The MPC acted conservatively, deciding to keep rates unchanged at 27.25% for overnight deposit and 28.25% for overnight lending rate, citing global uncertainties and a slower pace of inflation deceleration throughout 2H2024 with increased upside risk to the outlook.

Local gas production dipped to an eight-year low of 4.87 billion cubic feet per day (bcf/d) in 2024, down 16% y-o-y.

China's North Petroleum Corp. has earmarked USD100 million to acquire new concessions in Egypt or form partnerships to explore for oil and gas in the Western Desert and offshore waters.

The Minister of Tourism revealed that discussions are currently underway with the CBE and the Ministry of Finance to study the possibility of launching a new initiative to support the tourism sector worth EGP100 billion.

The Chairman of the Board of Directors of the Egyptian Commercial Representation Authority revealed a target to achieve exports of USD48 billion by the end of this year, an increase of 20% over last year.

The Financial Regulatory Authority (FRA) will issue a decision regarding the registration and licensing fees for companies subject to the new Unified Insurance Law within two weeks.

The EGX is studying with the FRA a legislative amendment to the listing rules that aims to repeal or amend the clause freezing 51% of the shares of major shareholders in companies when offering on the stock exchange for two years.

After the Listing Committee of the EGX approved the share buyback procedures for ESRS shares, a Special Operations Market (OPR) will be opened from Sunday, 23 February 2025, until Thursday, 6 March 2025 to receive selling orders from all shareholders who wish to sell, at the price of EGP138.15/share.

HDBK (FV: EGP90.00, OW) FY24 standalone net profit recorded EGP11,040 million (+83% YoY). BoD proposed the distribution of cash dividends of EGP5.00/share, which implies payout ratio of 24% out of 2024 net profit and DY of 9.5%. The bank is currently trading at P/E25 of 2.3x and P/B25 of 0.9x.

CNFN is pursuing regulatory approval to obtain a digital banking license.

- Market Overview

- TMGH

- ORWE

- OCDI

- AMOC

- prepared by: Mayada Amin- CETA, CFTe

The MPC is scheduled to meet today to decide on policy rates. We believe the CBE might prefer to cut rates by 100-150 bps in its meeting today.

Moody’s kept Egypt’s outlook positive and affirmed its Caa1 rating.

UK-based Shard Capital and Saudi Arabia-based Alqahtani Holding inked a framework agreement for a USD7 billion petrochemical production complex in New Alamein with the Oil Ministry-backed Egyptian Petrochemicals Holding Company and the Investment Ministry.

The reconstruction of Gaza can be completed in three years, Prime Minister Moustafa Madbouly said during his weekly presser yesterday.

Egypt paid another USD1 billion arrears to foreign oil companies yesterday, according to an official..

The Ministry of Petroleum plans to increase Egypt's oil production by 8% during the next fiscal year 2025-2026 to reach 485k barrels per day.

The Egyptian General Petroleum Corporation (EGPC) inked updated agreements with US-based IPR Energy and Tunisian oil and gas firm HBS International worth a combined USD13.5 million.

The Egyptian government allowed the Cheiron Energy company, owned by businessman Salah Diab, to export about 550k barrels of crude oil last January, in exchange for part of its overdue dues to the EGPC.

COMI’s BoD proposed to distribute cash dividends of EGP2.50/share.

ATLC released positive FY24 financial results: 4Q24 bottom line recorded EGP108 million (3.2x y/y, 2.2x q/q), bringing FY24 net profit to EGP216 million (+26% y/y). We have updated our FV for ATLC from EGP5.17/share to EGP6.66/share. ATLC is currently trading at P/E25 of 3.1x and P/B25 of 0.9x.

TMGH achieved FY24 sales, including sales made for third parties, of EGP504 billion, up 252.9% y/y.

MFPC signed a cooperation agreement and an MoU with Germany’s ThyssenKrupp to develop a USD220 million carbon capture project, the first of its kind in Africa and the Middle East.

The EGX’s listing committee approved ESRS request to delist its 542 million shares from the bourse.