Egypt’s Minister of Finance said Egypt’s economy has doubled three times during the past six years
Egypt’s Minister of Finance, Mohamed Maait, said Egypt’s economy has doubled three times during the six past years at rates surpassing the government’s debt rates.During the previous fiscal year (FY) ended 30 June 2022, the most populous Arab nation recorded a growth rate of 6.60% of the gross domestic product (GDP), the highest since 2008, compared to an international average growth rate of 3.20% for emerging economies, according to a recent press release. During FY21/22, Egypt’s budget deficit decreased to 6.10% of GDP, compared to 13% in FY12/13. For the fifth year in a row, an initial surplus of EGP 100 billion was registered, representing 1.30% of GDP. At the same time, budget revenues grew by 19.60%, expenses rose by 14.80% annually, whilst tax revenues increased by 18.70% in FY21/22. (Mubasher)
- Kuwait’s Manazel Holding announced that its indirect subsidiary in Egypt, Manazel Real Estate Developments, has reached an agreement with Landmark for Real Estate Development (LMD) to exchange its investment in Zoya project in North Coast.
The subsidiary will exchange its investment in Zoya, valued at EGP 125 million, with an administrative area in One Ninety project, situated in New Cairo’s Fifth Settlement area, according to a bourse disclosure on Tuesday. The subsidiary’s board of directors has approved the exchange deal for the same investment value, Manazel said, adding that the transaction will not have any material effect. (Mubasher)
- Orascom Construction Plc (ORAS) was ranked third in Engineering News Record’s (ENR) list of the top 10 firms in Africa.
The company was ranked eighth in ENR’s top 10 firms in the telecommunications sector worldwide. Moreover, Orascom captured the 29th place among ENR’s top 250 international contractors list. It also claimed the 111th spot in ENR’s top 250 global contractors list. It is worth noting that ENR is a leading global engineering and construction publication based in New York. (Arab Finance)
- KarmSolar, private power utility and solar energy company, has initiated a round of capital increase to fund its local and regional expansion plans.
The capital to be raised will support existing power generation and distribution businesses, as well as enable new business verticals such as solar water desalination solutions provider KarmWater, and electric mobility venture KarmCharge to flourish. The new investment round is supported by US-based Synergy Consulting as the sell-side advisor. (Waya Media)
- Arab African International Bank (AAIB) signed an agreement worth EGP 200m with Egypt’s Micro, Small, and Medium Enterprise Development Agency (MSMEDA).
The deal aims to finance small projects with loans worth up to EGP 5 million and offer easy payment plans that can reach a 60-month duration, which will be determined according to the type of the project as well as its capital turnover and cash flows. This cooperation comes in line with AAIB’s strategy to support small and medium-sized enterprises (SMEs) and achieve financial inclusion in both the formal and informal sectors. Last March, the Egyptian Minister of International Cooperation, Rania El-Mashat, stated that the Arab Republic was granted development financing of nearly $940 million for SMEs projects. It is worth noting that during the first quarter (Q1) of 2022, AAIB posted a leap in consolidated net profit after tax to $54.63 million, compared to $32.22 million in the year-ago period. (Arab Finance)
- Inertia Real Estate Development Company announced the launch of a new phase in the Jefaira project in the North Coast, under the name Ella with an area of 353,000 square meters, and a total investment of about EGP 3.8 billion.
Ahmed Al-Adawi, CEO of Inertia Real Estate Development Company, said that in light of the country's development of New Alamein City and the North Coast region, the entire area is witnessing an increase in the volume of demand for it from investors and customers, explaining that the new phase includes between villas, townhouses, twin houses and chalets, with areas of two rooms and 3 rooms, with the units to be delivered fully finished. The CEO of Inertia Real Estate Development confirmed that the project includes several internal stages, and the implementation of the first neighborhoods of the project The Furl began in 2017, then The Quayside neighborhood in 2018, then The Cribs neighborhood in 2019, and the company also started the first deliveries of the project during the current year, and the construction percentage of the project is 20% and the rest are open spaces and various services. (Hapi Journal)
- Abu Dhabi Commercial Bank AGM Approves Renewal of Private Debt Issuance Program for $8 Billion.
In a statement sent to the Abu Dhabi Securities Exchange on Tuesday, the bank said the debt program would be renewed due to the absorption of the sustainable financing framework and the approval of the establishment of new programs for the purposes of issuing non-convertible securities into shares for an amount of $8 billion. The Assembly also approved the amendment of some articles of the Bank's Articles of Association in accordance with the governance requirements of the Bank's legislators in the United Arab Emirates (Central Bank of the UAE, Securities and Commodities Authority including Federal Law Decree No. 32 of 2021 on Commercial Companies). (Hapi Journal)
- Now to EGX and Company News, Remco for Tourism Villages Construction incurred standalone net losses after tax of EGP 80.29 million during the first half (H1) of 2022, lower than EGP 324.61 million in H1-21.
The loss per share plummeted to EGP 0.33 in the first six months (6M) of 2022 from EGP 1.32 in the year-ago period, according to the income statements. During the second quarter (Q2) of 2022, the non-consolidated net losses after tax of Remco shrank to EGP 29.12 million from EGP 51.86 million in Q2-21. Moreover, the loss per share stood at EGP 0.12 in Q2-22, compared to EGP 0.21 in Q2-21. In the January-March period in 2022, the EGX-listed firm registered standalone net losses worth EGP 51.16 million, a plunge from EGP 272.59 million during the same period a year earlier. (Mubasher)
- The Egyptian Exchange (EGX) announced a block trading deal worth EGP 343.90 million on the shares of Zahraa Maadi Investment and Development.
The block deal was executed on 38 million of the company's shares, according to a stock exchange statement on Tuesday. It is worth noting that Zahraa Maadi achieved net profits after tax worth EGP 274.86 million last year, up 28.99% from EGP 213.09 million in 2020, according to the unaudited financial results that were disclosed last February. (Mubasher)
- Rowad Tourism announced increasing its stake in Lecico Egypt to 3.91% from 2.23%.
Rowad Tourism purchased 1.34 million of Lecico Egypt’s shares for a total value of EGP 13.75 million, equivalent to an average price of EGP 10.23 per share, according to a bourse filing on Tuesday. Cairo Capital Securities acted as a broker in the transaction. It is worthy to mention that during the period from January to June 2022, Lecico Egypt incurred net losses of EGP 24.46 million, up from net losses of EGP 18.38 million in the same period in 2021, including minority shareholders’ rights. (Mubasher)
- Orascom Financial Holding (OFH) has shifted to consolidated net losses of EGP 114.76 million in the first half (H1) of 2022, against net earnings of EGP 36.65 million in H1-21.
Basic loss per share reached EGP 0.01 in H1-22, compared to earnings per share (EPS) of EGP 0 in H1-21, according to a bourse filing on Tuesday. The company’s total operating revenue during the six-month period ended 30 June 2022 stood at EGP 192.35 million, a rise from EGP 161.27 million in the year-ago period. In the second quarter (Q2) of 2022, the company suffered net losses of EGP 142.19 million, versus net profits of EGP 17.27 million in Q2-21. Basic loss per share amounted to EGP 0.01 in Q2-22, compared to EPS of EGP 0 in Q2-21. Total operating revenue for Q2-22 went up to EGP 87.43 million, compared to EGP 85.01 million in Q2-21. As for the standalone business, the EGX-listed firm reported standalone net losses of EGP 234.45 million in H1-22, compared to net profits of EGP 55.17 million since the company's split until 30 June 2021. (Mubasher)
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