Today: We have some updates that will affect fertilizer companies including Abu Qir and Mopco + news that OG Capital is looking to raise its capital. Let’s dive in.

🔔 EGX30 ended +1.1% by market close at 53,126 points, the EGX70 rose 1.7% to 17,560 points, and the EGX100 rose 1.4% to reach 23,397 points.

💸 The number of transactions reached 258,503 spread across 3,700,069,552 stocks leading to a turnover of EGP 12.130 billion.

🏷️International investors were the only net buyers. 

📈 Top gainers for the market as a whole included Alexandria Flour Mills (+20.0%), El Kahera El Watania Investment (+20.0%), El-Nile Co. For Pharmaceuticals And Chemical Industries (+16.3%)

📉 Top losers for the market included Cairo Educational Services (-9.7%), Pioneers Properties For Urban Development (-7.4%), and Middle & West Delta Flour Mills (-7.2%).

⬆️ Top gainers for EGX30 were Misr Cement (+7.2%), Arabian Cement (+3.1%), and Orascom Investment Holding (+2.8%).

⬇️ Top losers for EGX30 included Beltone Holding (-2.5%), Abu Qir Fertilizers (-2.3%), and GB Corp (-2.1%).

Other Important Stats: 

🧈 24K Gold reached EGP 6,667 per gram, down 0.4% day-on-day and down 3.6% month-on-month.

💲 The USD reached EGP 51.03 at the National Bank of Egypt.

Egypt is considering exempting Abu Qir Fertilizers (ABUK) and Misr Fertilizers Production Company “Mopco” (MFPC) from a levy requiring companies to transfer 5% of their income to the state treasury, a government source told EnterpriseAM.

A tougher market is taking shape

The proposal comes as Egypt's fertilizer producers contend with a sharp deterioration in market conditions after enjoying a windfall from elevated global prices last year. According to sources cited by Al Arabiya, export prices for Egyptian nitrogen fertilizers have fallen to around USD 450 per ton from nearly USD 900 in April as supply pressures intensified. At the same time, Egypt's fertilizer exports plunged 58.4% YoY to USD 117.8 million in April, highlighting the sector's rapid slowdown.

Strong earnings, softer outlook

Despite the weaker backdrop, both companies entered the downturn from a position of strength. Abu Qir Fertilizers more than doubled its Q1 2026 net profit, reporting EGP 5.63 billion, up 102.5% YoY, as revenue climbed to EGP 9.53 billion.

Mopco also posted a strong quarter, with net profit rising 88% YoY to EGP 5.28 billion, while revenue increased 29% YoY to EGP 8.18 billion. The company attributed the performance to production levels exceeding budget targets, with output reaching 111% of its planned quarterly production.

How the exemption would work

Officials are still finalizing the list of companies that will be subject to the treasury levy. Companies with less than 50% state ownership are expected to be excluded automatically, while policymakers are also considering temporary exemptions for firms that need to retain earnings to strengthen their balance sheets or finance future investments.

OG Capital has taken the next formal step toward becoming an active acquisition vehicle after its board approved a proposal to increase issued capital from EGP 10 million to EGP 100 million through a private placement of 90 million new shares, subject to shareholder approval. Meeting the EGP 100 million threshold is a prerequisite under FRA regulations before the recently listed SPAC can pursue a business combination.

Capital locked until a deal emerges

Once shareholders approve the increase, the shares will be offered to qualified investors and institutions. The proceeds cannot be deployed immediately, however, as FRA rules require the cash to remain in approved low-risk accounts until shareholders approve an acquisition. OG Capital also faces a six-month deadline from its May listing to identify and present a target, although regulators can grant an extension.

Egypt's SPAC market slowly expands

The vehicle joins a still-nascent SPAC market that currently includes Catalyst Partners Middle East, while Dutch private equity firm RMBV is also seeking regulatory approval to launch its own acquisition vehicle targeting consumer, industrial, education and financial services businesses. Clearing the capital hurdle advances OG Capital through the regulatory process, but investors are still waiting for the company to reveal its first acquisition target.

Dates to keep an eye out for

July 26:

Lotus For Agricultural Investment- record date for 0.266 bonus share per original share. The distribution date is July 27.

Gourmet Egypt record date for EGP 0.216 per share. The distribution date is July 29.

July 28:

Egytrans Nosco - record date for EGP 0.20 per share. The distribution date is August 2. 

July 29:

GB Corp - distribution date for EGP 0.15 per share. The record date was April 26.

July 30: 

Misr Fertilizers Production - distribution date for EGP 1 per share. The record date was May 3.

Talaat Moustafa Group - distribution date for EGP 0.15 per share. The record date was May 18.