Egypt’s Economic Growth Forecast Revised🧮

Egypt’s Economic Growth Forecast Revised🧮

Minister of Planning Hala Al-Said has upgraded its growth forecast for the Egyptian economy between 6.2-6.5%, up from a 6% forecast earlier this month.

More Details🧐 The Egyptian economy witnessed significant improvement in economic performance, achieving a growth rate of 8.3% during Q2 of the current fiscal year. 

Performance by sector during Q2📈

  • Tourism recorded a growth rate  of 63%
  • Telecommunications recorded a growth rate of 16.7%
  • The Suez Canal recorded a growth rate of 13%
  • Industrials recorded a growth rate of 10%
  • Construction recorded a growth rate of 8.5% 
  • Healthcare recorded a growth rate of 5.7% 
  • Education recorded a growth rate of  5.5%
  • Agriculture recorded a growth rate of 5% for the first time 
  • Manufacturing recorded a 15.5% growth rate

Oriental Weavers Announces Earnings; Proposes Cash Dividends💰

Oriental Weavers (ORWE) reported net profits of EGP 1.2 billion in 2021, compared to EGP 1.1 billion in 2020. The company’s board also proposed distributing cash dividends of 1 EGP per share.

More Details🧐 The company aims to inject new investments amounting to $15 million during 2022 which will be directed to adding new looms and machines, in addition to raising efficiency and developing some factories to increase production.

EGX to List Suez Canal Bank Bonus Shares🏦

The EGX approved the listing of the issued and paid-up capital increase shares of Suez Canal Bank (CANA).

More Details🧐 The bank’s paid-in capital will go from EGP 2.2 billion to EGP  2.9 billion, an increase by EGP 704.32 million.

The increase will be distributed over 70.43 million bonus shares, with 0.320 bonus shares per 1 share. 

The EGX is set to list the bonus shares on its database today.

Bonus Shares vs Stock Split🤨 Both bonus shares & stock splits lead to an increase in the number of shares outstanding, resulting in a decrease in the market price per share. Bonus shares, however, do not change a stock’s par value, unlike a stock split which split the par value accordingly.

Why is this Important🤔 Those who owned CANA up until yesterday’s session are eligible for the bonus shares.

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