Egypt news

The Egyptian Exchange (Photo credit: Mubasher)
4 hours ago EGX up 0.24% at close on Arab, foreign sales
Cairo – Mubasher: The EGX30 index of the Egyptian Exchange (EGX) closed Sunday’s trading with a rise of 0.24% or 29.35 points to the level of 12,269.88 points. On the other hand, the EGX70, EGX100, and EGX50 indices fell by 0.02%, 0.11%, and …
(Photo credit: Company's website)
01:20 PM Egytrans turns profitable in Q4
Cairo – Mubasher: Egyptian Transport and Commercial Services’ (Egytrans) unaudited unconsolidated financial statements showed a net profit before taxes of EGP 25.96 million for the fourth quarter of fiscal year 2016, versus a net loss of EGP …
Profits for 2016 increased 111.55% (Photo credit: Arabianeye - Reuters)
01:15 PM Mansoura Poultry turns profitable in Q4
Cairo – Mubasher: Mansoura Poultry posted on Sunday a net profit of EGP 15.78 million of the fourth quarter of fiscal year 2016, versus a net loss of EGP 920,000 for Q4-15. Profits for 2016 increased 111.55% to EGP 27.84 million from EGP 13.16 …
(Photo credit: Arabianeye - Reuters)
12:38 PM Alexandria National EGM approves stock split
Cairo – Mubasher: Alexandria National Company for Financial Investment said Sunday that its extraordinary general meeting (EGM) has approved to split the nominal value of its stocks from EGP 10 to EGP 5. Accordingly, the number of stocks will …
Photo Credit: Arabianeye-Reuters
12:23 PM Egypt achieves $530m trade surplus with Canada
Cairo - Mubasher: The Egyptian Ministry of Industry and Trade said that exports to Canada grew 35% in 2016, resulting in a trade surplus of $529.5 million. Egyptian exports to Canada totaled $780 million last year compared to $580 million in 2015, …
(Photo credit: Arabianeye - Reuters)
12:07 PM Memphis Pharmaceutical profits reach EGP 4m in 7M
Cairo – Mubasher: Memphis Pharmaceutical and Chemical Industries posted on Sunday a net profit before taxes of EGP 4 million for the first seven months of fiscal year 2016/2017, 583.7% up from EGP 585,000 for the same period in the previous year, …
Miraco's losses reached EGP 560.36 million in FY16 (Photo Credit: Company Website)
12:03 PM Miraco incurs losses in Q4
Cairo – Mubasher: Misr Refrigeration and Air Conditioning Manufacturing (Miraco) turned to losses in the fourth quarter of 2016 due to the flotation of the Egyptian pound, according to consolidated financial statements. The company suffered losses …
(Photo credit: Company's website)
11:44 AM Misr Chemical targets EGP 109.5m profits for FY17/18
Cairo – Mubasher: Misr Chemical Industries’ board of directors has approved the estimated budget for fiscal year 2017/2018, with a target profit of EGP 109.5 million. The company aims to achieve revenues of EGP 393.6 million for FY17/18, according …
The company’s sales grew by 5% to stand at EGP 2.83 billion in FY16  (Photo Credit: Mubasher)
11:42 AM Americana Egypt suffers losses in Q4
Cairo – Mubasher: Egyptian Company for International Tourism Projects (Americana Egypt) suffered losses of EGP 129.4 million during the fourth quarter of 2016 against profits worth EGP 30.6 million in the corresponding period of 2015. The …
The Egyptian Exchange (Photo credit: Mubasher)
11:36 AM EGX30 rises 1% in early trade
Cairo – Mubasher: The EGX30 index of the Egyptian Exchange (EGX) grew at Sunday’s open by 1.16% or 142.55 points to the level of 12,382 points. By 10:28am Cairo time, the EGX70, EGX100, and EGX50 indices rose 0.6%, 0.63%, and 0.67%, respectively. …
Sidi's profits reached EGP 957 million in Q3-16 (Photo Credit: Company Website)
11:26 AM Sidi Kerir profits rise in Q3
Cairo – Mubasher: Sidi Kerir Petrochemicals reported a 127.8% rise year-on-year in profits during the third quarter which ended on 30 September 2016, according to a statement.  Profits reached EGP 957 million in Q3-16, compared to EGP 420 million …
(Photo credit: Company's website)
11:21 AM AMOC approves stock split
Cairo – Mubasher: Alexandria Mineral Oils Company (AMOC) said Sunday that its extraordinary general meeting has approved to split the nominal value of the share from EGP 10 to EGP 1. The EGM also agreed on converting a proportion of its stocks to …
Egyptian President Abdel Fattah El-Sisi (Photo Credit: Arabianeye-Reuters)
11:10 AM Egypt, UK finalise $150m loan deal
Cairo – Mubasher: Egyptian President, Abdel Fattah El-Sisi and British Foreign Secretary, Boris Johnson, have finalised a $150 million loan guarantee agreement, the British embassy in Cairo said Saturday. "The UK and Egypt have many shared …
