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The CBE has increased cash withdrawal limits from EGP150k to EGP250k per day from banks, and from EGP20k to EGP30k per day from ATMs.World Bank expects Egypt's GDP growth to decline to 2.8% in FY2023/24 from 3.8% in FY2022/23, 0.7 percentage point drop from its previous forecast in January, exacerbated by the repercussions of the Middle East conflict on Suez Canal and tourism. Growth is expected to record 4.2% in FY2024/25.The Renewable Energy Authority and the Sovereign Fund of Egypt are planning to open up bidding for the second half of the Zafarana wind farm in the latter half of the year. The government unveiled its plans to build two solar power plants for EGPC worth over EGP1 billion, to be financed by a grant from the EU.Egypt's fuel imports increased to USD3.3 billion during 1Q24, an increase of 6% compared to the corresponding quarter of last year.ESRS (FV: EGP97.02, OW) reported its 4Q23 and FY23 consolidated financial results with solid operational performance. Net attributable income came in at EGP1.0 billion in 4Q23, 82% higher YoY, and reversing 3Q23 loss of EGP508.8 million. This brings FY23 attributable loss to EGP113.0 million vs. a net profit of EGP4.3 billion in FY22. ESRS is currently trading at FY24e P/E of 1.4x.ESRS's Board of Directors is holding an extraordinary general assembly to consider reducing the company's capital through retiring treasury shares worth EGP910.5 million.Qalaa Holdings (CCAP) has signed a debt settlement agreement with Banque Misr, Banque du Caire, Arab African International Bank, and Al Ahli Bank of Kuwait whereby Qalaa settles the entirety of its debts for a total of EGP4.547 billion as follows:1.            Selling 239.1 million shares, representing 17.68% of TAQA Arabia, with Qalaa retaining the right to repurchase those shares within five years, and the banks having the right to resell those shares to Qalaa in the sixth year.2.            A registered 60,127 sqm land plot overlooking the Nile in Tibeen area.3.            Compensations for variations in exchange rate and stock prices. MOPCO clarified that the merged company net profit on 31 December 2023 was EGP3.59 billion, and the net profit of the merging company was EGP5.97 billion in the same period. It added that the merged company net profit was reported in the equity section of the merging company financial statement in FY23. Local free market urea prices increased from EGP16k to EGP20k per ton during the last month with the start of the summer cultivation season.Petrotreatment is planning to float its shares on EGX during the coming period.HELI (FV: EGP18.84, OW) expects to complete its financial assessment of the three offers it received from Hyde Park Developments, MASR (FV: EGP5.24, OW), and Mountain View to co-develop 500 feddans in New Heliopolis before the end of April 2024 in preparation for selecting an offer.DOMT shareholders approved cash dividend distribution of EGP0.50/share to be distributed in May 2024. This implies a dividend payout of 31% and dividend yield of 4.2%. Weekly Commodities Update|Last Price | WoW Change, % Brent, USD/bbl | 90.5 | -0.8% Diesel-HSFO Spread, USD/ton | 363.1 | -5.3% Egypt Urea, USD/ton | 328.0 | 0.0% Polyethylene, USD/ton | 1,030.0 | 0.0% Polypropylene, USD/ton | 970.0 | 0.0% Steel/Iron Ore Spreads, USD/ton | 394.1 | -3.3% LME Aluminum Cash Price, USD/ton | 2,448.1 | 1.5% Egyptia Retail Cement, EGP/ton | 2,095.0 | -0.1% Steam Coal FOB Newcastle Australia, USD/ton | 129.3 | 0.1% SMP, USD/MT | 2,550.0 | 0.0% Last price may vary week over week in some indices due to time difference

The Federal Reserve held steady on interest rates at the conclusion of its March meeting, and it's sticking with its forecast for three interest rate cuts. The government has set up a ministerial committee that will select a consultant to manage, evaluate and market Sharm El Sheikh's Ras Gamila development project. The committee is expected to make its choice next week.The government's fuel pricing committee is set to meet within a week to look into raising fuel prices, with high expectations of an increase in fuel prices.Government sources said that the anticipated increases in Brent prices by summer 2024 requires increasing the estimate for the crude price in FY2024-25 budget to USD87 pb, up from the USD80 pb in the previous budget that was amended later to USD85.The CBE decided to cancel the scheduled meeting of the MPC on Thursday, March 28th 2024, in light of the sufficiency of the special meeting of the Committee on Wednesday, March 6th 2024.French glass and building materials manufacturer Saint-Gobain has laid the foundation stone for its third glass factory in Egypt with investments amounting EUR 175 mn in the Sokhna Industrial Zone.The Ministry of Petroleum and Mineral Resources is preparing a shipment of liquefied natural gas for export to Europe before the end of this March.“PSH” International Company, which owns the “Bosch” home appliances brand, is working to complete its factory in the 10th of Ramadan City in Egypt during Q4 2024, at an investment cost of EUR50 million euros.ORAS reported its consolidated 4Q23 results, with net income attributable to shareholders decreased 21.5% YoY to USD 43.8 million in 4Q23, due to lower income from BESIX, and increased 39.7% YoY to USD 158.6 million in FY23. ORAS is currently trading at FY24e P/E of 10.6x and EV/EBITDA of 2.9x. HRHO (FV: EGP 25.20, OW) 4Q23 net profit after tax and minority interest recorded EGP 814 million (+106% q/q, +1% y/y) bringing FY23 net attributable profit to EGP 2,498 million (+39% y/y). We update our FV to EGP25.20/share on improved business performance and revaluation of USD cash position post EGP devaluation. HRHO is currently trading at P/E24 7.7x and P/B24 1.0x.HRHO's ValU launched a new prepaid card in cooperation with Visa. On another note, the company expects to launch its services in Jordan sometime between late 2024 and early 2025 and invest some USD 10 mn into its Jordan expansion.The banking sector wrapped up 2023 with a slight decline in the capital adequacy ratio (CAR), with the metric hitting 18.6%, compared to the 19% recorded a year earlier.MOPCO will distribute EGP2/share on 7 April 2024 for shareholders of record on 2 April 2024, implying a dividend yield of 3.9%.According to local media, MASR (FV: EGP5.24, OW) 1) is considering obtaining bank facilities of over EGP5.0 billion in 2024, 2) aims to spend EGP10.0 billion on construction in 2024, compared to EGP7.0 billion in 2023, and 3) increased selling prices by 10.0% since the beginning of 2024.Three feed factories decided to reduce their prices since the beginning of this week and recorded reduction rates from EGP600 to EGP1000.

Annual urban inflation skyrocketed to record 35.7% YoY in February, up from 29.8% YoY in January. Monthly urban inflation surged to 11.4% MoM, the highest on our records.Annual core inflation — which excludes volatile items such as food and fuel — rose to 35.1% in February, up from 29% in January. Meanwhile, monthly core inflation surged to 6.1% from 2.2% in January.The World Bank is expected to extend around USD3 bn in financing to Egypt, Finance Minister Mohamed Maait said.Local banks have bought and sold over USD2.5 bn on the interbank market since the EGP float Wednesday morning.Minister of Finance said that it was agreed with the New Urban Communities Authority (NUCA) that the public treasury would receive no less than 50% of any investment NUCA gets.Minister of Finance stated that the total budget deficit rose to 6.7% of GDP during 8MFY23-24, up from 5% in the same period of the previous fiscal year.Egyptian customs released basic goods worth USD780 million during the past Thursday and Friday, according to Customs Authority's head.The CBE raised EGP94.4 bn in a nine-month t-bill auction — raising almost 4x its target EGP25 bn. It also sold EGP25 bn worth of three-month t-bills.Minister of Finance also said that the government is now targeting a primary surplus of no less than 3.5% for the fiscal year 2024-2025.Minister of Finance said that the government's allocation to fuel subsidies will remain unchanged until the end of the fiscal year even if fuel prices change. The Finance Ministry is in talks with the Federation of Egyptian Chambers of Commerce to scrap the 11% subsidized loans for industry and agriculture introduced last year in light of the interest rate hikes introduced last week.The Finance Ministry will allocate no more than EGP280 bn to public investment in next fiscal year's budget.ORHD (FV: EGP26.26, OW) reported 4Q23 results. Net profit in 4Q23 increased 255.0% y/y and 10.5% q/q to EGP1.0 billion, bringing FY23 net profit up 69.2% y/y to EGP2.8 billion. We raise our ORHD FV from EGP20.38/share to EGP26.26/share as a result of raising the EGP/USD FX rate embedded in our valuation of the residual land in El Gouna.ARAB reported FY23 net profit of EGP99.8 million, compared to FY22 net loss of EGP18.2 million. According to local press, QIA has resumed negotiations to acquire ETEL's stake in Vodafone Egypt. QIA and ETEL are still in negotiations on the size of the stake and are expected to reach an agreement within few weeks. The government is studying selling another 10% of its stake in ETEL this year or beginning of 2025, according to local press. SKPC's general assembly approved the distribution of cash dividends of EGP1.25/share, implying a dividend yield of 3.7%. The general assembly also approved a stock dividend at a ratio of 1:5.MOPCO's general assembly approved the distribution of cash dividends of EGP2/share, implying a dividend yield of 3.2%.CICH's 2023 net income expanded 31% y/y to record EGP1.04 bn.FAIT OGM approved distributing cash dividends of USD0.06/share, equivalent to EGP1.85/share. This implies a payout ratio of 27.8% and a dividend yield of 4.9%.SODIC's securitization subsidiary, SODIC for Securitization, is set to offload all its shares to Beltone Holding after its general assembly approved the decision on Thursday. HRHO's micro-finance arm Tanmeyah and Egypt's Micro, Small, and Medium Enterprise Development Agency (MSMEDA) will lend out a combined EGP200 mn to local microenterprises under an agreement inked between the two sides.RAYA reported 2023 results. Net income stood at EGP441 million in 2023 (+27% YoY). Revenues grew by 53% YoY to record EGP31.3 billion.Weekly Commodities Update

