EARNINGS WATCH-

Orascom Financial Holding’s (OFH) incurred a net loss of EGP 102.1 mn in the 13-month period since its establishment, the period between December 2020 and December 2021, according to OFH’s financial statement (pdf). The company recorded operational revenues of EGP 362.4 mn and total revenues of EGP 522.1 mn during the period. OFH is the spinoff of Orascom’s non-bank financial services holdings.

MARKET ROUNDUP-

The EGX30 rose 2.7% at today’s close on turnover of EGP 2.3 bn (60.3% above the 90-day average). Local investors were net buyers. The index is down 10.4% YTD.

In the green: Heliopolis Housing (+9.2%), TMG Holding (+8.0%) and Madinet Nasr Housing (+7.5%).

In the red: Ibnsina Pharma (-1.0%), GB Auto (-1.0%) and Orascom Construction (-0.1%).

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