ENERGY-

Gov’t pays back 27% of due to Pharos Energy: State-owned Egyptian General Petroleum Corporation (EGPC) has paid back some USD 10 mn in outstanding receivables to the British Pharos Energy last week, the firm said in its 2023 preliminary results. The payment marks a “partial settlement of outstanding trade receivables following payment delays” due to the country’s FX shortages and it marks 27% of the EGPC’s dues by the end of last year.

Remember: This comes just a few days after the government announced it started paying backnearly 20% of the arrears it owes to international oil companies operating in the country, with a structured plan to clear the remaining debt in stages over the coming period. EGPC paid back USD 30 mn in outstanding receivables to Capricorn Energy last week.

EARNINGS WATCH-

Dairy giant Juhayna Food Industries saw its net income climb 60% y-o-y to EGP 1 bn in 2023, according to an EGX disclosure (pdf). The company’s topline rose 42% y-o-y to EGP 16.1 bn in the same period, which the company attributed to the successful launch of new products, more efficient use of working capital, and improved cash flow.

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