Minister of Planning announced that Egypt aims to reach a growth rate of 4.2% in FY2024-25, up from 3% for the current year.Egypt Post's investment arm could invest as much as EGP6 billion throughout the year split between private equity investments and investments in EGX-listed companies.Importers are reportedly expecting banks' provision of foreign currency to complete the procedures for opening letters of credit, accelerating the pace of importing new shipments during the coming period. Sources said that the banks they deal with notified them of depositing the value in EGP and opening a letter of credit for it, with promises to provide USD, but did not specify the rate or time.The Sovereign Fund of Egypt is looking into launching three sub-funds for education, agriculture, and healthcare in a bid to bring in more investments into the local market.The Ministry of Electricity expects to attract foreign investments in the field of renewable energy amounting to more than USD2.5 billion during 2024 and 2025, specifically in solar and wind energy projects.The House's Legislative and Constitutional Affairs Committee will convene today to discuss amendments to the 2018's Consumer Protection Law, as the government looks to toughen penalties for withholding strategic food commodities from the market.The Institute of International Finance (IFF) forecasts Egypt's economic growth to slow to 2.8% in the event that the war on Gaza is contained and Red Sea shipping resumes in a couple of months. The Governor of the CBE said that about USD100 million will be provided to import oils and dairy, according to the requests of the Ministry of Supply.The Minister of Finance revealed that the Cabinet approved a draft law aimed at merging the budgets of 59 economic authorities with the state's general budget.Shalatin Mineral Resources Company increased its gold deliveries to the CBE by 14% in 2023 to about 720 kilograms of gold, worth EGP1.3 billion.Public Enterprises Ministry will ink a contract with an Indian company within days to build a solar power plant to supply EGAL with energy in a bid to ramp up the company's exports to markets seeking products made with a lower carbon footprint. A new USD3 billion aluminum factory is in the pipeline in partnership with Emirates Global Aluminum to be located somewhere in northern Egypt with an estimated production capacity of 600k tons.MOPCO release 4Q23 audited standalone results. Net profit increased 356% YoY to EGP824.3 million in 4Q23. Net profit grew 55.8% YoY in 2023 to EGP5.97 billion. KIMA is selling four unused land plots in Aswan with a total area of 52,564 sqm. The sale will be through a public auction on 3 March 2024 using closed envelopes. EKHO has taken an interest in and is open to investing in stakes in companies being offered up by the state asset sale program.According to the Minister of Petroleum, Middle East Oil Refinery's (MIDOR) refinery expansions are planned to start full operations next March with investments worth USD2.7 billion.  Chevron's Tamar gas field in Israel, which also supplies gas to Egypt and Jordan, will increase daily production to 1.6 billion cubic feet per day, from a current 1 billion cubic feet per day.QNBA's BoD decided to amend the proposed cash dividend distribution to EGP1.00/share from EGP1.50/share, implying a payout ratio of 13% and DY of 2.6%.ALCN announced cash dividends of EGP2.40/share, partially paid in USD, and the remaining will be paid in EGP. The EGP coupon amounts to EGP1.94/share.EGTS's court date for the 20.0 million sqm third phase Sahl Hasheesh land plot lawsuit is postponed to 27 April 2024.ZMID reported FY23 net profit of EGP324.2 million, up 24.2% y/y.  Weekly Commodities Update

Egypt is set to resume LNG exports in January after half a year with virtually no gas leaving its shores. The government hopes to export as much as 1 billion cubic feet of gas per day from the beginning of next year.OPEC+ member states are meeting today to discuss how to respond to falling oil prices, decide on next year's production targets, and decide on whether to prolong production cuts.Emirati firm Dana Gas is planning to invest USD43 million in Egypt next year, as part of an intensive natural gas drilling program.The OECD reckons that central banks will maintain a hawkish monetary policy in 2024, as continuing cost pressures for businesses alongside rising food and energy prices for consumers could drive a tighter monetary policy than is currently projected for the coming year.Tourism Ministry is seeking to obtain approval from the Council of Ministers within the next two weeks for an incentive proposal that it submitted in cooperation with the Ministry of Finance to support the construction of new hotels and expects to announce the incentives before the end of December.The Food Industries Export Council expects the sector's exports to reach record levels by the end of this year at USD5.1 billion, compared to about USD4.1 billion maintained in the past two years.MOPCO released 3Q23 consolidated financial results. Net profit declined by 5% YoY (-18% QoQ) to EGP1.25 billion in 3Q23. Net profit posted a 3% YoY increase in net profit to record EGP5.2 billion in 9M23. MOPCO is currently trading at 2024f PE of 14.7x and EV/EBITDA of 10.1x.EFIC released 3Q23 consolidated financial results. Net profit declined by 28% YoY (-63% QoQ) to EGP80 million in 3Q23. Net profit recorded a 9% YoY decline in net profit to EGP515 million in 9M23. EFIC is currently trading on a 2024f PE of 5.1x and EV/EBITDA of 4.4x.DSCW released 3Q23 results. Attributable net profit recorded EGP156 mn (+295.2% YoY, +49% QoQ). DSCW is currently trading at a FY24 P/E of 4.2x and an EV/EBITDA of 3.9x.CICH's net income climbed 54% y/y to reach EGP747 mn in 9M23. The company's topline rose 87% y/y to EGP4.7 bn in 9M23, while its loan portfolio expanded by 32% y/y to EGP21 bn.The United Bank is expected to pull back the curtain on its sale agreement in mid-December as it currently awaits mandatory tender offers (MTO) from the bidders.

The government is going to invite private-sector players to manage the nation's airports, Prime Minister said. Net International Reserves reached USD35.10 billion at the end of October 2023 compared to USD34.97 billion at the end of September.Raising fuel prices saves the state's budget about EGP13 million per day, equivalent to EGP400 million per month.The cost of electricity subsidies reportedly amounts to about EGP79.8 billion during the current fiscal year, driven by the delay of price hikes and the increase in the exchange rate.Schneider Electric plans to invest an additional EUR8 million in the local market this year. Part of the investment will go into its Badr City factory, adding a new production line.Head of the exports council for chemical industries and fertilizers stated that local fertilizer companies are now operating at full capacities after the return of natural gas supplies to their normal flow. SKPC halted production for two days last week due to the complete loss of gas supplies. The company is currently operating at partial capacity after gas supplies resumed at 50% of normal capacity.Saudi Arabia and Russia are continuing with their 1 million barrel a day voluntary cap on oil supplies until the end of the year.Mopco approved in its latest EGM the merger of its 99.9% owned ENPC according to the book value of both companies at 31/12/2022. The post-merger authorized capital is determined at EGP50 billion, and the issued and paid up capital at EGP21 billion. EFID released 3Q23 financials. Attributable net profit for 3Q23 recorded EGP466 mn (+55.3% YoY, +12.6% QoQ). 9M23 attributable net profit recorded EGP1,278 mn (+89.3% YoY). EFID is currently trading at a FY24 P/E of 9.1x and an EV/EBITDA of 6.6x. Elsewedy Industrial Development Company, a subsidiary of SWDY, began the first phase of establishing five factories in Tanzania.AXPH released 1Q23/24 financial indicators. Bottom line came in at EGP59.2 million in 1Q23/24 (+71.1% YoY, +250.2% QoQ). AXPH is currently trading at FY23/24f P/E of 6.5x and EV/EBITDA of 3.1x.Prime Investments plans to launch three investment funds next year, the first in the tourism sector, the second for gold, and the last for venture capital. It expects to obtain the licenses of the three funds in 1Q24, noting that Prime Investments' share in the three funds is 10%.Al Ahli Bank of Kuwait - Egypt's net profit during the 9M23 increased by 84% to EGP2.32 billion compared to EGP1.26 billion for the same period last year.Weekly Commodities Update  |   | Last Price | WoW Change, % | Brent, USD/bbl | 84.9 | -6.2%  | Diesel-HSFO Spread, USD/ton | 463 | 11.2% | Egypt Urea, USD/ton | 400 | 3.9% | Polyethylene, USD/ton | 1,040 | 0.0% | Polypropylene, USD/ton | 955 | -1.3%  | Steel/Iron Ore Spreads, USD/ton | 350 | 4.0%  | LME Aluminum Cash Price, USD/ton | 2,234 | 1.3%  | Egyptian Retail Cement, EGP/ton | 2,250 | 1.8% | Steam Coal FOB Newcastle Australia, USD/ton | 123 | -9.4%  | SMP, USD/MT | 2,659 | 3.9%  | Last price may vary week over week in some indices due to time difference

