Episode Details

The cabinet has approved a resolution regarding the issuance of executive regulations for the hospital privatization bill — which allows private entities to set up, manage, and operate healthcare facilities and public hospitals for a period of 3-15 years.

The cabinet approved a draft resolution to set up the National Council for the Localization of Chip and Solar Cell Tech Production

The cabinet also approved amendments to the Maritime Trade Law, part of wider efforts to “transform Egypt into a global hub for trade and logistics and maximize the role of the maritime transport sector".

The cabinet approved the suspension of the 14% agricultural land tax (known as the mud tax) for another year starting 1 August, and granted cabinet the option to extend the suspension again until July 2026. The tax has been suspended since 2017.

Trade offices have attracted USD 11.6 bn in investments across different sectors. Most of the funds are destined for the energy sector.

US inflation fell under the 3% mark in July for the first time since March 2021, strengthening the case for the Federal Reserve to cut interest rates at its next meeting in September. The consumer price index fell to 2.9% last month, down from 3% in June.

The World Bank revealed that Egypt received USD206 million out of a total of USD480 million in financing allocated by the Bank to reform education in Egypt.

Tax revenues on treasury bonds and bills during FY 2023-2024 amounted to about EGP158.5 billion, an increase of EGP51 billion over the previous year.

The Ministry of Finance intends to issue green sukuk and bonds of about EGP5 - 10 billion, during the first quarter of next year.

The value of the investments of the Norwegian sovereign wealth fund, the world's largest wealth fund, in Egyptian stocks fell to USD91.4 million at the end of June, compared to USD134.7 million at the end of 2023.

Magnum Real Estate Company, a subsidiary of the Saudi industrial group Rawabi Holding, intends to begin work early next year on building a tower in the New Administrative Capital at a cost of USD1 billion.

EMFD reported solid 2Q24 net profit reaching EGP1.9 billion, up 51.6% y/y and down 66.6% q/q from the 1Q24 level that had been boosted by FX gains, bringing 1H24 net profit up 119.2% y/y to EGP7.6 billion. 

HELI achieved strong 2Q24 net profit of EGP650.1 million, up 124.6x and down 13.1% q/q, bringing 1H24 net profit up 56.8x y/y to EGP1.4 billion.

HELI Board approved starting procedures to acquire a 770 feddan land plot in Capital Gardens.

GBCO released 2Q24 results with consolidated attributable net profit recording EGP422 million (-15.8% YoY, -32.6% QoQ). This brings 1H24 net profit to EGP1,048 million (+72.4% YoY) with a NPM of 5.5% (-0.2pps YoY). GB Corp is currently trading at a FY24 P/E of 5.6x. 

ORWE reported solid 2Q24 financial results, with attributable net profit recording EGP812 million (+92.1% YoY, +183.4% QoQ). This brings 1H24 net profit to EGP1,472 million (+101% YoY). ORWE is currently trading at 2024f P/E of 6.0x.

HRHO 2Q24 net profit after tax and minority interest recorded EGP791 million (-57% q/q, +95% y/y), bringing 1H24 attributable bottom line to EGP2,613 (+103% y/y). The company is currently trading at 8.5x P/E24.

EXPA 2Q24 consolidated bottom line recorded EGP1,288 million, post minority interest (+18% q/q, +86% y/y, and perfectly in line with Al Ahly Pharos estimates of EGP1,285 million), bringing 1H24 net profit to EGP2,375 million (+90% y/y). EXPA is currently trading at 3.5x P/E 2024, and 0.9x P/B 2024.

CANA 2Q24 net profit pre-appropriations recorded an impressive EGP1.2 billion (+217% y/y, +96% q/q). 1H24 bottom line recorded EGP1.8 billion. CANA is currently trading at P/E24 of 2.6x.

EGBE 2Q24 standalone net profit pre-appropriations recorde