Egypt’s Economy Records 9% Growth in H1💥

Local Pickup🌇

Egypt’s Economy Records 9% Growth in H1💥

Prime Minister Mostafa Madbouly revealed that Egypt’s economy grew about 9% in H1 of the current fiscal year (FY 2021/2022).

More Details🧐 Madbouly added, “our expectations for Q3 & Q4 exceed 6%, which would be among the highest growth rates in the world.” 

Why this Matters🤔 Egypt recorded a growth rate of 8.3% in Q2 of FY 2021/2022, which shows the extent of the Egyptian economy’s recovery. 

Suez Canal Authority Plans to List Stakes in Subsidiaries👀

The Suez Canal Authority (SCA) plans to list 20% stakes in two or three of its companies on the EGX namely Canal Rope, Canal Harbor, & Great Projects.

More Details🧐 The authority’s chairman Osama Rabie revealed during his interview with CNBC, that he expects the authority’s capital fund to reach EGP 100 billion in the next five years. He also mentioned that the canal is set to expand its two-way section by 10km.

 

Egypt’s Unemployment Rate Slightly Declines💼

Egypt’s unemployment rate declined to 7.4% in Q4 2021 from 7.5% in the previous quarter.

More Details🧐 The labor force participation rate — that takes in consideration everyone aged 15-64 either in work or actively looking for work — recorded 43.8% in Q4 2021, up from 43.5% in the previous quarter.

Male unemployment rate recorded 5.2% in Q4 compared to 5.9% in the previous quarter, while female unemployment rate recorded 17.8% compared to 15.3% in the previous quarter.

Earnings, Earnings & More Earnings📈

Some more company earnings to start the day.

Palm Hills (PHDC)🏠 reported net profits of EGP 653.3 million in the first 9 months of 2021, up 22% compared to the same period last year.

Juhayna (JUFO)🐄 reported net profits of EGP 316.2 million in the first 6 months of 2021, up 36.4% compared to the same period last year.

Speed Medical (SPMD)🏥 reported net profits of EGP 135.7 million in 2021, up 71.3% YoY.

Memphis Pharmaceuticals (MPCI)⚕ reported net profits of EGP 9.5 million in the first 6 months of its fiscal year (FY) 2021-2022, down 49% compared to the same period last year.

Pachin (PACH)🎨 reported net profits of EGP 12.8 million in the first 6 months of its FY 2021-2022, down 63.7% compared to the same period last year.

What else is Clapping👏

  • CI Capital’s (CICH) Subsidiary CI Asset Management  Will Launch 3 Mutual Funds in 2022 With Initial Capital of EGP 1 Billion

  • E-Finance’s (EFIH) subsidiary “eCards” Partners with Banque Misr to Launch its Prepaid Cards in Q2 of 2022

  • Contact Financial Holding (CNFN) Entered a Strategic Partnership with Wasla Browser, with $9 million in Investments.

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