EARNINGS WATCH-

Telecom Egypt recorded a net income of EGP 8.4 bn in FY2021, up 75% y-o-y, according to the company’s financials (pdf) out today. Revenues also rose 16% y-o-y to EGP 37.1 bn in FY2021.

Ezz Steel’s bottom line turned positive in FY2021 reaching EGP 5.4 bn, compared to a net loss of EGP 4.7 bn during the previous year, according to the company’s financial statements (pdf). Sales revenues in 2021 reached EGP 67.8 bn from EGP 38.6 bn in 2020.

MARKET ROUNDUP-

The EGX30 rose 1.0% at today’s close on turnover of EGP 865 mn (13% below the 90-day average). Foreign investors were net sellers. The index is down 5.4% YTD.

In the green: AMOC (+6.0%), Sidi Kerir Petrochem (+5.0%) and Ezz Steel (+4.7%).

In the red: Oriental Weavers (-1.2%), TMG Holding (-1.1%) and Fawry (-1.0%).

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