Misr Fertilizers Production Company (MOPCO) is the largest urea producer in the local market and enjoys lower prices of natural gas compared to all other local nitrogen fertilizers producers. Fertilizer demand is expected to recover gradually, while supply in the local market is more than sufficient to cover local demand, leaving excell to be exported. We see MOPCO benefiting off local urea ...
Abu Qir Fertilizers & Chemicals Company continues to lead the local nitrogen fertilizer producers. We foresee potential growth in fertilizers consumption in the local market supported by ...
EFIC revenues in 2020 declined 19% YoY, booking EGP1.4bn on lower export volumes and weak selling prices as a negative consequence of the supply chain disruption caused by COVID-19.
MM Group for Industry and International Trade (MTI) saw its revenues in FY 2020 falling 11.7% YoY to EGP8.7bn on COVID-19 outbreak, its negative consequences on international trade, and the resulting supply chain disruption. MTI managed to grow revenues by a 5-year (2016-2020) CAGR of 12%, thanks to favorable product mix and encouraging market dynamics. The most notable charge in the revenue mix was the higher contribution of the automotive segment, reaching 16% in 2020 versus 14% in FY 2019. This came at the expense of the consumer electronics segment which saw its contribution decline from ...
CIB Bank posted a net income figure of EGP 10 24 bn in 2020 vs EGP 11 80 bn in 2019 showing a 13 3 YoY drop This decrease in bottom line came mainly from surging the loan loss provision to EGP 5 02 bn in 2020 from EGP 1 43 bn in the previous year This acceleration in loan loss provision was to cover any sudden increase in non performing loans due to the breakout of the COVID 19 pandemic in March 2020 Throughout Q 2 2020 the cabinet imposed a curfew at night, leading to a partial suspension of some of the economic activities, which represented a pressuring factor for asset quality Worth to mention that the bank charged loan loss provisions of 12 0 of gross loans, surpassing listed peers average of 5 6 in 2020 However, in terms of profitability ratios, CIB succeeded to record a NIM of 6 92 and ROAA of 2 5 vs peers' average of 5 2 and 2 3 respectively in 2020.
Last week was a falling week as the EGX 30 index fell from 10,900 to 10,560 retracing exactly 62% of the previous rise, thus hinting of a potential higher low formation, which should have a bullish effect on the market.