The government is in talks with the IMF to raise its USD3 billion loan program to more than USD5 billion. The government expects to borrow at least USD1.5 billion between now and the end of the year, Minister of Finance said. This includes the planned USD500 million issuances of CNY-denominated bonds in October and JPY-denominated bonds in November. The IMF expects our budget deficit to widen significantly during FY 2023-24 to reach 10.7% of GDP.Bloomberg reported Friday that an IMF mission could arrive in Cairo to start the first and second reviews this month. Shell Oil has teamed up with an unnamed investor owned by the Saudi government to target a stake in the military-owned filling station operator Wataniya. China's North Petroleum also submitted an offer. The government has said that it aims to conclude the sale before the year is out.The Russian government cancelled the project to build an industrial zone in Egypt's Suez Canal Economic Zone (SCZone).Standard Chartered sees no devaluation, changes to interest rates before the end of this year. The EBRD is considering providing a sovereign loan of up to EUR165 million to upgrade the Egypt's electricity transmission grid. Centamin wants to pump USD440 million into its Egypt operations within a two-year period. We published our Egypt pharmaceutical sector update 2024 report, in which we present sector outlook, hopes, fears, catalysts and top picks, inter-company comparison, individual pharma players assumptions, upside triggers, risks, updated FVs, multiples and recommendations, and company valuation breakdown for ISPH (FV: EGP4.12, OW), PHAR (FV: EGP38.79, OW), RMDA (FV: EGP2.79, OW), AXPH (FV: EGP169.46, EW), CPCI (FV: EGP40.10, EW), and ADCI(FV: EGP69.73, EW). For more details, please refer to our report published this morning.FRA published the disclosure report of Mopco concerning the merger with its 99.9% owned ENPC. Mopco's BoD shall call for an EGM to vote for merger terms, including:The merger of MFPC with its 99.9% owned company ENPC, based on the equity value of both companies as of December 2022. Mopco will have a paid-in capital post-merger of EGP20.792 billion compared to the current EGP2.291 billion (standalone),Accordingly, MFPC will issue the new shares considering that each MFPC share before the merger will be equivalent to 9.07476 shares after the merger. Conclusion: The merger has an embedded stock dividend distribution, which is financed from reserves and retained earnings. Since MFPC already owned most of ENPC and it was consolidated on its books, this does not change the total equity value of MFPC from our point of view, but the equity value will be distributed over the new number of shares. Accordingly, the FV will change from EGP250.67 to EGP27.62 after the issuance of the new shares. The Egyptian government is currently studying two separate offers submitted by ORAS (FV: EGP181.70, OW) and Norwegian Scatec to execute wind energy production projects in Egypt until 2029 with a capacity of 3 GW each, according to media sources.Al Mansour Automotive is looking to set up a USD35 million car assembly and spare parts plant. 

*Key news articles for today*The General Authority for the Suez Canal Economic Zone (SCZone) is on course to take out a 15-year, EGP30 billion loan from a syndicate of local banks to finance the infrastructure for a number of green hydrogen projects. Part of the loan will be paid in USD to finance imported components.The Asian Infrastructure Investment Bank is considering financing the winning consortium to develop and operate the second container terminal, “Tahya Masr 1,” in Damietta, at a value of USD100 million.The average daily production of the Zohr natural gas field in Egypt declined by about 11% YoY in FY2022/23, according to the CEO of Petrobel, an EGPC subsidiary. He pointed out plans to start production from well No. 20 in the field next October to compensate for the natural decrease and maintain production rates.The Administrative Capital for Urban Development, developer of the New Administrative Capital, plans to sell 5-10% of its shares on the EGX in 1H24.Eagle Hills, the real estate company owned by Mohamed Alabbar, started negotiations with the Sovereign Fund of Egypt to acquire a government-owned real estate company.MASR (FV: EGP5.24, OW) launched its latest project in Taj City called Origami, the first project by Minka since its acquisition by MASR. The project offers residential BUA of 0.4 million sqm.EGTS's court date for the 20.0 million sqm third phase Sahl Hasheesh land plot lawsuit is postponed to 23 December 2023.Three local steel companies, namely Al Gioshy Steel, El Marakby Steel, and El Garhy Steel, are interested in acquiring government-owned Delta Steel Mill Company. Brent, which has risen more than 30% since its March low, came close to surpassing USD95/bbl yesterday. Some crude grades are already trading above USD100/bbl.Misr Fertilizers Production Co- Mopco stated that it did not receive any selling offer from any shareholder. This came as a response to yesterday's news of the government's intention to sell 15% of its stake in Mopco to ADQ. MENA fertilizers firm Fertiglobe — a JV between Adnoc and the Sawiris-owned OCI — signed a non-binding MoU with Abu Dhabi Ports to explore opportunities for storing and shipping urea and ammonia at ports in Egypt and the UAE. The partnership also aims to enable Fertiglobe to ship and store green ammonia. EFID (FV: EGP22.80, OW) announced that it signed two medium-term loan agreements with seven-year maturity for Fancy Food acquisition. The first loan amounts to EGP190 million to finance 50% of the acquisition, while the second loan amounts to EGP200 million to finance the investment cost needed for the new subsidiary Edita Frozen for Food Industries (previously Fancy Food).SUGR announced in a release yesterday that it did not receive any stake sale offers, as a response to the news of the government's interest in selling 20-25% of its stake in the company. EFIH's digital cards subsidiary eCards and Dubai-based fintech firm Network International signed an agreement to expand smart banking card services in the Middle East and Africa. Reliance Lifes Sciences, an Indian company, is interested in acquiring a stake in PHAR, but no official offers have been submitted yet.A number of Gulf investors are interested in acquiring a stake in the distressed pharma distributor United Company of Pharmacists (UCP). The company is looking to find new sources of finance to solve a growing financial crisis at the firm caused by the accumulation of large amounts of debt.Mohamed Farid, Chairman of the Board of Directors of the Financial Regulatory Authority, said that the Authority has developed a time plan for insurance companies to implement the international standard IFRS17.

The CBE's MPC will hold its meeting on Thursday, 21 September, to decide on interest rates. We expect the CBE might prefer to keep rates unchanged for the time being, as inflation rates are showing quiet signs of moderation, and to avoid adding burdens on the budget. Deputy Chair of the House Planning and Budget Committee denied giving comments to the media, which reported yesterday that the IMF's anticipated review of our loan program could be delayed to 1Q 2024. The new social support measures announced by Egyptian President Abdel-Fattah El-Sisi will cost an estimated EGP60 billion annually, according to Minister of Finance. The new package will go into effect on 1 October. CEO of the General Investment Authority revealed that Egypt aims to attract net FDI inflows worth USD10 billion by the end of the current fiscal year (2023/24), noting that net foreign inflows recorded about USD7.6 billion at the end of last March, compared to USD7.3 billion in the corresponding period a year before. The government is planning on selling 20-25% of its stake in Delta Sugar. Abu Dhabi Development Holding is showing interest in that stake. The government plans to sell an additional 15% of its stake in Mopco to Abu Dhabi Developmental Holding Company. According to local media, CCAP aims to list a number of its assets on the EGX as done with Taqa Arabia, in order to settle part of its debt to creditors. The BoD of Paint and Chemical Industries (Pachin), now owned by Dubai-based National Paints Holding, approved plans to voluntarily delist its shares from the EGX. The company offered to buy back the shares from objecting shareholders for EGP39.80/share. MOIL issued results for 1H23. Net profit amounted to USD17.7 million compared to a net loss of USD15.93 million in the same period last year. Top line came in at USD86 million compared to USD46 million in the same period last year. EFIH's (FV: EGP23.50, OW) BoD proposed distributing a cash dividend of EGP0.177 per share for 1H23. This translates to a dividend yield of 1.0%. The Sovereign Fund of Egypt is preparing to offer a stake in Misr Technology Services (MTS) to investors by 1H24. EFIH owns 10% of MTS. IRAX announced that the OPR specials operations market will be opened to buy back the shares from objecting shareholders for EGP1,250/share during the period from 19 September 2023 till 25 September 2023.   valU has issued EGP922.3 million worth of securitized bonds.  The CBE has revealed that the NPL ratio over the Egyptian banking sector declined to stand at 3.3% as of Jun-23 compared to 3.5% as of Mar-23, while provisions coverage recorded 91.1% compared to 93.3% over the same comparison period. Nile Air is launching direct flights from Cairo to Cologne starting October 2023, running two flights a week. Weekly commodities update    | Chems & Petchems | | Last Price | WoW Change, % | Brent, USD/bbl | 93.9 | 3.6% | Diesel-HSFO Spread, USD/ton | 467.0 | 3.5% | Egypt Urea, USD/ton | 455.0 | 2.2% | Polyethylene, USD/ton | 1,070.0 | 0.0% | Polypropylene, USD/ton | 947.5 | 0.6% | Steel/Iron Ore Spreads, USD/ton | 362.1 | -1.0% | LME Aluminum Cash Price, USD/ton | 2,147.5 | 0.2% | Egyptian Retail Cement, EGP/ton | 2,015.0 | 0.0% | Steam Coal FOB Newcastle Australia, USD/ton | 160.5 | 2.7% | SMP, USD/MT | 2,286.0 | -2.0%

