The Ministry of trade and industry is studying a package of incentives for the industrial sector.
The Parliament gave preliminary approval to legislative amendments including tax and development fee hikes.
Moody’s expects growth to slow in most emerging markets this year.
The IFC could lend USD260 million to state-owned Banque Misr for on-lending to local MSMEs and women-owned SMEs.
TMGH achieved net profit in 1Q23 grew 32.3% y/y and 145.2% q/q to EGP747.5 million.
ELSH reported a 178.4% y/y increase in 1Q23 net profit to EGP48.5 million.
RACC reported net profit of EGP45 million in 1Q23 (+580.2% YoY, +40.5% QoQ). RACC is trading at an annualized 2023f P/E of 2.8x.
ETEL finalized the sale of 8.5 million shares at a value of EGP196.3 million.
ALCN released 3Q22/23 net profit of EGP1.39 billion in 3Q22/23 (+155.4% YoY, +23.2% QoQ). ALCN is currently trading at FY22/23f P/E of 7.5x and EV/EBITDA of 8.3x.
CSAG released 3Q22/23 financial results. Bottom-line recorded net loss of 6.2 million in 3Q22/23.
Ministry of Trade and Industry is expected to extend the safeguard measures applied on imported steel from Turkey, China and Ukraine a year ago.
The Egyptian Electricity Transmission Company (EETC) directly awarded a subsidiary of ElSewedy an EGP425 million contract for establishing "Delta 4" transformers station.
Egyptian contractors have signed USD15 billion worth of contracts with Libya over the past 18 months but current political instability has made it difficult for companies to start construction.
TALM finalized the acquisition that it announced earlier of a university under construction in New Cairo.
Weekly Commodities Update
| Chems & Petchems | | Last Price | WoW Change, %
| Brent, USD/bbl | 77.0 | 1.8%
| Diesel-HSFO Spread, USD/ton | 289.1 | 2.1%
| Egypt Urea, USD/ton | 366.5 | 0.0%
| Polyethylene, USD/ton | 1,070.0 | -1.8%
| Polypropylene, USD/ton | 982.5 | -1.5%
| Steel/Iron Ore Spreads, USD/ton | 431.7 | 2.0%
| LME Aluminum Cash Price, USD/ton | 2,245.5 | -1.9%
| Egyptian Retail Cement, EGP/ton | 1,804.0 | -4.0%
| Steam Coal FOB Newcastle Australia, USD/ton | 160.0 | -1.4%
| SMP, USD/MT | 2,766.0 | -0.8%
| Last price may vary week over week in some indices due to time difference
