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Before we start, we got welcome news that Prime Minister Mostafa Madbouly’s visit to Riyadh this week is already bearing fruit. The Kingdom’s crown prince has agreed to have KSA’s sovereign wealth fund “PIF” channel USD 5 billion toward Egypt-bound investments in what he said is the initial phase of a much larger investment program. This comes a month after Saudi Investment Minister Khalid Al-Falih told Prime Minister Madbouly his country is mulling a conversion of a portion of its deposits in the Central Bank of Egypt — which total some USD 10 billion — into investments.
Concrete rakes in almost USD 10 million in profits in 5M
Concrete Fashion Group for Commercial and Industrial Investments just disclosed its consolidated financial statement for the five months ending in June, reporting USD 9.75 million (c. EGP 472.14 million) in net income.
Revenues & gross profit:
The company raked in USD 64.147 million in revenues, and brought in USD 27.74 million in sales profit during the period.
Remember:
Concrete, formerly a subsidiary of Arafa Holding, made its debut on the Egyptian Stock Exchange in March. The demerger was aimed at focusing efforts on the fashion brand and leverage Egypt’s cost competitiveness in international manufacturing.
Orascom-led consortium expands output of their RSWE wind farm to 650 MW
The Orascom-led consortium that comprises France’s Engie and Japan’s Toyota Tsusho has finalized land usufruct and power purchase agreements with the Egyptian Electricity Transmission Company (EETC) and the New and Renewable Energy Authority (NREA) for an expansion project aimed at upping the generation capacity from their Red Sea Wind Energy (RSWE) Project in the Gulf of Suez by an additional 150 MW to bring it to a total of 650 MW.
The project:
Earlier this month, when the company disclosed its financial report for the six months ending in June, Orascom noted it plans to kick off operations on the initial 250 MW phase of the project in Q4 2024 approximately two months ahead of schedule.
The consortium says it will develop the additional 150 MW on adjacent land on a fast-track basis, ensuring commercial operations for the entire 650 MW by Q3 2025.
The impact:
Once operational, the expanded wind farm will generate enough clean energy to meet the demands of over 1 million homes, will slash Egypts carbon footprint by approximately 1.3 million tons annually, the company noted in its statement.
And more moves from Orascom on the sustainability front:
Another consortium involving Orascom Construction— alongside the UAE’s Fertiglobe, and Norway’s Scactec — have also signed two land usufruct agreements with EETC and NREA to establish a wind and a solar power plant to power their USD 500 million green hydrogen plant. The companies expect to kick off production in 2027, and will export the clean fuel to Europe.
The company, along with other EGX-listed companies including Elsewedy Electric, Hassan Allam, and Taqa Arabia, is also reportedly gearing up to ink agreements with the government to generate a total of 1,700 GWh of electricity from municipal solid waste at a cost of up to USD 1.2 billion, Enterprise reported earlier. The waste–to-energy projects are planned to repurpose 3.5 million tons of refuse annually.
Remember, the company had a great 1H:
Orascom Construction recorded a 13.7% YoY rise in adjusted net income to USD 64.7 million (c. EGP 3.14 billion) in the first six months of the year.
What else is clapping?
- EGX-listed Maridive & Oil Services Company has turned profitable in the first half of the year, raking in USD 1.56 million in income during the six months ending in June, compared to losses of USD 328.7 thousand in the same period last year. The company’s revenues also saw a 4.39% YoY uptick to USD 32.3 million.
- Egypt Aluminum noted in an EGX disclosure that it is still in discussions with Germany’s Achenbach for an investment opportunity on its USD 100 million aluminum foil production project. Remember: the Egyptian firm has been doing well, reporting a 33.5% YoY in net income to EGP 5.22 billion in the period from July to March 2024.
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