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Egypt’s Juhayna says dollar crisis behind decline in profits
(Reuters) Egypt’s dollar crisis is the reason behind Juhayna Food Industries SAE’s decline in net profits, its chairman told Reuters on Thursday.
Juhayna on Thursday reported a drop in net profit of about 34 percent, to 58.19 million Egyptian pounds ($6.55 million) from 88.23 million a year earlier.
Chairman Safwan Thabet said the company had begun work on reducing the proportion of imported raw materials it uses to 50 percent from 60 percent over the next year.
Inta’l Cooperation Min. talks development projects with new Kuwaiti ambassador
Egyptian Minister of International Cooperation Sahar Nasr met with the new Kuwaiti ambassador to Cairo Mohammed Saleh Thuwaikh, talking about accelerating the implementation of the development projects in Sinai, according to a statement from the Egyptian Ministry on Wednesday.
“The meeting tackled the most important projects being implemented through the Kuwait Fund for Arab Development…$2.835 billion directed to finance 42 development project in several areas, as well as 12 technical assistance worth about $52 million, the statement read.
USD exchange rate ‘stable,’ reaches 8.78 EGP
The USD exchange rate has been stable against the Egyptian Pound, where it reached Thursday 8.58 EGP for sale and 8.88 for purchase. Euro exchange rate reached 9.76 EGP for purchase and 9.78 EGP for sale.
Government borrows 11 bn EGP in T-bills on Thursday
The Egyptian Ministry of Finance will put forward, via the Central Bank of Egypt (CBE), a total of 11.5 billion EGP in treasury bills (T-bills) on Sunday, according to the CBE data.
The auction is divided into two installments; it will auction 5.5 billion EGP in 182-day-term treasury bills, 6 billion EGP will be offered in 357-day-term T-bills.
It is expected that the state’s general budget deficit could reach 322 billion EGP by the end of Fiscal year of 2016/2017. Auctioning the treasury bills and bonds are the government’s financial tools of borrowing.
EGX opens in green in Thursday trade
Egypt’s stock benchmark opened in green during the Thursday trading session, as EGX 30 raised by 0.62 percent, while EGX 50 went up by 0.62 percent. The EGX 20 jumped by 0.86 percent, youm7 reported.
On Wednesday, the EGX closed lower over sales by Arab and foreign investors, Youm7 reported.
The main index EGX30 went down 0.65 percent to close at 8160.4 points, while mid- and small-cap index EGX70 edged down 0.27 percent to close at 333.55 points.
The market capitalization lost about 4.8 billion EGP to reach 404.1 billion pounds.