Unemployment inched down to 7.0% in 2Q23, down 0.1% from 1Q23, according to data released by statistics agency Capmas. Unemployment was down 0.2% compared with the same period last year.Egypt's non-petroleum trade deficit has reached USD7.5 billion in 2Q23, showing a 10.7% dip from the same period last year. Non-oil imports value has dropped to USD15.9 billion in 2Q23 from USD17.6 billion in 2Q22, while the value of the non-oil exports fell to USD8.4 billion in 2Q23 from USD9.2 billion in the same period last year.The National Election Authority (NEA) will soon announce the timetable for the 2024 presidential election.Authorities have detected the first two cases of the new sub-variant of covid-19 (EG.5 / Eris).The Sovereign Fund of Egypt is planning to offer the Ministry of Finance's building in Downtown to investors through the usufruct system next month.S&P Global followed Moody's to downgrade the ratings of five US lenders amid tough operating conditions, including funding risks and weaker profitability on the back of rising interest rates.EAST confirmed yesterday in a release that The Holding Company for Chemical Industries have received multiple offers from foreign investors to buy a stake that does not exceed 30% of its 50.95% stake in the company. According to local media, JTI and Phillip Morris are two of the main interested parties in the stake.Valu has announced a strategic rebranding to reflect its transition from Buy Now and Pay Later Solutions Company (BNPL) as a consumer finance company, to a comprehensive financial services technology company that offers a range of diversified financial solutions and products. Valu will apply to the Financial Regulatory Authority to acquire a fintech license. It targets revenues worth EGP1.8 billion by the end of 2023, after recording EGP800 million in the first half.The National Bank of Egypt recorded a net profit of EGP35 billion during 2022, in parallel with the growth of the bank's total loan portfolio by about 47% from 2021. Banque Misr announced a EGP25 billion net profit during 2022 and net loans jumped by 16.2%.The petroleum ministry announced a new oil discovery in the Geisum and Tawila West Concession in the Gulf of Suez. The new discovery was made by Egypt's Cheiron through exploration well GNN-11, currently producing more than 2,500 barrels a day. Total output from the field, located in North Geisum, has reached about 23,000 barrels per day.Misr Fertilizers Production company-Mopco appoints Ahmed Mohamed El Sayed as the new Managing director and CEO instead of Mohamed Sobhy Mansour.Hisham Riyad Hussein Suleiman was appointed acting chairman and managing director of the Egyptian Company for Ethylene and Derivatives Production (Ethydco).According to local press, MTIE is among three companies interested to acquire Chinese cars agencies to expand the offering of models with fuel and electric vehicles.TALM announced that they have received the presidential decree for their Badya University and completed the licensing process. The university is expected to begin operations by September 2024. Badya University is 60% owned by TALM and 40% owned by Palm Hills Development.Pharmaceutical companies intend to submit a request to the EDA during this August, to consider the repricing of some medicines between 15 to 20%, in light of the high cost of production requirements, which are imported in USD.Easyjet is running three weekly flights between London Luton and Cairo's Sphinx International Airport starting 31 October 2023.

*Key news articles for today*United States Inflation fell to 4.0% y-o-y in May — its lowest level in 27 months and down from 4.9% the month prior. Thus, the Fed is widely expected to leave rates unchanged. Egypt and Iraq signed 11 MoUs yesterday during Iraqi Prime Minister's visit to Cairo. El Sisi discussed boosting ties on economic cooperation, trade, investment, and the upgrading of infrastructure. The Minister of International Cooperation signed a development financing agreement worth USD 460 million with the State of South Korea for the second and third lines of the Greater Cairo Metro. The Urban Development Fund has received offers from local and foreign investors to participate in developing the capitals of the major governorates at an estimated cost of EGP600 billion. The Finance Ministry has invited local and international banks to pitch for an advisory role on the sale of its 20% stake in Bank of Alexandria (Alexbank). Intesa Sanpaolo purchased 80% of its shares for USD 1.6 bn in 2006. AlexBank achieved a net profit of EGP1.2 billion in 1Q23, with estimated profits of EGP4 billion in 2023. Book value stood at EGP15.5 billion in Mar-23. The House of Representatives yesterday approved a government-proposed bill that will revoke the establishment laws of the Arab Investment Bank (aiBank), the Export Development Bank (EBank), and the Agricultural Bank of Egypt. The newly-approved bill aims to align these lenders with the current banking regulations, ensuring parity among all banks operating in the country. EXPA's establishment law makes no distinction between ownership and management rights and places limitations on who can own shares in the bank, which should change with the new laws. EXPA will now be open to foreign ownership. Stock is amongst the cheapest in Egypt with 2023 P/E of 3.4x and P/B of 0.6x.   JAF Investment has obtained the approval of FRA to proceed with the transfer of shares in two subsidiaries of Arabia Investments Holding (AIH), the 30% stakes in UE Finance for EGP 147 mn and Rawaj Consumer Finance for EGP 30 mn. Some of the steel manufacturers in Egypt were forced to shut down their factories and trim or stop production due to the lack of foreign currency needed to import raw materials. We remind you that ESRS exports have been on the rise since 4Q22 to secure the foreign currency needed for importing raw materials, which should remain to be the case supported by the commercial launch of EFS's new furnace. MBSC submitted documents to decrease its paid-in capital to EGP679.3 million distributed over 67.9 million shares, down from EGP750 million distributed over 75 million shar es through cancelling 7.07 million treasury shares.MOPCO might witness another acquisition amid a strong market appetite from Gulf investors to increase their shares in the company. Sources clarified that the board members of MFPC are buying heavily in the stock.  TAQA will start trading on EGX within two weeks.  MICH reached an initial agreement with two private sector companies to form a new company with an authorized capital of EGP1 billion and issued capital of EGP600 million for producing chlorine granules (TCCA). MICH will hold a 12% stake.  The value of pharmaceutical raw materials that are stuck at Egyptian ports is around USD150 mn and could be cleared by the end of June, according to local press. PHAR denied receiving Saudi offers to acquire a stake in the company, in response to news of an expected Saudi acquisition of 75% of the company's shares. The Ministry of Communications is negotiating with a number of international companies specialized in manufacturing mobile phones to participate in localizing the electronics industry. 

MPs gave their final approval yesterday to a fresh batch of tax amendments — to add EGP 1.2 billion to state revenues. The bill will be passed to the President to sign into law. Investors will be charged the 10% capital gains tax on only 50% of the realized gains made from selling shares in newly-listed companies. This will fall to 25% two years after the passage of the legislation. Income made from investments in venture capital funds, real estate investment funds, holding companies, and or equity funds is now subject to a 5-15% capital gains tax. FRA has granted the EGX the green light to launch the clearing company for its new futures exchange, which will operate by 4Q2023. The Finance Ministry aims to link up with Euroclear before the end of 2023. An Australian consortium plans to invest USD875 million to establish a plant for “phosphoric acid” in the economic zone of the Golden Triangle in Safaga, with a total production capacity of 692k tons annually.Energy China will sign a framework agreement to build a green hydrogen plant in SCZone within two months.The Egyptian government is now targeting increasing its renewable energy generation capacity to cover 60% of the country's electricity needs by 2040.ETEL (FV: EGP34.00, OW) reported impressive 1Q23 financial results with net profit at EGP3.81 billion in 1Q23 (+179.1% YoY, +26.7% QoQ); shaped by healthy revenue growth of 48.2%% YoY and 16.3% QoQ, margin expansion; higher investment income from Vodafone of EGP894 million (+182% YoY, +38.2% QoQ). We updated our FV for Telecom Egypt to EGP34.00 per share. ETEL is currently trading at 20223e P/E of 4.0x and EV/Adjusted EBITDA of 2.8x. MTIE reported strong 1Q23 net attributable profit of EGP153.1million in 1Q23 (+200% YoY, +20.8% QoQ), on the back of healthy revenues (+27.6% YoY), margin expansion (GPM: +2.1pps YoY, EBITDA margin: +2.4pps YoY), recognition of EGP26.2 million as gain from investments, and FX gains of EGP25.8 million in 1Q23. MTIE is currently trading at an annualized 2023f P/E of 10.9x.Mopco released neutral 1Q23 bottom line of EGP2.452 billion compared to EGP2.196 billion (+12% QoQ, +17% YoY), due to higher net interest income, FX gains, where Urea prices went down and margin pressure. MFPC is currently trading at 2023 P/E of 6.1x and EV/EBITDA of 3.0x.EFID released strong 1Q23 attributable net profit recorded EGP399 mn (+145.6% YoY, +16.2% QoQ) backed by healthy profitability and higher interest income along with FX gains.  We upgrade our FV to EGP22.80/share. EFID is trading at FY23 P/E of 8.3x and an EV/EBITDA of 5.7x.EFID acquires Fancy Foods for an enterprise value of EGP380 million (EGP0.53/share).AMIC April numbers: Passenger car sales fell 70% y-o-y to 3.8k units, bus sales were down 59% y-o-y and truck sales were down 69%. CIRA partners with Think Big and CEA to launch visual arts education program for 150 students.RAYA reported solid 1Q23 net profit of EGP143 million (+216.7% YoY), on the back of strong revenue growth, GPM expansion, and currency devaluation which bodes well for RCX and Raya Foods. Revenues recorded EGP6.5 billion (+46.1% YoY). RAYA is currently trading at annualized 2023f P/E of 9.1x.Contact's 1Q23 bottom-line recorded EGP136 million (-11% y/y, -22% q/q), due to the pressure on margins, the expansion in OPEX, and higher booked provisions in 1Q23. CNFN is trading at multiples of 1.1x P/B23 and 4.8x P/E23 on an ROAE 2023 of 23%.CNFN intends to securitize EGP10 bn to support growth. HRHO's consumer finance arm vaIU and digital payment app Telda have partnered to enable the users of valU cashback service to redeem through the Telda app. vaIU also intends to securitize more of its portfolio within a month or two, and the firm is reportedly in talks with two banks to secure new loans.The government is preparing

