{"id":582255,"date":"2023-03-05T00:00:00","date_gmt":"2023-03-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/05\/ezz-steel-forecasts-egp-8-3-bn-in-losses-on-egp-depreciation-plus-smartphone-assembly-mature-oil-fields-bdcs-e-payments-arm-and-plenty-more\/"},"modified":"2023-03-05T00:00:00","modified_gmt":"2023-03-05T00:00:00","slug":"ezz-steel-forecasts-egp-8-3-bn-in-losses-on-egp-depreciation-plus-smartphone-assembly-mature-oil-fields-bdcs-e-payments-arm-and-plenty-more","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/05\/ezz-steel-forecasts-egp-8-3-bn-in-losses-on-egp-depreciation-plus-smartphone-assembly-mature-oil-fields-bdcs-e-payments-arm-and-plenty-more\/","title":{"rendered":"Ezz Steel forecasts EGP 8.3 bn in losses on EGP depreciation. Plus: Smartphone assembly, mature oil fields, BdC\u2019s e-payments arm \u2014 and plenty more"},"content":{"rendered":"

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MANUFACTURING- <\/span><\/p>\n

<\/span>Ezz Steel forecasts EGP 8.3 bn in losses on EGP depreciation:<\/span> Ezz Steel expects to <\/span>record losses of EGP 5.3 bn in the first two months of 2023 and EGP 3 bn in 4Q 2022 on the back the depreciation of the EGP, the company warned in an <\/span>EGX disclosure (pdf)<\/a><\/span> Thursday<\/span>. The steelmaker in October <\/span>forecast (pdf)<\/a><\/span> losses of EGP 1.9 bn in 2H 2022 on the back of <\/span>that month\u2019s devaluation<\/a><\/span>, which left the EGP at around 24 to the USD. The EGP now stands at nearly 31 to the USD. Despite the losses, the company is still expected to record a profit in the last quarter of 2022, Naeem Brokerage\u2019s head of research Allen Sandeep told <\/span>Asharq Business<\/a><\/span>.<\/span><\/p>\n

TECH-<\/span><\/p>\n

Comms minister meets with big names in the tech scene: <\/span>Communications Minister <\/span>Amr Talaat<\/span> outsourcing and mobile phone assembly in Egypt with representatives of Ericsson, Lenovo, Nokia, and Detecon on the sidelines of the MWC Barcelona telecoms conference, the Ministry said in <\/span>a statement<\/a><\/span>. <\/span><\/p>\n

Remember:<\/span> Egypt\u2019s local phone assembly industry is picking up steam. Xiaomi, Oppo and Vivo <\/span>are all reportedly planning to set up factories here, joining Samsung and Nokia manufacturer HMD Global. MPs passed legislation this week that will <\/span>slash customs duties<\/a><\/span> on mobile phone components in a bid to attract more companies to the country.<\/span><\/p>\n

FINTECH-<\/span><\/p>\n

BdC launches e-payments arm:<\/span> Banque du Caire\u2019s digital payments subsidiary <\/span>Taly<\/a><\/span> <\/span>has <\/span>launched with initial capital of EGP 500 mn, it said in <\/span>a statement (pdf)<\/a><\/span>. The platform offers businesses digital payment acceptance, collections, and finance, as well as invoicing and prepaid cards, and also serves buy now, pay later (BNPL) players. The firm is headed by CEO Magdy Hassan, a payment industry veteran who previously spent 18 years at MasterCard, according to a separate <\/span>statement (pdf)<\/a><\/span>.<\/span><\/p>\n

CONSUMER FINANCE-<\/span><\/p>\n

Contact adds new consumer finance products: <\/span>Contact Financial Holding\u2019s <\/span>consumer financing arm is now providing financing for furniture and home maintenance, it said in <\/span>a statement (pdf)<\/a><\/span>. <\/span><\/p>\n

TRANSPORT-<\/span><\/p>\n

Sphinx International Airport received its first flight on Tuesday<\/span> since the airport <\/span>reopened in November, according to <\/span>Ahram Online<\/a><\/span>. Nesma Airlines carried almost 170 people from Madrid to the airport, located west of Sheikh Zayed on the outskirts of Cairo. The airport was inaugurated in 2020 and was built to ease congestion at Cairo International Airport and provide easy access to the capital\u2019s main tourist sites.<\/span><\/p>\n

