Egypt's Fuel Automatic Pricing Committee has decided to raise fuel prices for Q3-2022 | Zilla Capital

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17 Jul 2022

Egypt’s Fuel Automatic Pricing Committee has decided to raise fuel prices for Q3-2022

Egypt’s Fuel Automatic Pricing Committee (FAPC) has decided to raise fuel prices for the third quarter (Q3) of 2022. As of 13 July, the price of octane 80 increased to EGP 8 per litre, while the per-litre prices of octane 92 and octane 95 reached 9.25 EGP and 10.75 EGP, respectively, according to a statement published by the Egyptian Ministry of Petroleum and Mineral Resources. Meanwhile, FAPC has increased diesel fuel for the first time since November 2019 to record 7.25 EGP per liter. The per-tonne price of industrial-use mazut rose by 400 EGP to 5,000 EGP, while mazut prices will remain unchanged for electricity and food industries. The higher fuel prices were attributed to the sharp movements of global oil prices following the Ukrainian crisis and the value of the Egyptian pound against the US dollar. (Mubasher)

Egypt has allocated 6 billion EGP in the new budget for fiscal year 2022-2023 to support export development, the Egyptian Minister of Finance, Mohamed Maait.
Maait said that the ministry continues to pay exporters’ dues through the Export Development Fund, with 35 billion EGP disbursed to exporting companies since October 2019. The Minister of Finance added that EGP 5 billion has been allocated to support reducing the electricity prices for the industrial sector, as part of Egypt's goal to raise the private sector's contribution to various economic activities. It is noteworthy to mention that as part of its new budget, the country will invest 6.025 billion EGP in implementing digital transformation and cybersecurity projects. (Mubasher)
The Egyptian Ministry of Petroleum and Mineral Resources is currently implementing investment projects worth 1.5 billion USD to improve energy efficiency at Suez Oil Processing Company and the Dahshour compressor station of the Egyptian Natural Gas Company (GASCO).
This investment aims to reduce energy consumption and cut carbon dioxide emissions, as part of the petroleum and mineral resources sector's goal to raise energy efficiency across petroleum work sites, according to a statement on Monday. The sector has adopted some measures to enhance energy efficiency in 31 petroleum companies, which will result in saving 813 million EGP annually. (Mubasher)
Remittances of Egyptians working abroad have increased by 7.70% year-on-year (YoY) to around 11.10 billion USD in the first four months (4M) of 2022, compared to nearly 10.30 billion USD.
In April alone, the remittances amounted to 3.10 billion USD, an annual jump of 24.40% from 2.50 billion USD. On a monthly basis, the April remittances value declined by 7.20% from 3.30 billion USD in March 2022. It is worth noting that in fiscal year (FY) 2020/2021, the remittances of Egyptian expatriates totaled 31.40 billion USD, surging by 13.20% from 27.80 billion USD in FY19/20. (Arab Finance)
Moving to our EGX and companies talks, the UAE-based Swvl Holdings Corporation has entered into a definitive agreement to acquire Urbvan Mobility, a Mexico-based shared mobility platform offering tech-enabled transportation services.
The transaction, SWVL’s fourth acquisition this year and sixth to date, is expected to be completed within the third quarter (Q3) of 2022. Established by Renato Picard and João Matos Albino in 2016, Urbvan provides intercity transport and mass mobility solutions for local privately-owned organisations across 18 cities in Mexico. (EGX)
Paint and Chemicals Industries (Pachin) has received a non-binding mandatory tender offer (MTO) from an industrial investment company to acquire at least 51% of Pachin’s issued capital.
The industrial investment entity plans to own equity in the listed company at a preliminary price ranging between 16 EGP and 16.50 EGP per share. During the first quarter (Q1) of fiscal year (FY) 2021/2022, the listed company recorded consolidated net profits worth 1.58 million EGP, lower than 20.06 million EGP in the July-September FY20/21 period. The revenues surged to 213.07 million EGP in Q1-21/22 from 207.18 million EGP in the year-ago period. (EGX)
Misr Cement - Qena started the self-operation and maintenance process of its plant in Qena earlier in July to boost performance efficiency.
This step came in line with the company’s growth strategy to reduce operating costs and maximise asset utilisation in order to meet current challenges. Misr Cement’s board greenlighted the self-operation plans after concluding the technical management agreement with the Arab Swiss Engineering Company (ASEC) last June. In the first quarter (Q1) of 2022, the listed firm logged consolidated net profits worth 80.85 million EGP, a leap of 161.48% from 30.92 million EGP in Q1-21. During the January- March 2022 period, Misr Cement registered revenues of 668.75 million EGP, an annual slide of 6% from 712.73 million EGP. (EGX)
Atlantica Holdings has increased its equity ownership in Speed Medical Company to 15.01% from 13.87%.
Atlantica Holdings purchased 12.60 million shares in the listed company for 6.43 million EGP, at an average price of nearly 0.50 EGP per share. It is worth noting that Arqaam Securities Brokerage was the broker for the transaction. Last October, Atlantica Holdings raised its 4.94% stake in Speed Medical to 5.05% at a total value of 2.24 million EGP. In 2021, the listed firm witnessed a 71.40% year-on-year (YoY) jump in consolidated net profit to 135.76 million EGP, compared to 79.20 million EGP. (EGX)