Pre-Trading Thoughts

Al Ahly Pharos

Egypt has reportedly set a pricing and payment mechanism for securing LNG supply agreements for the summer months.

Chinese firm Di Seta has begun construction work on a USD40 million ready-made garments factory in the Qantara West Industrial Zone.

Egypt's merchandise exports reached USD4.3 billion during January 2025, compared to USD3.3 billion in the same month of 2024, a growth of 30% YoY.

The House of Representatives approved granting workers an annual bonus of no less than 3% of the insured salary within the new draft labor law instead of 7% of the basic salary.

Minister of Finance said that tax revenue jumped 38% YoY in 1H FY2024/25 to EGP913.4 billion.

MASR’s (FV: EGP8.11, OW) net profit in 4Q24 decreased 48.8% y/y and 62.6% q/q to EGP397.6 million, taking FY24 net profit up 36.9% y/y to EGP2.9 billion. The Board of Directors proposed the distribution of cash dividends of EGP0.25/share, implying a payout ratio of 18.3% and dividend yield of 6.0%. The Board also approved purchasing 85.4 million treasury shares.

EFID reported 4Q24 financial results. Net profit reached EGP407 million (+0.9% YoY, +1.4% QoQ). FY24 bottom line came in flat at EGP1,634 million. EFID is currently trading at FY25 P/E of 7.6x and EV/EBITDA of 5.4x.

MFPC released FY24 financial indicators. Net profit soared by 153% YoY to EGP15.1 billion in FY24. The company attributed the increase to an EGP7.1 billion rise in FX translation differences from the year before in addition to a EGP1.4 billion increase in interest revenue. MFPC is currently trading at 2025f PE of 6.9x and EV/EBITDA of 6.1x.

The FRA gave the nod for EKHO to proceed in its stock dividend distribution to shareholders at 5% of the issued and paid-up capital to reach USD295.81 million, with an increase of USD14.09 million distributed over 56.34 million shares at par value of USD0.25/share (1:20 ratio).