Avianca, Egyptair Cargo is one of the six holding companies formed when Egyptair was split up in 2002. They currently operate 2 A300B4-203(F)s. This arm of the airline has always been profitable and contributed significantly to the airline's overall profitability. As you said MS
Cargo had a bit of a shody appearance but that changed since 2002 when it was run as a private company (as mentioned above) and since management decided to stop sub contracting work to smaller relatively unknown airlines who were unreliable.
They currently serve Ostend, Hahn, Stansted in Europe on a scheduled basis.
And finally the airline is doubling their cargo fleet by adding 2 A300-600Fs this June. The A300s were operating with the airline in passenger configuration but will be converted in time for the summer.
There was an article late last year in Al-Ahram that stated that Egyptian exporters were getting angry with MS
due to the lack of capacity and as a result high prices they were offering. So there is obviously demand there and hopefully over the next few weeks they'll announce more increases and destinations to utilise the new A300s.
As for the type of freight carried. Usually on Egypt-Europe services its primary goods like fruit, vegetables, textiles, etc but with the expansion of hi-tech companies developing on the outskirts of Cairo (e.g. Microsoft in 6th of October city) has meant more expensive goods are being exported northbound. Cargo on the Europe-Egypt flights tend to be more expensive goods like high tech and oil industry equipment. This scenario is the opposite on flights to Khartoum, Lagos and Sharjah.
Other Egyptian cargo operators are Tristar and Cairo Aviation:
Air Memhis Cargo quit the cargo market last April when their B707 was written off in an accident at CAI.