Author Archives: enterpriseam admin

Gov’t tightens eligibility for food subsidies: New food subsidy ration card holders are facing tighter eligibility requirements, according to a decree issued on Tuesday and published on the Official Gazette. The new rule caps the number of family members eligible per card to four and introduces an EGP 1,500 monthly income threshold for eligibility for […]

Is the Supply Ministry looking to liberalize wheat bran in a similar manner to flour? After lifting subsidies from flour last month, the Supply Ministry appears to be attempting a similar move with wheat bran extracted from the production of subsidized bread, albeit in a more tempered manner. It issued regulations on Tuesday which would […]

Approving the law deregulating the natural gas market “effectively relieves the government from the burden of providing for the rapidly growing natural-gas consumption and turns it into a regulator … It’s all part of the same direction of having freer markets in Egypt,” Pharos Holding head of research Radwa El Swaify told Bloomberg. President Abdel […]

Egypt’s agri export revenues decline as bans plague export season: Exports of Egyptian agricultural products are expected to decline to about USD 2.1 bn from USD 2.2 bn during the export season starting in September, Agriculture Export Council head Abdel Hamid El Demerdash tells Reuters. The declines come on the back of wave of bans […]

Naeem subsidiary Reacap will merge with Wadi Degla Development to create an entity worth EGP 3.5 bn, according to Reuters. The agreement will see Degla constituting 74% of the new entity and Reacap the rest. Reacap will run a capital increase of 300 mn shares at EGP 11 a share to execute the merger, which […]

Pharos Securities Brokerage was landed a licence to trade in foreign markets. The licence from EFSA allows the firm to serve its international clients globally and Pharos’ research team is no looking to expanding its geographical coverage. “The license … will solidify our continued record of success and strengthen our position within the market … […]

EARNINGS WATCH- Leading automotive assembler GB Auto reported a consolidated net loss of EGP 150.9 mn in 2Q2017, compared to profit EGP 124.4 mn in the comparable period last year, according to the company’s earnings release (pdf). This came despite a 6.3% y-o-y rise in total Group revenues to EGP 4.2 bn during the quarter, […]

EARNINGS WATCH- Madinet Nasr Housing & Development (MNHD) reported a 246% y-o-y increase in consolidated net profits to EGP 509.6 mn for the first half of the year, according to the company’s earnings release (pdf). Consolidated revenues grew 131% y-o-y in 1H2017 to EGP 1.16 bn. “With almost EGP 2.5 bn in contracted sales during […]

EARNINGS WATCH- LSE-listed oil and gas services firm ADES International Holding is giving strong guidance ahead of the release of its 1H2017 results, saying it expects revenue to grow 45.6% y-o-y to north of USD 87.85 mn, according to a pre-close regulatory filing. The company reports a strong, liquid balance sheet as of 30 June […]