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Before Sunday Session - PHDC on Top of News

Our weekly pre-trading week updates are here, and for this week, we have the following:


  • PHDC on Top of News: Yasseen Masnour, PHDC Chairman, shared a 14-minute interview on CNBC Arabia with Yassien El Gohary


  • Ezz Steel (ESRS) has increased its steel selling prices to EGP 44,500 per ton, according to Al Mal news.


  • Red Sea Buisness News - AP + Reuters




Yasseen Masnour, PHDC Chairman, shared a 14-minute interview on CNBC Arabia with Yassien El Gohary, discussing major points for PHDC in 2024. You can watch the video from the link below. It's worth noting that this information hasn't been disclosed by PHDC to EGX yet and comes through an interview from CNBC Arabia.


At 01:09, PHDC is focusing on touristic and real estate development, planning to build another hotel in 6th of October with an international brand.


By 2:36, 2023 sales to be 2.5 times higher than in 2022 but still not disclosed to EGX.


At 03:50, PHDC is set to launch a new project named PX in 6th of October on a 373-acre land acquired last year. This development marks a departure from their typical villas-only projects, introducing apartments to the same area where their major prestigious projects like Palm Hills Solitaire, The Crown, and others are located.


At 04:45, Mansour mentions that prices increased between 60%-80% in 2023, with an expected 40-50% increase for 2024.


At 05:20, there will be no dividends for the Financial Year 2023, and no securitization is planned for 2024 due to high-interest rates. This decision aligns with the company's strategy to solidify its financial position in which it didn't make any dividends through the last couple of years.


At 06:40, PHDC is considering expanding its business outside Egypt, exploring opportunities in Arab countries and Europe. Yassine Mansour initiated a business trip on Saturday, January 13, 2024, and Saudi Arabia is one of the Arab countries in focus .


At 07:02, PHDC is working on acquiring new land plots in North Coast and New Cairo, signaling their commitment to expansion and future growth.



Red Sea Business News


Recent conflicts in the Red Sea have impacted automotive manufacturers such as Tesla and Volvo, leading to a temporary suspension of production for certain models in European factories. In response to the attacks in the Red Sea region, Tesla has announced a halt in production at its factory near Berlin from January 29 to February 11.


Sources: AP - Reuters



Ezz Steel (ESRS) has increased its steel selling prices to EGP 44,500 per ton, according to Al Mal news.


Sources within the construction materials market informed 'Al Mal' that Ezz Steel factory has communicated a message to its agents and clients, announcing an increase in the price per ton during the current January to 44,500 Egyptian pounds, up from the previous 42,000 pounds, with the scheduled implementation of this hike within the month.


The per-ton price of steel for consumers is expected to reach approximately 46,000 pounds after factoring in the merchant's profit margin and transportation costs to the end consumer. It is worth noting that prices may vary for border provinces and Upper Egypt, potentially resulting in an increase of around 100 pounds.



Source: Al Mal News






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