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EARNINGS WATCH- Cheese manufacturer Domty’s net profit plunged 80% y-o-y to EGP 25.6 mn in 2016 as the company posted an EGP 29 mn loss in the fourth quarter, according to its earnings release. Revenues grew by 22% y-o-y to EGP 1.7 bn last year. Results in 4Q16 were affected by the EGP float and […]
Author Archives: enterpriseam admin
Posted inEGYPT HOLIDAY PHOTO OF THE DAY
The Agha Khan’s tomb in Aswan
Our friends and sponsors CIB's 2016 Annual Report highlights some of the nation's most breathtaking tourism spots, from pristine beaches to adventure tourism and cultural heritage sites. All images in the report were shot by Zeina Abaza at Inktank Communications, which has produced the bank's annual report for the past eight years. For the coming […]
Posted inTHE MACRO PICTURE
EM currencies vulnerable this week?
What is happening with EM currencies?Emerging market currencies are vulnerable this week, Dimitra DeFotis writes in Barron’s, citing a report from Brown Brothers Harriman (BBH) global currency strategy team. “EM FX was mixed last week, and remains vulnerable as this week begins. The rebound in oil helped some, such as the Colombian peso (COP), the […]
Posted inEGYPT IN THE NEWS
Reactions to El Sisi’s US visit
Coverage of — and reactions to — the White House meeting between President Abdel Fattah El Sisi and Donald Trump continue to dominate foreign coverage of Egypt. Don’t expect anything interesting or fresh here: Opinions are split into camps supporting Trump (and hence lauding the meeting) and the liberal media’s disdain of both men. The […]
Posted inOn Deadline
Prolonged investigations into hiked port fees only increase Egypt’s loss
Gov’t needs to take decisive action on port fees issue: The investigation into the Transportation Ministry’s decision to hike port fees is dragging on far too long, meaning nothing has been done to reverse Egypt’s losses from the decision, Dorreya Sharaf El Din writes for Al Masry Al Youm. Considering the gravity of the shipping […]
Posted inWorth watching
A quick and smooth tour of Dahab, courtesy of a cyclist
Biking through Dahab: In case our Holiday Photo of the Day section didn’t make it clear enough, we’re getting a little antsy waiting for Sham El Nessim. If exploring some of the more exotic regions isn’t your thing, then the safe bet is Dahab (aka. Paradise on earth). For those stuck in Cairo, or afraid […]
Posted inEnergy
GE asks Electricity Ministry to pay USD 100 mn it owes for maintenance works
GE has asked the Egyptian Electricity Ministry to repay USD 100 mn it owes for maintenance works the company completed at electrical power stations, Al Borsa said on Tuesday. The ministry had signed a long-term agreement with GE to provide maintenance services and intends to complete its overdue payments in installments once it secures financing […]
Posted inEnergy
Egypt, KSA to decide on winners of Saudi-Egypt electricity interconnection project on 16 April
The Egyptian Electricity Transmission Company and Saudi Arabia will decide on offers for the Saudi-Egypt electricity interconnection project on 16 and 19 April, a government source tells Al Borsa. Alstom, ABB, and Siemens have all applied for the tender. Trial operations for the project, which will see Egypt and KSA exchange up to 3 GW […]
Posted inInfrastructure
New EGP 1 bn railway connecting Bilbeis to 10th of Ramadan to be established
The government is planning to build a EGP 1 bn new 22 km railway connecting Bilbeis to 10th of Ramadan City, Sharqiya Governor Khaled Saeed said yesterday, Al Borsa reports.
Posted inBasic Materials + Commodities
EGP float reduced consumption of basic commodities by 30%, traders say
The EGP float drove down consumption of basic commodities by 30%, traders told Federation of Egyptian Chambers of Commerce head Ahmed El Wakeel yesterday, Al Ahram reports. This rate of consumption will undoubtedly help ensure sufficient supplies of sugar, oil, and other food staples to meet Ramadan demand, they added. The traders also told El […]