Suez Canal Economic Zone aims to attract USD2 bn of investments in 2023, within the textiles, readymade garments, automotive, and steel pipes industries.The value of goods released from Egyptian ports YTD hit USD5.4 billion.As many as six of the first eight companies set to offer shares as part of the state privatization program are oil or petchem players, including Enppi, Midor, Assiut Oil Refining Company (ASORC), Ethydco, and El Wady for Phosphate Industries and Fertilizers (WAPHCO).Tourists could soon be able to apply for a new five-year, multiple entry visa, at USD700, Tourism Minister said. The ministry works to double the number of tourists to Egypt to 30 mn annually by 2028.According to local media, Saudi investors are interested to buy Arab African International Bank's 12.7% stake in PHDC (FV: EGP3.91, OW), with the bank aiming to sell its stake at EGP2.5-3/share.Mopco targets to undergo expansions and new projects with USD750 million directed to the new melamine project that will be implemented at the Free Zone in Damietta at an investment cost of USD300-350 million and The green ammonia production project in cooperation with Norway at investment cost of USD400 million.SKPC's BOD has initially approved the fair value study submitted by Baker Tilly. The company will announce the fair value after the approval of the final study and once it receives the FRA's approval.Eagle Chemicals yesterday boosted its offer for EGX-listed Paint and Chemical Industries (Pachin) in response to Dubai-based National Paints Holding's (NPH) new bid last week. Eagle Chemicals is now offering to purchase at least 75% of Pachin for EGP37.00 per share, EGP 1.00 higher than the bid NPH put in at the end of last week.AUTO (FV: EGP7.56, OW) decided that there will not be any cash dividends distribution for 2022.The Education Ministry and USAID signed five MoUs to establish five international applied technology schools under the USAID-funded Workforce Egypt project.Elsewedy Industrial Development, a subsidiary of SWDY is one of four industrial property developers that have been awarded more than 1.8k feddans of land in New October City through NUCA.MBSC shareholders approved cancelling 7.07 million treasury shares worth EGP70.7 million. This brings the company's paid in capital to EGP679.3 million distributed over 67.9 million shares, down from EGP750 million distributed over 75 million shares. ECAP (FV: EGP17.23, EW) BoD approved the proposed dividends distribution of EGP0.9 per share out of 2022 profits, implying payout ratio of 32.2% and a dividend yield of 6.1%.

ORHD| A Dollar-Denominated Asset That Is Still Cheap. ORHD offers solid sales, exposure to the revival in tourism, diversified revenue mix (real estate, hotels, town management), sizable recurring income (hotels, town management), large residual land bank (around 25.0 million sqm), unique product offering (El Gouna, Makadi Heights, Taba Heights), solid development track record, and the shortest installment schedule and highest selling price among sector coverage offered in El Gouna. The stock is a key beneficiary of EGP depreciation on the asset side given land and units in El Gouna are priced in USD.  ORHD's market cap/sqm is currently at USD11.4/sqm which is heavily discounted compared to historical land transaction sales prices of USD120-375/sqm in El Gouna. At the current market price, the stock offers 104.5% upside potential to our FV of EGP15.32/share.ORHD is trading at a P/E 2023 of ​4.7x and EV/EBITDA 2023 of ​2.9x.Imports worth more than USD 1.5 bn were cleared from our ports between 18-23 January.Banque Misr and the National Bank of Egypt are cancelling the offering of the one-year, 25% certificates of deposit after the end of January. Minister of Electricity and Renewable Energy decided to extend the implementation of the decision not to implement an increase in electricity prices for an additional 6 months, ending on June 30, 2023. The Public Authority for Industrial Development approved granting a free grace period of an additional six months to industrial projects that exceeded the implementation timetable, while exempting them from 50% of delay fines for previous periods.Sovereign Fund of Egypt revealed that 7 foreign consortia are examining 7 state-owned hotels, with the aim of increasing their capital, to acquire a 30% stake.AMOC released impressive 2Q22/23 financial indicators showing a 240% YoY and 52% QoQ growth in net profit before minority interest, recording EGP605 million. AMOC is trading at FY22/23 P/E of 4.9x and EV/EBITDA of 4.5x. At current FX assumptions, stock should yield a FV of EGP10.50/share.Mopco has appointed Mohamed El Sayed Sobhy Mansour Amer its new chairman and managing director.The Sovereign Fund, through its sub-fund for health services and pharmaceutical industries, signed two agreements to invest EGP 2 billion, in partnership with B Investments Holding Company, in the field of specialized health care services, and pharmaceutical distribution and trade services in Egypt.ORAS declared a second cash dividend distribution of EGP5.54/share for FY2021, bringing the year's dividend yield to 10.0%. The dividend is to be distributed on February 9, 2023 for shareholders of record on February 2, 2023.The Ministry of Electricity and Renewable Energy has taken the first steps to implement the electrical supply project for the El Alamein-Sokhna high-speed electric train project, at a cost of nearly EGP10 billion. ADCI released 2Q22/23 initial indicators. Bottom-line came in at EGP25.5 million in 2Q22/23 (+7.3% YoY, -7.9% QoQ), bottom-line recorded EGP53.2 million in 1H22/23 (+7.5% YoY). ADCI is currently trading at FY22/23f P/E of 5.9x and EV/EBITDA of 3.9xPHDC is establishing the GEMS British International School of Badya in its Badya project in partnership with Egypt Education Platform. Hilton signed its second property in Marsa Alam, encompassing 282 rooms.SVCE appeal against Reliance Heavy Industries Co. was postponed till February 27, 2023. 

SFE and QIA signed one of three MoUs between Egypt and Qatar during President El Sisi's visit to Doha. The two countries also signed an agreement to cooperate on ports and social affairs.The Ministry of Transport is looking into 35 affiliated companies for potential listing on EGX.Abu Dhabi Ports acquired 70% of two Egyptian logistics companies, “Transmar” and “Transcargo International” (TCI), at a total deal value of USD140 million.Mopco stated that the new cabinet decision of applying a new gas cost formula for Urea producers, does not have any impact on the company since Mopco already has its own pre-determined formula in a contract valid until 2040. DOMT shareholders agreed to sell 93.0 mn shares to a consortium of investors led by Expedition Investments (a 32.9% stake in the firm). The government has lifted a ban on the export of food staples that it had introduced earlier this year in response to the global food crisis. Al Amal Auto —the sole agent and distributor of BYD and Lada brand of passenger cars— could be forced to shut down its factory due to import restrictions. EGAL released an adjusted net profit for FY21/22 of EGP2.5 billion, up from EGP2.4 billion released previously. Alameda plans to invest EGP5 billion in the Egyptian healthcare sector over the next five years, doubling its investment in Egypt, by adding 1,000 beds.KIA acquired a 4.8% stake in RMDA yesterday for EGP144.4million (EGP3.00 per share).FRA approved ATLC's request to increase its paid-in capital through a rights issue to EGP437.3 mn (an increase of EGP150 mn), at par of EGP2.50/share. The record date is 29/9, subscription starts 4/10 and ends 2/11. 

