EARNINGS WATCH-

Maridive Oil and Services narrowed its losses to USD 78.07 mn in FY2021, down from USD 143.26 mn the year before, according to the company’s financials (pdf). This came as the company’s revenues fell 36% to USD 115.83 mn, compared to USD 180.53 mn in FY2020.

Arab Dairy saw its net losses widen to EGP 53.05 mn in FY2021, compared to EGP 46.74 mn during the same period last year, according to the company’s quarterly financials (pdf). The company’s revenues fell 3.5% y-o-y to EGP 1.23 bn.

MARKET ROUNDUP-

The EGX30 rose 1.3% at today’s close on turnover of EGP 2.0 bn (52.5% above the 90-day average). Foreign investors were net sellers. The index is down 2.4% YTD.

In the green: Fawry (+5.4%), ADIB Egypt (+4.5%) and CIB (+3.1%).

In the red: Orascom Development Egypt (-7.5%), CIRA (-4.2%) and GB Auto (-3.1%).

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