Subscribe to Egypt Claps
Egypt’s trade deficit shrinks 4.4% in 9M
Egypt’s non-oil trade deficit declined 4.4% to USD 27.56 billion during the first 9 months of 2024. The deficit fall was driven by an increase in Egypt’s commodity exports during the period, which recorded USD 29.665 billion, up 11.1%, Asharq Business reported. |
Progress toward state targets:
Egypt has an annual export target of USD 100 billion. The country, which came in at #129 out of 139 countries in terms of export performance in 2020, climbed the ranks in 2022 to the 59th rank when it registered USD 35.6 billion in merchandise exports. Egypt’s volumes held steady at the same level last year, too, Asharq notes.
Remember:
A report issued by the Information and Decision Support Center last month noted that Egypt has yet to leverage its full exporting potential.
The United States is the largest market where we can still make progress, having untapped export opportunities valued at USD 2.4 billion, followed by Turkey at USD 1.5 billion, the United Arab Emirates at approximately USD 1.4 billion, and Saudi Arabia at USD 1.3 billion. |
Raya Contact more than doubles its profits in 9M
Raya Contact Center recorded a 143.4% YoY leap in net income during the first nine months of the year to EGP 321.86 million. |
Revenues:
The firm’s revenues rose 37.9% YoY to EGP 1.89 billion.
Comes after a strong 1H:
The company tripled its net profit in the first six months of the year, recording a 199.9% YoY hike to EGP 245.35 million
Big overseas plan:
“Regionally, we are continuously strengthening our foothold in the GCC, and expect to add more delivery facilities in the Kingdom of Saudi Arabia, and fully utilize our facility in mainland Dubai, UAE.
Our operations in Europe are also under strategic review to identify growth opportunities, with Europe representing a market of immense potential,” the company’s CEO Alaa Elkhishen noted.
|
Canal Shipping Agencies (CSAG) reported an 137% YoY hike in its net income to EGP 33.32 million during the first quarter of the current fiscal year ( the period from July till the end of September 2024), according to an EGX disclosure. |
Topline:
The company’s revenues increased during the first quarter to EGP 29.82 million, compared to EGP 27.76 million in the same period last year. Remember:
Egypt’s President Abdel Fattah el-Sisi said last month that Suez Canal revenues fell between USD six- seven billion over the past 7-10 months on the back of Red Sea disruptions in the wake of Israel’s war on Gaza. |
Vodafone Egypt has signed agreements worth EGP 30 billion with Telecom Egypt (ETEL) to enhance its infrastructure, enabling it to offer 5G services, Asharq Business reported. |
The details:
|
What else is clapping?
- Arabian Cement Company recorded a 33% YoY hike in net profits during the first nine months of the year to EGP 664.72 million . Its revenues also rose 38.6% YoY to EGP 6.38 billion.
- Al Baraka Bank reported a 38.7% YoY increase in net income during the nine months ending in September to EGP 2.22 billion. The bank’s net profit from interest rose to EGP 4.39 billion compared to EGP 3.23 billion during the same period last year.
- Samad Misr (EGYFERT) saw its net profits rise 78% YoY in 9M 2024 to EGP 80.52, while its revenues plummeted 12.6% YoY during the period to EGP 156.16 million.
- In non-EGX news: The Egyptian government is reportedly asking the IMF for USD 2 billion in the next loan tranche, up from the originally planned USD 1.3 billion loan disbursement, two state sources told Asharq Business. One source noted that the Egyptian government requested the increase as it achieved more than what was required during the current review. The state has since denied the validity of the report.
Latest CLAPS