CBE repaid foreign debt obligations in 9M FY21/22 of USD20 billion. Egypt's external debt continued to grow to USD157.8 billion as of March 2022, +17% YoY, and 34.6% of GDP.  GCC deposits with the Central Bank of Egypt amounted to about USD14.9 billion as of March 2022, with 8 deposits due to KSA, UAE and Kuwait.Foreign holdings of Egyptian treasury bills rose for the first time in five months in June 4% to USD15.71 bn from USD15.1 bn in May.  Saudi Wealth Fund is interested in acquiring a stake in B-Tech.QIA is interested in acquiring a 10-15% stake in MFPC.Toyota is studying the implementation of a project to produce low-carbon blue ammonia at the Mopco and Abu Qir fertilizer plants.  HELI reported stellar 2Q22 (April - June 2022) results, with net profit jumping 290.4% y/y to EGP639.9 million, bringing 1H22 net profit up 142.9% y/y to EGP643.0 million. This strong performance is the result of the 243 feddan (1.0 million sqm) land plot sale in New Heliopolis in April 2022 EMFD reported net profit in 2Q22 reached EGP1.5 billion, up 87.1% y/y bringing 1H22 net profit to EGP3.1 billion, up 131.6% y/y. EFIH reported 2Q22 net profit came in at EGP288 million in 2Q22 (+118% YoY, 1H2022, net profit surged to EGP487 million, an increase of 76.6% YoY. EFIH is currently trading at 2022f P/E of 35.5x and 25.3x.  EFIH plans to provide the investment arms of the Saudi Arabia's Sovereign Wealth Fund with digital services. EFIH signed a MoU to replicate the digitized government financial network in Libya and secured an agreement with the Tunisian Agricultural Bank in Tunisia to replicate Agricultural sector digitization of Egypt. EFIH is studying investing in two fintech companies, operating in Digital Banking.FWRY reported 2Q22 attributable net profit of EGP24.1 million. Attributable net profit came in at EGP52.3 million (-53.8% YoY) in 1H2022. FWRY is currently trading at 2022f P/E of 97.1x and EV/EBITDA of 17.6x. ORWE 2Q22 attributable net profit recorded EGP211 mn compared to EGP299 mn recorded in 2Q21 and EGP236 mn recorded in 1Q22 (-29.4% YoY, -10.7% QoQ). This drop is attributed to the trickling down of lower gross profit, lower export rebates, and increasing interest expenses. ORWE is currently trading at FY22 P/E and an EV/EBITDA of 4.4x.EFID 2Q22 bottom line recorded EGP196 mn for the quarter (+136.1% YoY. +20.7% QoQ). EFID is currently trading at a FY22 P/E of 11.5x and an EV/EBITDA of 5.9x.JUFO 2Q22 Attributable net profit for the quarter came in at EGP174 mn, -9.6% YoY, 1H22 bottom line recorded EGP319 mn, stable YoY. JUFO is currently trading at a FY22 P/E of 15.5x and an EV/EBITDA of 5.8x.DOMT 2Q22 bottom line where it recorded EGP61 mn for 2Q22, compared to EGP51 mn in 1Q22 and a net loss of EGP29 mn in 2Q21. DOMT is currently trading at a FY22 P/E of 8.9x and an EV/EBITDA of 6.5x.RMDA  2Q22 attributable net profit came in at EGP52.4 million in 2Q22 (+65.8% YoY, -27.0% QoQ), 1H2022 net attributable profit came in at EGP124.2 million, a spike of 101% YoY; RMDA is currently trading at 2022f P/E of 11.7x and EV/EBITDA of 8.1x. For more details, kindly check our note published yesterday.B Investments net income after tax and minority interest reached EGP 60mn compared to EGP 73mn during the same period last year. BINV is currently trading at P/E22 of 2.6x and P/B22 of0.8x.Contact Financial Holding's net income dipped 4% y-o-y to EGP 104.4 mn in 2Q 2022 and 1H22 net income is up 18% to EGP 258 mn. CNFN is currently trading at P/E22 of 6.1x, and P/B22 of 1.2x.HDBK 2Q22 standalone bottom line recorded a healthy figure of EGP564 million (-12% q/q, +48% y/y), bringing 1H22 bottom line to EGP 1,204 million (+20% y/y). HDBK is currently trading at 2022 P/E of 3.0x, and P/B of 0.5x.Egypt is to finalize contracts with Germa

The EU will provide EUR100 million to support Egypt in response to the rise in food prices due to Russia's war on Ukraine.The Cabinet approved increases in 5 grants from the United States with a total value of USD74.6 million to reach a total of USD569.4 million, in the sectors of health, population, education, higher education, and agriculture.The General Authority for Investment and Free zones (GAFI), the Financial Regulatory Authority (FRA), and the Information Technology Industry Development Agency (ITIDA) have agreed to work together to make it easier for both local and international Venture Capital Institutions to invest in Egyptian startups.The World Bank intends to invest in 10 to 15 new funds in Egypt, provided that these funds will invest in 200 to 400 companies, providing USD50 million in funding.Ministers green-lit amendments to the Income Tax Act. Details are not disclosed yet by the government, saying only that the amendments are designed to attract investors into the stock market.Prime Minister Mostafa Madbouly instructed an urgent meeting to be held with major steel and cement producers to discuss the price hikes witnessed in the local market. The meeting will be attended by the head of the Consumer Protection Agency. HELI is to soon sign a contract to sell a 243 feddan (1.0 million sqm) land plot in New Heliopolis for EGP1,700/sqm, translating into a sales value of EGP1.7 billion. We value the potential transaction at EGP828.4 million, implying EGP0.62/share and EGP812/sqm. This potential transaction would take our FY22 (12-month period ending 30 June 2022) net profit forecast to EGP1.1 billion, P/E 2022 of 7.5x, and EV/EBITDA 2022 of 7.0x.The government and real estate developers met to discuss ideas, such as launching mortgage finance initiatives with the private sector and looking into postponing liability payments, in an effort to mitigate the impact of the Russian-Ukrainian conflict on the sector. Cabinet approved yesterday the establishment of a freezone for the state-owned Egyptian Group for Multi-Purpose Terminals (EGMPT) at Alexandria port. The USD 500 mn project will established by The Alexandria Port Authority (a 34% shareholder in the company), the Suez Canal Authority (33%), the Holding Company for Maritime and Land Transport (20%), and Alexandria Container and Cargo Handling Company (13%). DSCW released positive 4Q21 consolidated results showing attributable net profit recorded EGP14.5 mn, compared to EGP12.6 mn the previous quarter and EGP2.0 mn in 4Q20. FY21 bottom-line is boosted by healthy and solid growth in revenues as well as a rise in export rebates by 84.4% YoY. DSCW is currently trading at a FY22 P/E of 4.0x and an EV/EBITDA of 5.6x.RTVC reported FY21 net loss of EGP455.3 million, compared to FY20 net loss of EGP443.4 million.The required minimum hotel price levels will be implemented starting 1 November 2022.Doctors, physiotherapists, and dentists authorized by the Medical Syndicates Union are now eligible for the Central Bank of Egypt's (CBE) 5% interest rate loans for SMEs.Chinese electronic device maker Oppo has partnered with HRHO's consumer finance arm Valu to provide installment solutions to customers.Mopco approved in its OGM the distribution of a DPS EGP10.00 with a dividend yield of 9.6%. Record date is 06/04/2022 and distribution date is 10/04/2022.AUTO is to divide the EGP0.35/share dividends distribution into two tranches. The first will be EGP0.10/share distributed on the 21st of April 2022. The second EGP0.25/share is to be distributed on the 29th of September 2022.ELSH Board proposed the distribution of EGP0.05/share cash dividends (DY of 0.8%). 

Foreign investments in T-bills went down in November for the second consecutive month, by USD1.5 billion, reaching about USD20.6 billionThe government raised its forecast for the budget deficit in FY2022/23 to 6.3% from 6.1%, President decided to raise the minimum wage by 13% to EGP2,700Ministry of Electricity intends to pump EGP3-4 bn investments to increase the capacities of the Egyptian-Libyan electricity interconnection linesThe US advised its citizens against travel to Egypt, among 22 other countries, amid rising covid casesUS equity indices are facing pressure with treasury yields risingORHD achieved stellar 4Q21 sales of EGP3.0 billion, up 61.4% y/y and up 34.0% q/q; Hotel occupancy rate in El Gouna reaching 69% in 4Q21MFPC will proceed in its feasibility studies for the new melamine project, with an annual production capacity of 40k tons. The investment cost of the project will be USD250 million. Project could potentially add EGP25-35/share to our FV. Mopco is also undergoing amendments in its production lines to increase the urea production by 70k tons per year.Oil prices hit a fresh seven-year high yesterday 88.90 / bbl. PHAR's BoD approved the establishment of a factory for the APIs production with an authorized capital of EGP1.0 billion and an issued capital of EGP400 million, out of which PHAR's share is 25% (EGP1.00/share)Vodafone Group expects the acquisition of Vodacom of Vodafone Egypt to close before 31 MarchNBE, Banque Misr, and Fawry Dahab, a subsidiary of “FWRY”, signed a cooperation protocol aimed at implementing an electronic payment system for electricity bills

