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00:00 20% return on the profits of the five petrochemical companies listed in the Egyptian stock market in the third quarter of the year.
00:09 The calm in the balance of profits may be the first since 2022 after a series of growth and profits
00:17 that have benefited from the low local currency, inflation and U.S. dollar prices, which have seen a rise until the first half of the year
00:25 before starting to decline in the third quarter in conjunction with the fluctuation in energy prices used in operations.
00:32 This has affected the performance of most of the companies in the sector, which achieved a total profit of 3 billion pounds.
00:40 "We have a reasonable energy cost and there are some renewable energy types,
00:46 which is a psychological advantage because it reduces the cost of operation and production,
00:50 so it also gives a psychological advantage abroad more than other companies.
00:55 On the other hand, we are also in a position to use some types of energy abroad,
01:00 and we do not have these facilities because most factories are in accordance with the environment after the 27th CUP,
01:07 so this of course gives the opportunity to Egyptian companies to have the ability to produce and export abroad."
01:15 The new factors that have hit the sector, whether in terms of export prices or production costs,
01:21 have affected particularly oil companies, and Petrochemical companies such as Cedecreel and Egypt have not
01:27 subjugated them to the production of chemicals, which has grown in profits for the third quarter of the year.
01:32 As a result of the effects of gas subsidies due to the implications of geopolitical events,
01:37 the last quarter's expectations came that the decline is the dominant feature in the sector,
01:42 if oil prices continue to decline.
01:45 "We see that the last quarter may be affected by the lack of gas subsidies for the factories during the last period,
01:52 and with a slight decrease in oil prices, but we see that due to geopolitical events during the next period,
02:00 the sector will witness another growth."
02:03 This is why the sales of oil and petrochemical companies have increased dramatically
02:08 during the third quarter of the year, with 6% of the 10 billion pounds remaining.
02:14 Cedecreel and Abu Qeer have acquired more than 72% of them.
02:19 "Despite the strong performance of the oil sector and the benefits of local currency withdrawals,
02:24 the fluctuations in export prices and production costs may limit the flow of profits during the last quarter of the year."
02:33 Farouk Youssef, CNBC Arabia, Cairo.