The market is still being led by international stock exchanges that are all heading south. Foreigners are net buyers most days amid very thin transactions that hover around LE300 million on average daily. On the macroeconomic level, Suez Canal authorities announced the highest daily income since the global economic crisis in 2008 at more than $18.7 million. AL-SEWEDY CABLES: The Arab world's biggest power and telecoms cable maker by market value posted a 53 per cent surge in second quarter net profit to reach LE 270.1 million. The company has previously expected higher profits given that other cable makers cut production under stress of the financial crisis in Europe, offering it opportunity to boost exports and increase profit margins in 2010. Sales rose year-on-year by 37 per cent to reach LE3.1 billion. The firm has production plants in Egypt and 10 other countries and exports to the Middle East and North Africa, Spain, Portugal, Eastern Europe and Brazil. MARIDIVE AND OIL SERVICES: The decline in the oil industry stripped the company of profits during the second quarter, which saw results reaching $11 million compared to $29.5 million a year ago. Oil service companies have been hit hard by the global financial crisis, which prompted oil and gas producers to cut spending, although some service companies have begun to see new orders. Maridive began working on contracts in India worth $180 million and on procurement for a $380 million Aramco contract at the Manifa offshore oil field in Saudi Arabia following some delays. The firm said second quarter revenue rose 24 per cent to $76.3 million from $61.8 million a year ago. According to Reuters, Maridive -- which serves Total, Royal Dutch Shell, BP, Saudi Aramco, Qatargas, Kuwait Oil Company and other oil giants -- owns over 60 marine units and has contracted to receive about six vessels and one barge by 2012. GHABBOUR AUTO (GA): The leading distributor and assembler of cars said it is about to reach an agreement with Indian carmaker TATA for the passenger car and commercial vehicle businesses. The company's chairman, Raouf Ghabbour, also revealed in a press interview that GA is planning to add new products after completing a microbus replacement programme. ORASCOM DEVELOPMENT: The travel and resort management firm will inject �100 million into its environment friendly "eco-town" project in southwest England. With an overall investment cost of �1 billion, the project is located on nearly seven million square metres and will be 90 per cent financed through the sale of units. Orascom owns 75 per cent of the project, which is one of four eco-towns approved by the British government. The executive procedures in the project will take 2-4 years. In other news, the company is yet to reach a final agreement on land areas with three African governments -- Ghana, Uganda and Zambia -- for economy housing projects like those the company built in Egypt. ORASCOM CONSTRUCTION INDUSTRIES (OCI): The company, in a joint venture with its 50 per cent owned Besix Group, won a contract worth $60 million for the offshore works of the new oil and gas powered power plant in Ain Al-Sokhna. The scope of civil works includes the construction of three pipelines totalling a length of approximately 5.1 kilometres. According to a company press release, the client is the state-owned East Delta Electricity Production Company (EDEPC) and the project is due for completion in 24 months. EFG-HERMES: Egypt's largest investment bank posted a 45 per cent decline in its second quarter profits to LE96.4 million. Fees and commissions, which made up the biggest portion of revenue in the second quarter, declined 10.6 per cent to LE205 million as regional traded volumes halved over the year, according to the company's earnings statement. EFG-Hermes blamed the decline on the Greek debt crisis and fears of possible repercussions in the Spanish and Italian banking sectors, as well as a weak recovery in the US economy. Total revenue for the quarter slipped 9.8 per cent to LE346 million. Compiled by Sherine Abdel-Razek
