{"id":616417,"date":"2024-03-05T00:00:00","date_gmt":"2024-03-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/05\/telecom-egypts-net-income-rose-by-25-y-o-y-in-2023-plus-bolt-danieli-majid-al-futtaim-fawry-payme-fabmisr-al-baraka-bank\/"},"modified":"2024-03-05T00:00:00","modified_gmt":"2024-03-05T00:00:00","slug":"telecom-egypts-net-income-rose-by-25-y-o-y-in-2023-plus-bolt-danieli-majid-al-futtaim-fawry-payme-fabmisr-al-baraka-bank","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/05\/telecom-egypts-net-income-rose-by-25-y-o-y-in-2023-plus-bolt-danieli-majid-al-futtaim-fawry-payme-fabmisr-al-baraka-bank\/","title":{"rendered":"Telecom Egypt\u2019s net income rose by 25% y-o-y in 2023. PLUS: Bolt, Danieli, Majid Al Futtaim, Fawry + PayMe, FABMisr, Al Baraka Bank"},"content":{"rendered":"

EARNINGS-<\/p>\n

A solid year f<\/strong>or Telecom Egypt: <\/strong>Telecom Egypt\u2019s net income rose 25% y-o-y to EGP11.5 bn in 2023, according to its earnings release (<\/a>pdf<\/a>)<\/a>. The company\u2019s revenues were up 28% y-o-y to reach EGP 56.7 bn, which it attributed to higher data services and infrastructure revenues.<\/p>\n

\n

TRANSPORT-<\/p>\n

The newest entrant to Egypt\u2019s ride-hailing scene:<\/strong>Estonia-headquartered mobility app Bolt<\/a> has launched ride-hailing services in the country in a bid to \u201ccapture a significant market share in North Africa's burgeoning economy,\u201d it said in a statement (pdf)<\/a>. The app is available on App Store<\/a> and Google Play<\/a> and is offering a 50% markdown to all riders.<\/p>\n

\n

MANUFACTURING- <\/p>\n

Egyptian-Italian consortium plans to establish steel billet complex:<\/strong> The Public Enterprise Ministry has reviewed a proposal by a consortium of Italy\u2019s Danieli<\/a> and Egypt\u2019s Industrial Steel Products Company and the Arab Organization for Industrialization<\/a> to establish a steel billet complex, according to a ministry statement<\/a>. The project aims to capitalize on the large repositories of iron ore in Aswan and the Bahariya Oasis.<\/p>\n

ICYMI: <\/strong>Italian industrial manufacturer Danieli submitted a proposal last<\/a>week<\/a> to establish a USD4 bn integrated industrial complex for the production of iron and steel products that will create 17k jobs.<\/p>\n

RETAIL-<\/p>\n

MAF launches EGP 25 mn retail school:<\/strong> Majid Al Futtaim has launched an EGP 25 mn retail business school in Egypt \u2014 reportedly the first in the country \u2014 to train employees working at Carrefour, according to a company statement (pdf)<\/a>. The school offers eight programs including customer excellence, leadership, management, e-commerce, and sales and has already trained over 4k employees, with plans to train an additional 5k in 2024.<\/p>\n

\n

FINTECH-<\/p>\n

Fawry, PayMe team up to serve expats: <\/strong>EGX-listed fintech giant Fawry has inked a strategic partnership with local e-payments app PayMe<\/a> to enable mns of Egyptian expats to \u201cconduct financial transactions and pay bills,\u201d according to a statement (pdf)<\/a>.<\/p>\n

\n

HEALTHCARE- <\/p>\n

Egyptian-Saudi bid to attract more specialized medical staff: <\/strong>Egypt\u2019s General<\/a><\/a>Organization for Teaching Hospitals and Institutes<\/a> inked an agreement with the Saudi Health Ministry to attract medical staff in needed and rare specialties, according to a statement<\/a> from the Egyptian Trade Ministry.<\/p>\n

\n

FINANCIAL SERVICES-<\/p>\n

#1- FABMisr eyes launching a consumer finance arm in 2024: <\/strong>FABMisr is planning to launch a consumer finance company this year, the bank\u2019s CEO Mohamed Abbas Fayed told Al Borsa<\/a>.<\/p>\n

#2- Al Baraka wants to get in on NBFS: <\/strong>Al Baraka Bank Egypt is gearing up to launch a non-bank financial services arm in 4Q 2024, where it will own an 85% share, the bank\u2019s CEO Hazem Hegazy told CNBC Arabia<\/a>.<\/p>\n

\n

LOGISTICS-<\/p>\n

New shipping service to run between Damietta and Eastern <\/strong>US<\/strong>: <\/strong>South Koreanshipping company HMM<\/a> will launch a weekly shippingservice between Damietta Port and the US\u2019 East Coast in May, Al Mal<\/a> reported, citing a company official. The 13-day voyage is touted as the fastest route connecting Egyptian and US ports.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company\u2019s revenues were up 28% y-o-y to reach EGP 56.7 bn, which it attributed to higher data services and infrastructure revenues<\/p>\n","protected":false},"author":1,"featured_media":616418,"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":[1156,111,514,8437,302,72,519,882,7115,145,1896,131,595,212,843],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-al-baraka-bank","tag-also-on-our-radar","tag-consumer-finance","tag-danieli","tag-earnings","tag-enterpriseam","tag-fawry","tag-first-abu-dhabi-bank","tag-healthcare","tag-logistics","tag-majid-al-futtaim","tag-manufacturing","tag-non-banking-financial-services","tag-telecom-egypt","tag-telecoms","wpautop","entry"],"acf":{"mongo_id":"a8e14a1b-ef28-4168-998b-ed66659681aa","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/2608.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Telecom Egypt\u2019s net income rose by 25% y-o-y in 2023. 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