Wizz Air heading to Sohag from July:<\/span> Low-cost airliner Wizz Air Abu Dhabi will relaunch flights <\/span>between Abu Dhabi and Sohag this summer, it said in<\/span> <\/span>a<\/a><\/span>statement<\/a><\/span> Tuesday. The carrier will run three flights a week (Tuesday, Thursday and Sunday) from 4 July, it said. Wizz Air Abu Dhabi \u2014 a joint venture between European budget carrier Wizz Air and Abu Dhabi sovereign wealth fund ADQ \u2014 already operates flights to Alexandria.<\/span><\/p>\n

IPO WATCH-<\/span><\/p>\n

ATM Misr eyes the Tadawul, then the EGX: <\/span>The Saudi parent company of ATM Misr <\/span>wants to list on the Saudi Tadawul this year and is looking into listing its Egyptian arm on the EGX in the coming years, ATM Managing Director Amr Al Kouatli was quoted as telling <\/span>Al Borsa<\/a><\/span>. <\/span><\/p>\n

Expansion in the works: <\/span>ATM Misr wants to double its production capacity to produce 500 King Long buses in our market each year, Al Kouatli said. The company last week inaugurated its <\/span>EGP 1 bn bus factory<\/a><\/span> in New Suez. It also hopes to increase its use of local production inputs at the factory to 90%, he added, having last week said the local input ratio would reach as high as 60%. <\/span><\/p>\n

ENERGY-<\/span><\/p>\n

Gov\u2019t to launch its first global tender to redevelop mature oil fields: <\/span>The Oil <\/span>Ministry and the Egyptian General Petroleum Corporation (EGPC) could launch the first international tender for the redevelopment and exploration of an unspecified number of mature oil fields in the Gulf of Suez this month, <\/span>Al Mal<\/a><\/span> reports, citing unnamed sources in the oil sector. The most viable of the concessions \u2014 all of which were handed back to EGPC by international companies once they reached maturity \u2014 are Ras Badran, Ras Al Fanar, and Khaleej Al Zeit. The news comes less than a month after Oil Minister Tarek El Molla <\/span>said<\/a><\/span> the state plans to offer three international gas and oil exploration tenders this year.<\/span><\/p>\n

INVESTMENT-<\/span><\/p>\n

More details on SCZone ties with Hungary: <\/span>The Suez Canal Economic<\/span> Zone <\/span>(SCZone) and the Hungarian Export Promotion Agency (HEPA) will promote mutual investment, exchange expertise, and conduct training per a cooperation protocol they <\/span>signed nearly a month ago<\/a><\/span> during talks in Budapest, according to an SCZone <\/span>statement<\/a><\/span>. Hungarian Prime Minister Viktor Orban and President Abdel Fattah El Sisi agreed on the \u201csignificant benefit\u201d for Hungarian investors from investing in the SCZone during a <\/span>meeting earlier this week<\/a><\/span>. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

