Pre-Trading Thoughts

Al Ahly Pharos

Egypt plans to issue USD1-1.5 billion worth of eurobonds or green bonds in international markets as soon as next month, followed by an issuance of sovereign sukuk, to take advantage of rising investor interest in Egyptian debt, a senior government official said.

The African Development Bank (AfDB) has approved a USD170 million loan to Egypt to foster private sector development and green growth, the lender said in a statement. The funds will help support the FY2024-25 budget with the aim of boosting private investment and creating jobs, namely to women and the youth.

The Financial Regulatory Authority has increased the minimum value of unlisted securities ownership transfers requiring approval to EGP60 million, up from EGP20 million currently, according to an authority statement. Transactions below this threshold will follow standard announcement procedures.

SUGR released FY24 financial indicators, reporting 4Q24 net profit of EGP286 million (+52.9% YoY, +795.6% QoQ) with NPM of 12% (-0.8pps YoY, +9.3pps QoQ). This brought FY24 net profit to EGP1,258 million (-20.9% YoY) with NPM of 26.7% (+4.1pps YoY). SUGR is currently trading at 2025f P/E of 5.1x and EV/EBITDA of 5.9x.

According to local media, HELI's co-development projects with MASR and Middle East for Real Estate Development and Investment are expected to be launched in 2025.

Real estate investment firm, Bonyan, has secured EGX approval to list its shares on the EGX under the ticker BONY.CA. The company is planning to list on the EGX in 1H25.

Shell will start drilling three new gas wells in the West Delta region within days. The new wells, which will see USD230 million in investments, will add 150 million cubic feet of gas per day to Shell’s local natural gas production by year-end.

Suez Methanol Derivatives Company plans to start operations of the methanol derivatives project inside Damietta port during 2H25. The project's investment cost could reach USD122 million.

OFH, Orascom Financial Holding, changed its name to O B Financial Holding after B investments acquired 70% of the company through a share swap.

OFH approved canceling treasury shares, thereby decreasing paid in capital to EGP1.464 billion.

Local e-payments firm and payment cards manufacturer Masria Digital Payments launched operations in Libya after migrating card processing for North African Bank, which hosts 61 branches in Libya, to its platform. The company is also exploring opportunities to support additional financial institutions in Libya as part of its strategy to grow its regional footprint.