EARNINGS WATCH-

Orascom Development Egypt’s net income dropped 52.9% y-o-y in 4Q2021 to record EGP 100.70 mn, according to the company’s earnings release (pdf). Revenues rose 25% y-o-y to record EGP 2.15 bn. Annually, the company recorded EGP 1.31 bn in net income in 2021, up 130% y-o-y, while revenues rose 41.4% y-o-y to EGP 7.05 bn.

MARKET ROUNDUP-

The EGX30 rose 2.3% at today’s close on turnover of EGP 820 mn (11.6% below the 90-day average). Local investors were net buyers. The index is down 8.2% YTD.

In the green: Orascom Development Egypt (+8.8%), Rameda (+6.7%) and CIB (+3.9%).

In the red: Abu Dhabi Islamic Bank Egypt (-0.1%) and Egypt Kuwait Holding-EGP (-0.1%).

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