According to the local press, electricity prices will not move until June 2022, but there may be an amendment to the price plan to be applied in July 2022 due to higher natural gas cost; EGAL and MICH are the two stocks whose production cost is mostly reliant on electricity prices to the industrial sectorRemittances grew by 11.6% YoY in August 2021, recording USD2.7 billionNitrogen fertilizer producers are now required to supply 55% of their production to the Ministry of Agriculture; Local prices have been raised from EGP3,000 per ton to EGP4,500 per ton for Urea; Companies to pump 10% of their production for sale at international prices MFPC 3Q21 profit hit EGP1,344 million (-3%QoQ, +171%YoY), implying an NPM of 46.3%; 9M21 net profit hit EGP3,520 million (+110%YoY), implying an NPM of 46.3%; We upgrade our FV on MFPC to EGP120.80/share, with an Overweight recommendation; MOPCO is trading at 2022 P/E of 5.8x and EV/EBITDA of 3.6xWe upgrade our FV for ABUK to EGP29.00/share, with an Overweight recommendation; ABUK is trading at FY21/22 P/E of 4.5x and EV/EBITDA of 2.1xMinister Hesham Tawfiq has disclosed that Egypt plans to sell additional shares in ABUK on the EGX within one monthA subsidiary of SWDY is negotiating with NUCA to develop 5 million sqm of industrial land in New OctoberHRHO finalized on Thursday the acquisition of a 51% stake in the Arab Investment Bank, for EGP3.8 billionCBE directed banks to increase working capital financing for companies and factories in order to help them face the increase in international commodity and raw material prices CBE notified banks to stop the initiative of financing cooperative societies at an interest rate of 5%, due to potential effect on non-performing loansCICH's leasing arm, Corplease, will go ahead with a securitized bond issuance worth more than EGP3 billion before the end of 2021IDHC 3Q21 Results Conference Call: 1) Strong financial performance would enable the group to sustain its attractive payout ratio of above 90%. We project a DPS of EGP2.32 in 2021e, implying a payout ratio of 100% and a DY of 12.8%; 2) IDHC is looking to add another two branches of Al Borg Scan over the coming twelve months; 3) Capex increased to c. 8% of sales in 9M21, which is above IDHC's guidance of 5.5% - 6%; 4) Covid testing is expected to remain on the surface in 2022 but with relatively lower volumes compared to 2021; 5) IDHC revised downward its PCR pricing for walk-ins from EGP2,000 to EGP1,500; 6) IDHC will start rolling over an expansion plan in Nigeria next year to increase the number of lab branches; IDHC is trading at 2022f P/E of 11.7x and EV/EBITDA of 5.9xSPMD reported 9M21 net profit came in at EGP167 million (+240% YoY) in 9M21, out of which EGP42 million were contributed by Prime Speed, with a NPM of 56.3% (+12.8pps YoY). On a quarterly basis, net profit registered EGP59 million in 3Q21 (-12.6% QoQ, +111% YoY)SPMD's BoD approved exit from Prime Speed Medical Services and Misr Labs company and to establish new lab chain “Al-Watan”We upgrade our FV for SPMD to EGP2.50/share; Excluding Al Watan Labs, our FV would stand at EGP2.00/share; SPMD is trading at 2022f P/E of 3.0x and EV/EBITDA of 2.2xPHDC plans to spend EGP3.8 billion in investments in FY22, expects selling prices to increase by 10.0-12.0% in FY22, expects net debt to reach zero by the end of FY21, and plans to take out a EGP2.5-3.0 billion loan for Badya in 1Q22EGTS' lawsuit regarding the 20.0 million sqm third phase Sahl Hasheesh land plot has been turned to the Commissioners' Authority to put together a comprehensive report on the case

Ministry of Finance decided to reduce the burdens of the capital gains tax on local stock exchange investors, by deducting all expenses related to trading as well as an incentive for the funds invested in the stock exchange from the tax base in case profits are achievedAnnual core inflation recorded 5.2% in October compared to 4.8% in SeptemberETEL reported 9M21 net profit came at 6.09 billion, +72.5% YoY; We upgrade our valuation of ETEL to EGP18.00/share; Telecom Egypt is currently trading at 2022f P/E of 3.3xe-cards, a subsidiary of e-finance, signed an agreement with Premium Cards to produce and manage their smart cards Vodacom Group has entered into a binding agreement to acquire a 55% shareholding in Vodafone Egypt for a total equity consideration of USD2.738 billion; Vodacom Group has committed to Vodafone that it will sign a deed of adherence to the shareholders' agreement with Telecom EgyptWe downgrade our FV on ABUK to EGP21.31/share, with equalweight recommendation; ABUK is trading at FY21/22 P/E of 6.0x and EV/EBITDA of 3.1xWe upgrade our FV on MFPC to EGP113.66/share, maintain an overweight recommendation; MOPCO is trading at 2022 P/E of 5.2x and EV/EBITDA of 3.3xHDBK 9M21 standalone bottom line at EGP 1,434 million (+1% y/y); The stock is currently trading at 2.9x P/E22 and 0.5x P/B22 with ROAE of 18%EGBE 9M21 net income at EGP507 million (+9% y/y); EGBE is currently trading at annualized P/E21 of 4.78x and annualized P/B21 of 0.49xAUTO has begun formulating alternative sales strategies to mitigate loss of Tuk-tuk salesECAP reported solid 3Q21 net profit at EGP31 million, compared to EGP13 million the previous quarter; ECAP is currently trading at FY2022 P/E of 8.0x and EV/EBITDA of 5.7xThe executive framework for PORT and AMER's legal right to compensation of USD39.9 million and 5.0% interest calculated from 11 October 2014, has been set by the courtCabinet approved amendments to shorten the home registration process   The transport ministry signed an MoU with Hong Kong's Hutchison Port to operate a multi-purpose station in Dekheila Port; Threatens ALCN's profitability and market share

Michael Burns is Kat's husband and the Artistic Director of our improvisational theatre company, The Mop & Bucket Co (mopco.org). Michael joins Kat and Livia to celebrate our 50th episode AND the 25th anniversary season of the Mop & Bucket Company. (but is it really?  All is revealed  in the podcast!)  Among other things, we talk about what cargo cults have to do with artistic development and human learning. We also talk about the last 14 months in hiatus from in-person performance, the Zoomprov shows (live.mopco.org ) that have happened during that time,  and the cautious reopening of The Mopco Improv Theatre. Oh, and why Michael believes that everyone can sing. Enjoy!If you want to learn more about using improvisation and story to help human leaders and organizations grow, check out koppett.com.   Drop us a line at hello@daretobehumanpodcast.com or  hello@koppett.com.  We love to hear from you! 

It's improv time! We're talking to Michael Burns and Kat Koppett from Mopco Improv Theatre about all things improv; from applied improv, to performance improv, to improv games, to the common actor's fear of improvisation. Just remember... "Yes, and!"

Kat and Alex talk with game designer Jason Morningstar about "meta techniques" to create games where we can play safely, bringing FIASCO to the Mopco Improv Theatre, the brilliance of the group, social engineering through games, and why his work his like making a fine table leg. Support Jason and Bully Pulpit Games on Patreon! Jason MorningstarJason Morningstar is a game designer who lives in Durham, North Carolina, USA. Best known for his game Fiasco, which earned him his second Diana Jones Award for Gaming Excellence, Jason’s design credits include Night Witches, Ghost Court, Grey Ranks, Durance and many other games. He has also made games for clients like Google and the University of North Carolina at Chapel Hill. Jason's games have been featured at Indiecade and in the Gen Con 50th anniversary museum.Beyond roleplaying, Jason consults on the use of games for teaching and learning, most recently with the University of California, University of Michigan, Kaiser-Permanente Health Care, and the Innovation Learning Network. In addition to design, Jason has written extensively on game-related topics. His articles have appeared in the anthologies Analog Game Studies, States of Play and Unframed.You can read more about Jason and his work at www.bullypulpitgames.com. ________________________________________________________Send us your advice from kids for our collaborative project, questions, comments, episode ideas or your very own Dare to be Human stories to hello@daretobehumanpodcast.com, join the conversation on our Facebook or leave us a message at 518-212-7886! We record at The Mopco Improv Theatre in Schenectady, NY where you can come visit us sometime! Original music by Mark S. MerittLogo by Derek WalkerEdited by Mary DarcyRecorded at The Mopco Improv Theatre

This episode was super fun. Have you ever done Improv? Or attended a performance.. Kat Koppett from Mopco shares her story and why Improv is great for organizations just like yours. --- Support this podcast: https://anchor.fm/fundraisingsecrets/support

Jon talks to NorthEast Theatre Ensemble's Janet Hurley Kimlicko and Sandy Boynton about their up coming Production off Anton Chekhov's play "The Seagull".

Jon and Alex talk to Improv Legend Colin Mochrie about his journey through improv, his years doing "Woose Line...?, and his upcoming show with Brad Sherwood at Proctor's on May 11, 2018.

Jon does his first international improv interview with Hon Chong. The Founder, Artistic Director, Cast Member, and Head Instructor of Funnylicios. An English speaking Improv Troupe based in Bratislava in the Slovak Republic. Improv without borders!

Jon talks to Becky about her history with improv, how to stay sane on a 6 month cruise ship improv job, and the power of a random Google search.

Jon and Peter talk to Amanda about how she discovered Improv, a spring break she spent in Texas, and a time she had to wear all white and serve tacos.

Alex has a surprise visit from Jon's cousin Ron. They talk about a more primitive internet use down in Texas, Ron's dedication to his students, and the underground hobbies of meteorologist wannabes.

Jon and Livia talk to returning guest Cherry Berkshire about her extra work on Episode IV "A New hope", they play "Ef em", marry or kill with a Star Wars twist, and read some steamy entries from Madame Berkshire's diary.

