Pre-Trading Thoughts

Al Ahly Pharos

The National Council of Wages raised the minimum wage for private sector workers by 71% to EGP6,000 starting in May.

The Central Bank of Egypt is looking into imposing fines on importers who refuse to move their goods from ports even after receiving the required FX to do so.

The Libyan Investment Authority is reportedly looking into acquiring a majority stake or 100% of an unnamed Egyptian commercial bank.

The proceeds of FX concessions at three exchange companies affiliated with the three largest government banks recorded EGP11.246 billion since the liberalization of the FX rate on 6 March.

According to local media, HELI (FV: EGP18.84, OW) received offers from Hyde Park Developments and La Vista Developments to co-develop 500 feddans in New Heliopolis. We remind you that HELI had also received an offer from Mountain View at the end of February 2024 to co-develop 517 feddans in New Heliopolis and an offer from MASR (FV: EGP5.24, OW) at the beginning of March 2024 to co-develop 580 feddans in New Heliopolis.

EFIH is distributing cash dividends of EGP0.19/share (DPO: 28%, DY: 0.8%). Record date is on 24 April 2024 and distribution date is on 30 April 2024.

OLFI's general assembly approved the proposed cash dividend distribution of EGP0.95/share, implying a payout ratio of 81% and a DY of 8.5%.

GBCO declared cash dividends of EGP0.20/share, implying a payout ratio of 11.5% and a DY of 1.7%. Record date is on 21 April 2024 and distribution date is on 24 April 2024.

KIMA is increasing its issued and paid-in capital through a rights issue from EGP5.9 billion to EGP9.9 billion by EGP4 billion distributed over 800 million shares at a par value of EGP5/share in addition to EGP0.05/share as issuance expenses.

The Egyptian Drug Authority (EDA) is allowing companies to place two prices on packages, one for sale in the local market and the other for export.

Weekly Commodities Update

| | Last Price | WoW Change, %
| Brent, USD/bbl | 91.2 | 4.2%
| Diesel-HSFO Spread, USD/ton | 384 | 6.0%
| Egypt Urea, USD/ton | 328 | -1.4%
| Polyethylene, USD/ton | 1,030 | -1.0%
| Polypropylene, USD/ton | 970 | 0.0%
| Steel/Iron Ore Spreads, USD/ton | 405 | -2.0%
| LME Aluminum Cash Price, USD/ton | 2,413 | 5.1%
| Egyptian Retail Cement, EGP/ton | 2,097 | -0.4%
| Steam Coal FOB Newcastle Australia, USD/ton | 129 | 0.0%
| SMP, USD/MT | 2,517 | 0.0%
| Last price may vary week over week in some indices due to time difference