Losses amounted to EGP 5.9 million in January 2017 (Photo credit: Arabianeye - Reuters)
11:04 AM Rakta January losses shrink 24%
Cairo – Mubasher: Rakta Paper Manufacturing Company posted on Sunday a month-on-month decrease of 24% in its losses during January. Losses amounted to EGP 5.9 million in January 2017, compared to EGP 7.8 million in December 2016, according to a …
(Photo credit: Arabianeye - Reuters)
10:49 AM Global Telecom EGM to discuss capital cut 19 March
Cairo – Mubasher: Global Telecom Holding said Sunday that it will hold an extraordinary general meeting (EGM) on 19 March to discuss cutting the issued capital via writing off about 524.5 million shares with a nominal value of EGP 0.58. Thus, the …
The Egyptian Exchange (Photo credit: Mubasher)
10:06 AM Egypt bourse imbalanced on stamp duty tax – Analysts
Cairo – Mubasher: The Egyptian Exchange (EGX) is currently witnessing a volatile performance as investors are awaiting a final decision on the stamp duty tax, market analyst Saied Al Feqy told Mubasher. Saied expected the EGX30 index to move above …
Gold prices are expected to decline to 1,220-1,200 points (Photo Credit: Arabianeye-Reuters)
06:17 AM US dollar likely to strengthen; gold prices to decline
By: Mahmoud Gamal Mubasher: The US dollar is expected to rise this week, amid anticipations of strong economic data that will increase the possibility of a rate hike by the US Federal Reserve next month; thus, pushing gold prices down. The US …
The Central Bank of Egypt - (Photo Credit: Arabianeye-Reuters)
25 February 11:13 PM CBE to issue EGP11bn treasury bills Sunday
Cairo - Mubasher: The Central Bank of Egypt (CBE) will issue on Sunday treasury bills worth EGP 11 billion, in coordination with the ministry of finance (MoF) to support the country’s budget deficit. The treasury bills will be issued through two …
The Ministry of Social Solidarity to review and update databases - (Photo Credit: Arabianeye-Reuters)
25 February 08:44 PM Egypt excludes 32,000 from social security
Cairo - Mubasher: The first assistant to the Egyptian minister of social solidarity said that 32,000 persons have been eliminated from social insurance as part of the ministry’s plan to review social programs and verify the eligible. Reviewing the …
Signing the nuclear cooperation agreement between Egypt and Russia in November 2014 - (Photo Credit: Arabianeye-Reuters)
25 February 05:43 PM Egypt’s 1st nuclear plant arrangements in final stages - Minister
Cairo - Mubasher: The Egyptian minister of electricity and renewable energy said that the Dabaa nuclear project has reached its final stages before signing the construction and operation contracts with the Russian side. Mohamed Shaker said during …
Omani crude oil reached $53.43 per barrel - (Photo Credit: Arabianeye-Reuters)
25 February 04:07 PM Oman oil down 12 cents
Mubasher: The price of Oman oil for April delivery decreased by 12 cents per barrel, according to the Dubai Mercantile Exchange (DME). Omani crude registered $53.43 per barrel (pb) on Friday, compared to $54.44 pb on Thursday. It’s worth noting …
Kuwait Crude Oil registered $52.71 per barrel on Friday - (Photo Credit: Arabaineye-Reuters)
25 February 12:28 PM Kuwait oil down 23 cents
Kuwait - Mubasher: The price of Kuwaiti oil barrel dropped 23 cents, Kuwait Petroleum Corporation (KPC) said Saturday. Kuwait crude reached $52.71 per barrel (pb) on Friday compared to $52.94 last Thursday, Kuwait News Agency (KUNA) reported. In …
(Photo credit: Arabianeye-Reuters)
25 February 02:18 AM Afreximbank mulls $1.2bn loans to Egypt
Cairo - Mubasher: The African Import-Export Bank (Afreximbank) is studying a number of loans totalling $1.2 billion to finance several investment projects in Egypt, Middle East News Agency (MENA) reported, citing the bank's head of operations Heba …
(Photo credit: Arabianeye-Reuters)
24 February 09:54 PM Egypt's foreign ministry more than doubles visa entry fees
By: Mahmoud Salah El Din Cairo – Mubasher: Egypt's Ministry of Foreign Affairs on Friday decided to increase entry fees to Egypt from various land, sea and air ports starting 1 March 2017. The ministry said it has raised entry fees to the country …
(Photo credit: Arabianeye-Reuters)
24 February 02:39 PM Oman oil down 12 cents in Friday's trades
Mubasher: The price per barrel of Omani oil declined on Friday, according to data released by the Dubai Mercantile Exchange (DME). Omani oil for April delivery declined to $55.54 pb, compared to its closing price of $55.66 pb on Thursday. …