Jon and Alex talk to Livia about her recent trip to the "Steven Universe", learn what a Chuck Chuck is, and discuss the monotone acting style of Brad Pitt.

Jon and Livia have a fascinating chat with Madame Cherry Berkshire and her faithful companion Marmoset Marmoset Marmamarcoosant.

Jon, Livia and Alex explore how sexy division can be, the many meanings of the word "nougat", and the power of Livia's portleneck sweater.

Jon, Alex and Livia talk about the benefits of gummy melatonin, the fun things you can say in Slovak, and the new outfit FBI agents will be wearing soon.

Jon, Livia and Alex talk about the use of Pandas as currency, the many useful charts that exist to help navigate Livia's world, and they try to list actors who are lip biting worthy.

Jon , Livia and Alex talk about the symptoms of "Airport Madness", the history of Earthlings fighting in the Martian Military, and the wisdom of naming your child "Bobbert".

Jon, Alex, Livia and special Guest Lily talk about how accents can give a different feel to phrase, what really goes on upstate in the Vermont at the Timberlakes, and the possibility that Livia is from an alternate universe.

Jon, Livia and Alex talk about the correct way to address Lady Gaga, they revisit special mems from the 90's, and have a go at spontaneous impressions.

Jon, Livia talk about some very specific rights of passage of middle school kids everywhere, they here the story of one of the most elaborate Rube Goldberg Machines ever conceived, and consider alternate cooking techniques.

Jon talks to Livia about how Improv found her, the benefit of having "Magical Friends", they explore her song Improv process, and they make up a song based on the word "Smell".

Jon, Livia and Alex talk about the shows this week at the Mopco Theater. They experience all the joys of mozzarella sticks. And destroy several puns.

Jon, Livia and Alex talk about what's going on at the Mopco Theater this week. They have a visit from the studio audience and explore an origin theory about JT.

Jon, Livia and Alex talk about the goings on at the "Mopco Improv Theater" at 10 North Jay Street in Schenectady New York. They also send a special message to Kendle Beth.

This is the recording of the opening night performance at out brand new performance space at 10 North Jay Street in Schenectady, New York. Recorded on October 29, 2016. A special 4 team Theater Sports competition. Some dreams do come true!

Jon hangs out with fellow company members in front of the new Mopco Theatre during the 2016 Italian Festival. Talks to passers by about the new performance space, and leans how to make Mop Corn!

Jon takes a walking tour with the Artistic Director of the Mop and Bucket Improv Company, Michael Burns, of the new Mopco Performance Space.

Jon talks to the cast of "The Dog in the Manger" directed by Mopco's Kendel Butterworth and Artistic Director of NorthEast Theater Ensemble Janet Hurley Kimlicko. A romantic comedy by playwright Lope de Vega.

Jon Talks to Laci Lee about the First Albany Improv Festival in Albany New York to be held on April 23, 2016 at the Madison Theater in Albany.

Jon and Amy talk to their pal Kevin about the benefits of Improv on ones life, they make some "interesting" word associations, and the sing a song about pain.

The 2015 Mopco Christmas Podcast!

Jon, John and Mark talk to Norm about his love of theater, they take some phone calls from some Radio Mopco listeners, and play an extended "Directors Cut" version of "The Word Game".

Mopco's Michael Burns has a conversation with " The Tonight Show's" Dion Flynn. They talk about Dion's one man show "The Only Brown Kid in the Trailer Park", his work on the "The Tonight Show with Jimmy Fallon", and the cultural significance of Billy Joel songs, and how history should remember them.

Mopco's Spontaneous Broadway show "Don't Google Your Mom!" recorded on June 12, 2015. Live and Fully Improvised!

Part two of Mopco's Spontaneous Broadway show "Enchanted Night" recorded on May 15, 2015. Live and Fully Improvised!

This is Act One of a Spontaneous Broadway Performance recorded on May 15, 2015. Improvisers create "never before heard songs" from audience suggestions. At the end of the Act, the audience votes on which song gets the honor of being turned into a full musical. Live and fully improvised!

Jon welcomes Kat Back to the Podcast. They talk about the source of Creativity, they try to define Courage, and they discuss the unique sensibility that women bring to improv.

Jon talks to the High School Improv group "That's So Random". Games are played and songs are sung!

Jon talks to the kids in the Middle School Improv team "The Broom and Vacuum Company". They sing a bunch of songs and set the world record for the "Word Game".

Jon talks with Laci about the time Impov found her in Maine, their mutual Chicago connection and they sing a song about Love.

The Second Annual Radio Mopco Christmas Podcast !

Jon and John talk to Sam about his days a an intern with Mopco, Sam looks at the differences between Stand Up and Improv, Alf Pacino talks about the importance of names, and the boys make up a Christmas song.

Jon, John and Amy talk to Matthew about how he found Mopco, they play two word games, and have a visit from Alf Pacino.

Jon and John celebrate the first year of Radio Mopco with a room full of Mopco company members. They play the worlds largest word game, Michael and Alex write a touching letter to each other, and they have an in person visit from Mikey!

Jon, John and Alex talk to Britany about some of her favorite stage roles, they experiment with accents and sing songs about Michael Jordan and "Saved by the bell".

Jon, John and Peter talk to Kendle about her love for classical theater, sing a song about a Sundial and we discuss the advantages of the "Man Purse".

Jon and John talk to Adam about how he found Mopco, they sing a song about the "Constitution", and they come up with some ideas for great band names.

This is a "Spontaneous Broadway" rehearsal in preparation for our performances at the Adirondack Theater Festival.

Jon and John host the Mop and Bucket Company's monthly Improv Jam. Hear stories and songs made up on the spot. People from all over the Capital District came to watch, play and laugh.

Alf Pacino, Alf Pacino, Alf Pacino! Long Form Improv at it's best!

Jon and John talk to Jackie about how Improv found her, sing a song inspired by NASA, and do a few dramatic readings from the Guiness Book of World records.

Jon, John and Amy talk about movies that they haven't seen, rap about bubbles, and tease the arrival of the soon to debut lmprov team, Alfpacino!

Jon and John talk to Mathew about the rewards of teaching Improv, Mathew's adventures in Africa, and sing about the virtues of a proper flush.

Jon, John and Alex talk about Viking History, sing several songs and get in trouble with the Pod Cast Censor.

Jon and John talk to Mary about her interview with Stephen Sondheim, the freedom that improv gives an improv performer, ways to deal with those sneaky improv fear demons and they sing a song about a roadhouse.

Jon and John talk to Andrew about how to find a character, his journey through the Chicago Improv scene, and sing a song with Chord Bot.

Jon talks to his sister Christa and her husband Judd about how to find a character, the common traits between improv and scripted performance, and they sing a song about how wonderful pizza can be.

Jon, Amy and Alex talk to Mark about his path to Mopco, they discuss their shared joy of storytelling with music, they sing two songs with live accompaniment, and play one of the many songs Mark has written.

Jon and Kat talk to Michael about the improv influences of Mr. Michael Gellman, the importance of delighting your improv partner and making them look good, and those magical moments when improvisers read each others minds.

Jon talks to Kristine about how her quest for a theatrical outlet led to Mopco, they sing a song about singing songs, and Kristine tells a colorful story from her nursing days

Check out part two of the Spontaneous Broadway fully improvised musical production of the winning show "Try and Sleep!" Enjoy...we sure did!

A very special Mopco Christmas Podcast.

Act One of the Spontaneous Broadway performance from December 6, 2013. Remember, this is all improvised on the spot!

Jon and Amy talk to Alex about how cartoons have influenced his sense of humor, they find the long sought after link between the words coffee and sauce, and how much Alex is still very angry about Star Wars: The Phantom Menace!

John, Kat, Amy, Michael and Jon's wife Janet have a conversation with Jon about what Impvov means to him, how his winding journey through stand-up led him to improv , and he plays a couple of his songs plus a song from his Second City Conservatory days.

Jon and John talk to Cindy about how she discovered Improv and she tells a few stories about when she was a wedding singer.

Jon talks to Justin about his quest for the mystery of an improv scene, his time interning for the Jim Henson Company, and the importance of swearing.

Listen to The Mop and Bucket Company's season opener of "Spontaneous Broadway". A completely Improvised Musical !

Jon talks to Kat and Michael about the development and history of Spontaneous Broadway, they explore what makes the Spontaneous Broadway format special, and have a visit from the one and only Mr. Mick Treadwell.

Jon talks to Heather about the connections between Improv and music, talk abourt song writing, and listen to the World Premier of Heather's song "My Reason Why".

Jon and John ask Alexander about his path to Improv, Talk a little Star Wars Family Guy, and sing a song about a garbage man.

Jon and John talk to Peter about how he got into Improv and when he joined Mopco, Listen to a song by Aunt Granny, and take a call from Mikey.

Jon and Amy talk to John about SNL and Comic influences, make up a song about not doing pot, and discuss the value of silence.

Jon and John talk to Amy about how she got into improv, they deconstruct an improv song, and take some calls.

Jon and John talk to Michael about Mopco History, different approaches to an improv scene and the best way to keep Cinnamon from eating your face!

Jon talk's to Kat about Improvisation, Life and how Improv will save the world.