-to-revenues ratio improved to 16% (-1.7pp y/y). (Company disclosure)
Ezz Steel ups its selling prices
Ezz Steel's [ESRS] upped its selling prices by 4% to reach EGP20,450 per ton including VAT effective 2 December 2022. (Company release)
DCHC and PSCCHC plan to appear on EGX
BoDs of both Damietta Container and Cargo Handling Co. (DCHC) and Port Said Container and Cargo Handling Co. (PSCCHC) agreed to list their companies in the EGX. We note that it was reported that both companies will list c.25% of its shares through IPO. We note that Canal Shipping Agencies [CSAG] owns a 20% stake in DCHC and PSCCHC. (Al-Mal)
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