Sector News

Cairo – Mubasher: Iskraemeco-Egypt, a subsidiary of Elsewedy Electric Co, signed a contract to supply smart pre-paid meters to Jirama, a state-owned electric and water utility company in Madagascar.   The deal includes the supply of 485,000 smart …

Cairo – Mubasher: The Egyptian Transport and Commercial Services Co (Egytrans) reported a 14.5% year-on-year growth in revenues during the first nine months of 2019, the company’s consolidated results showed. Revenues increased to EGP 214.7 …

Cairo – Mubasher: Several companies listed on the Egyptian Exchange (EGX) are expected to benefit the most from the Central Bank of Egypt’s (CBE) decision to raise the debt burden ratio of retail portfolio to 50%. The banking sector is forecast to …

Cairo – Mubasher: EFG Hermes announced that its subsidiary EFG Hermes Finance Holding and Ghabbour Auto’s (GB Auto) subsidiary GB Capital signed a definitive sale and purchase agreement (SPA) to acquire 75% of Tokio Marine Egypt Family Takaful. …

Cairo – Mubasher: The consolidated profit of the Industrial Engineering Company for Construction and Development (ICON) shrank by 78% year-on-year (YoY) to stand at EGP 79.9 million during the January-September period of 2019 from EGP 357.74 …

Cairo – Mubasher: Rowad Modern Engineering, a subsidiary of Elsewedy Electric Co, signed a new contract worth EGP 638.4 million with Al Futtaim Commercial and Administrative Centers. The deal includes the implementation of construction and …

Cairo – Mubasher: Elsewedy Electric Co has signed a contract with South Sudan’s Ministry of Energy and Dams to build a $45 million hybrid photovoltaic project with a battery storage system. The project is planned to be located on 250,000 square …

Cairo – Mubasher: Elsewedy Electric Co denied news reports that it has signed a contract to implement intelligent transportation systems (ITS) on six roads in Egypt with the first phase having an investment cost of EGP 1.8 billion. The company …

Cairo – Mubasher: Middle East Glass Manufacturing Co. posted a 585.4% year-on-year leap in its net profits during the first nine months of 2019, the company’s consolidated financial statements showed.  Net profits skyrocketed to EGP 173.76 million …

Cairo – Mubasher: ElSewedy Electric for Trading and Distribution, a subsidiary of Elsewedy Electric Co, signed a contract worth EGP 687 million with the Egyptian Electricity Transmission Company (EETC). The contract includes the expansion of the …

Cairo – Mubasher: The consolidated financial statements of Electro Cable Co. showed a 32% year-on-year profit rise during the first nine months of 2019. Net profits increased to EGP 116.18 million in the nine-month period ended 30 September, …

Cairo – Mubasher: The standalone financial statement of the Middle East Glass Manufacturing Co. showed a 1,724.7% year-on-year surge in its net profits during the first nine months of 2019. Net profits hiked to EGP 39.78 million in the …

Cairo – Mubasher: Arab Engineering Industries reported an 11% year-on-year profit decrease during the first nine months of 2019. Net profits amounted to EGP 5.4 million in the January-September period, compared to EGP 6.06 million in the …

Cairo – Mubasher: Elsewedy Electric Co announced that its subsidiary ElSewedy Electric for Trading and Distribution signed an agreement worth EGP 995 million with the Egyptian Electricity Transmission Company (EETC). Under the deal, 170-kilometre …

Cairo – Mubasher: Universal for Paper and Packaging Materials (Unipack) posted a 19.66% year-on-year profit slide during the first nine months of 2019. Unipack’s net profit fell to EGP 21.09 million in the January-September period of 2019, …

Cairo – Mubasher: Ghabbour Auto (GB Auto) posted a 67% year-on-year profit decrease during the first nine months of 2019, the company’s consolidated financial statements showed. Net profits tumbled to EGP 174.07 million in the January-September …

Cairo – Mubasher: The ordinary general meeting (OGM) of Alexandria Container and Cargo Handling Co approved a cash dividend distribution of EGP 0.95 per share for fiscal year 2018/2019. In addition, the company’s extraordinary general meeting …

Cairo – Mubasher: The standalone financial results of the Egyptian Transport and Commercial Services Co (Egytrans) declined by 18% year-on-year during the first nine months of 2019. The company’s net profit reached EGP 29.2 million from January to …

Cairo – Mubasher: Egypt’s new sovereign wealth fund (SWF) aims to acquire a 30% stake in power generation plants co-established by Siemens AG, Bloomberg reported. The transaction will be part of the fund’s “project pipeline into the sector, then …

Cairo – Mubasher: The extraordinary general meeting of the Middle East Glass Manufacturing Co. approved increasing the company’s issued capital by EGP 32.8 million to EGP 83.12 million from EGP 50.32 million.   A total of 32.8 million shares will …

Cairo – Mubasher: Elsewedy Electric Co posed a 22% year-on-year profit drop during the first nine months of 2019, the company’s consolidated financial statements showed. Net profits retreated to EGP 2.78 billion in the January-September period, …

Cairo – Mubasher: Canal Shipping Agencies has posted a 116.8% year-on-year leap in its net profits for the first quarter of fiscal year 2019/2020. The company generated EGP 128.4 million ($7.97 million) in net profit during the three-month period …

Cairo – Mubasher: Ghabbour Auto (GB Auto) announced that its subsidiary Drive Finance has concluded its first securitised bond offering worth EGP 425 million. Proceeds from the offering will be directed to “deleverage Drive’s balance sheet and …