EARNINGS WATCH-

Egyptian Resorts Company saw its losses decline to EGP 4.5 mn in FY2021 compared to losses of EGP 44.6 mn in 2020, according to ERC’s financial statements (pdf). Total operating revenues increased nearly 22% y-oy during 2021 to reach EGP 127.6 mn.

MARKET ROUNDUP-

The EGX30 rose 0.7% at today’s close on turnover of EGP 1.04 bn (7.4% above the 90-day average). Foreign investors were net sellers. The index is down 1.7% YTD.

In the green: Heliopolis Housing (+7.2%), Ezz Steel (+5.8%) and Madinet Nasr Housing (+2.9%).

In the red: Ibnsina Pharma (-2.0%), TMG Holding (-1.8%) and MM Group (-1.5%).

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