Boon for shareholders as South Cairo and Giza Mills achieves US$278,000 net profit in Q2 of 2022/23

EGYPT- South Cairo and Giza Mills and Bakeries Company (SCFM), one of the leading milling companies in Egypt, has achieved net profits of EGP 8.35 million (US$278,000) during the second quarter (Q2) of the fiscal year (FY) 2022/2023, according to financial indicators filed to the Egyptian Exchange (EGX) on Monday. South Cairo & Giza Mills & Bakeries Company is a subsidiary…

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Egypt plans to purchase maize for the first time in history to boost feed manufacturing

Egypt- The General Authority in Charge of Raw Materials (GASC) has floated a public tender to purchase maize, the first time the public body embarks on such an approach concerning maize in Egypt. Egypt is known to be the world’s leading wheat importer due to its high consumption of nearly 20 metric tonnes annually. However, Maize consumption is slightly low…

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Egypt raises local wheat procurement prices by 42% as global prices experience a drastic lull

EGYPT – Egypt has raised the price of local wheat procurement for the new harvest season, which starts in April 2023, by 42 percent to hit EGP 1,250 (US$23.3) per ardeb (1 ardeb= 150kg), up from EGP 880 (US$16.4) Egypt relies heavily on wheat for making bread, a main staple in the Egyptian diet, with citizens consuming almost 100 billion…

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Romania overtakes Ukraine to become Egypt’s second-largest wheat supplier

EGYPT – Romania has overtaken Ukraine as Egypt’s second-largest wheat supplier as the North African nation diversifies its import suppliers to minimize the risk of overreliance on few source countries.  Egypt produces approximately 9.8 million tonnes (Mt) of wheat against its annual consumption of nearly 20 Mt. The country imports the rest majorly from Russia and Ukraine but due to…

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Egypt to import 4M tonnes of wheat in 2023 to support bread subsidy program

EGYPT-Egypt, the world’s largest importer of wheat, is planning to import 4 million tonnes of wheat to meet its annual production of subsidized bread. The bread subsidy program costs the Egyptian government nearly US$3 billion each year or approximately 60% of total expenditure on food subsidies. This is not surprising as Bread is a major staple for the country with…

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