MANUFACTURING- Ezz Steel forecasts EGP 8.3 bn in losses on EGP depreciation: Ezz Steel expects to record losses of EGP 5.3 bn in the first two months of 2023 and EGP 3 bn in 4Q 2022 on the back the depreciation of the EGP, the company warned in an EGX disclosure (pdf) Thursday. The steelmaker […]<\/p>\n","protected":false},"author":1,"featured_media":582256,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,1121,726,102,514,933,101,68,557,93,72,134,589,183,7196,7111,125,78,7128,131,3388,91,371,613,7103,615,207,234,452,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582255","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-amr-talaat","tag-banque-du-caire","tag-capital-markets","tag-consumer-finance","tag-contact-financial","tag-development-finance","tag-egx","tag-egyptian-general-petroleum-corporation","tag-energy","tag-enterpriseam","tag-ever-given","tag-ezz-steel","tag-fintech","tag-industry","tag-infrastructure","tag-investment-watch","tag-ipo-watch","tag-ma-watch","tag-manufacturing","tag-nassef-sawiris","tag-oil-and-gas","tag-oil-ministry","tag-qalaa-holdings","tag-suez-canal","tag-taqa-arabia","tag-transport","tag-travel","tag-waste-management","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"fe4520c4-14d6-4284-9f27-e0a88b98bbfa","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/construction-1600.jpg","photo_position":"below","homepage_title":"Ezz Steel forecasts EGP 8.3 bn in losses on EGP depreciation","full_issue_title":"","related_issue":[582233],"teaser":""},"yoast_head":"\nEzz Steel forecasts EGP 8.3 bn in losses on EGP depreciation. 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The steelmaker […]","og_url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/05\/ezz-steel-forecasts-egp-8-3-bn-in-losses-on-egp-depreciation-plus-smartphone-assembly-mature-oil-fields-bdcs-e-payments-arm-and-plenty-more\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2023-03-05T00:00:00+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/construction-1600.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/05\/ezz-steel-forecasts-egp-8-3-bn-in-losses-on-egp-depreciation-plus-smartphone-assembly-mature-oil-fields-bdcs-e-payments-arm-and-plenty-more\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/05\/ezz-steel-forecasts-egp-8-3-bn-in-losses-on-egp-depreciation-plus-smartphone-assembly-mature-oil-fields-bdcs-e-payments-arm-and-plenty-more\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Ezz Steel forecasts EGP 8.3 bn in losses on EGP depreciation. 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Revenues were down 11% y-o-y to EGP 4.3 bn.Al Ezz Dekheila Steel reported consolidated net losses of EGP 1.2 bn in 3Q2020, widening\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567865,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/09\/ezz-steel-losses-narrow-to-egp-1-3-bn-in-3q2020\/","url_meta":{"origin":582255,"position":1},"title":"Ezz Steel losses narrow to EGP 1.3 bn in 3Q2020","author":"enterpriseam admin","date":"9 December 2020","format":false,"excerpt":"Ezz Steel reported consolidated net losses of EGP 1.34 bn in 3Q2020, narrowing losses from EGP 1.85 bn in 3Q2019, according to its latest earnings (pdf). Sales revenue fell 7.7% y-o-y to EGP 8.6 bn during the three-month period.","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575000,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/29\/al-ezz-dekheila-steel-reports-egp-1-2-bn-losses-in-2q2020\/","url_meta":{"origin":582255,"position":2},"title":"Al Ezz Dekheila Steel reports EGP 1.2 bn losses in 2Q2020","author":"enterpriseam admin","date":"29 September 2020","format":false,"excerpt":"EARNINGS WATCH- Al Ezz Dekheila Steel (EZDK) reported consolidated net losses of EGP 1.2 bn in 2Q2020, compared to EGP 648 mn in 2Q2019, according to its latest earnings (pdf). The company reported losses of EGP 1.1 bn in 1Q2020. CORRECTION- 27 September 2020\u00a0 An earlier version of this story\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":643625,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/11\/ezz-steel-sees-bottom-line-jump-fourfold-in-the-first-half-of-the-year\/","url_meta":{"origin":582255,"position":3},"title":"Ezz Steel sees bottom line jump fourfold in the first half of the year","author":"enterpriseam admin","date":"11 September 2024","format":false,"excerpt":"The company also responded to the EU\u2019s anti-dumping probe","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/815.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":618551,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/16\/ezz-steel-turns-to-losses-in-2023-despite-revenue-growth\/","url_meta":{"origin":582255,"position":4},"title":"Ezz Steel turns to losses in 2023 despite revenue growth","author":"enterpriseam admin","date":"16 April 2024","format":false,"excerpt":"Revenues rose on the back of record exports as the company moved away from domestic sales","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/949.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566970,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/08\/ezz-steel-losses-accelerate-on-extremely-adverse-market-conditions\/","url_meta":{"origin":582255,"position":5},"title":"Ezz Steel losses accelerate on \u201cextremely adverse\u201d market conditions","author":"enterpriseam admin","date":"8 January 2020","format":false,"excerpt":"EARNINGS WATCH- Ezz Steel 2019 losses accelerate in 3Q on \u201cextremely adverse\u201d market conditions: Ezz Steel reported a consolidated net loss of EGP 3.59 bn in the first three quarters of 2019, extending its EGP 2.47 bn loss in the first half of the year by more than EGP 1\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/582255","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=582255"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/582255\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/582233"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/582256"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=582255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=582255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=582255"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=582255"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=582255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}