Pre-Trading Thoughts

We published our earnings expectations for 3Q22/FY22. We expect 3Q22 aggregated profits to rise 16% YoY and decline 8% QoQ and FY22 aggregated profits to rise 30% YoY. According to the Minister of Finance, an assistance package from the IMF is in the “final confirmation” stage. Egyptians resident abroad will be able to import a new car and eventually get a full rebate on all customs fees and taxes. The car owner pays their vehicle import fees — including customs fees, VAT, and other taxes — u...