Hassan Abdullah Acting Governor of the Central Bank of Egypt
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Hassan Abdullah Acting Governor of the Central Bank of Egypt. President Sisi issued a decision appointing Hassan Abdullah as acting governor of the Central Bank of Egypt. Hassan Abdullah, Chairman of the Board of Directors of the United Media Services Company, the former managing director of the Arab African International Bank, and Hisham Ezz Al-Arab, the former head of the Commercial International Bank, are the closest to succeeding Tariq Amer as Governor of the Central Bank of Egypt. (Bloomberg Asharq)
- Mansoura Poultry to sell entire stake in Koko for 10 million EGP.
The board of directors of Mansoura Poultry has approved the purchase offer submitted by Ahmed Gomaa El-Desouky to buy the company's entire stake in El-Safwa Poultry (Koko). The board agreed to sell Mansoura's entire stake in Koko for 10 million EGP or 13.23 EGP per share. Mansoura owns 756,000 shares in Koko, representing 24% of the company’s capital. During the first half (H1) of 2022, Mansoura Poultry turned profitable, gaining 2.46 million EGP in net profits, against net losses of 8.86 million EGP in H1-21. Revenues for the January-June period in 2022 jumped by 69.60% yearly to reach 89.72 million EGP. (EGX)
- Egytrans’ EGM agrees selling company headquarters in Alexandria.
The extraordinary general meeting (EGM) of the Egyptian Transport and Commercial Services Company (Egytrans) approved selling the company’s headquarters in Alexandria governorate’s Smouha. Offers that are equal to or more than the estimated value, as per the approved valuer study of EGP 23,000 per square meter, will be accepted. It is worth noting to mention that in the first half (H1) of 2022, Egytrans achieved a net profit of 20.15 million EGP, a hike from 6.42 million EGP in the year-ago period. Meanwhile, revenues for H1-22 surged to 187.12 million EGP from 123.5 million EGP in H1-21. (EGX)
- Maadi Company for Development sells 22 million shares in Zahraa Maadi Investment.
Maadi Company for Development and Reconstruction has reduced its stake in Zahraa Maadi Investment and Development to 36.95% from 45.19%. Hence, Maadi Company for Development sold 22 million shares for 199.10 million EGP, or an average price of 9.05 EGP per share. In a separate filing, Zahraa Maadi Investment said the Holding Company for Construction & Development acquired 8.33% of Zahraa Maadi Investment’s capital, buying 22 million shares at a value of 199.10 million EGP, or an average price of 9.05 EGP per share. (EGX)
- Mopco’s consolidated profits soar 72% in H1-2022.
Misr Fertilizers Production Company (Mopco) registered consolidated net profits worth 3.73 billion EGP during the first half (H1) of the year, up 71.6% annually from 2.17 billion EGP, including minority shareholders’ rights. Basic and diluted earnings per share (EPS) were EGP 16.30 during the January-June period in 2022, compared to EGP 9.50 in the year-ago period. In the meantime, the company’s sales netted 8.71 billion EGP during H1-22, compared with 4.18 billion EGP in H1-21. (EGX)
- Swvl Holdings, the global mass transit services provider, recorded revenues of 40.7 million USD in the first half (H1) of 2022, marking a growth of 3.2x as compared to H1 2021.
The company’s total bookings reached 40.1 million in the first six months of 2022, increasing by 3.7x year-on-year (YoY). Moreover, total ticket fares amounted to 56 million USD in the January-June period, with a growth rate of 3.2x YoY. In the second quarter (Q2) of 2022, Swvl achieved revenues of 23.3 million USD, rising by 3.4x as compared to Q2 2021. (Mubasher)
- Moving to our economy talks, Egypt’s trade balance deficit fell by 35.8% to 2.61 billion USD in May 2022, compared to 4.06 billion USD in the same month of 2021.
The value of Egyptian exports jumped by 18.3% year-on-year (YoY) to 4.01 billion USD in May from 3.39 billion USD. The agency attributed this growth in exports to the increase in the value of some exports, including petroleum and natural gas products, crude oil, fertilizers, and ready-made clothing by 44.1%, 30.7%, 33.9%, and 48.1%, respectively. Moreover, the value of Egypt’s imports amounted to 6.62 billion USD last May, falling by 11.1% from 7.45 billion USD in May 2021. (CAPMAS)
- The Egyptian Ministry of Finance has supported special funds and accounts across the governorates with a sum of EGP 506.5 million in the first quarter (Q1) of fiscal year (FY) 2022/2023.
The support has helped in disbursing monthly salaries for employees as of July. The ministry aims at ensuring job security and social stability for employees working for special funds and accounts amid the current global economic challenges. Moreover, he said that the ministry is keen on improving the work environment for the employees working for the special funds and accounts to boost their efficiency as well as enhance the quality of the services provided to citizens. (Arab Finance)
- The Egyptian government is considering joint cooperation with Denmark-based Haldor Topsoe in energy transition projects.
Egypt seeks to become a regional hub for energy, El-Molla said, noting that making further research and development (R&D) investments in this field comes in line with the government’s objectives to reduce carbon emissions and generate eco-friendly energies and renewable fuels. (Arab Finance)
- El-Molla follows up national plan to promote use of natural gas as fuel.
Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla has headed a meeting to follow up on the latest updates on the national project for the expansion of natural gas as a fuel. The minister stressed the importance of sticking to the framework in implementing the government’s plan to promote the use of natural gas to power cars and to accelerate the spread of gas stations across the country. (Arab Finance)
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