EARNINGS WATCH-

Raya Holding’s net income rose 49.7% y-o-y to EGP 53.59 mn in 1Q2022, according to the company’s quarterly financials (pdf). This came on the back of revenues rising to EGP 4.48 bn, compared with EGP 4.03 bn in the same period last year.

Al Baraka Bank reported EGP 369.38 mn in net income in 1Q2022, up from EGP 269.32 in the same period last year, according to itsquarterly financials (pdf). The bank generated EGP 1.87 bn in net interest income during the quarter, up 3.6% y-o-y.

MARKET ROUNDUP-

The EGX30 fell 0.7% at today’s close on turnover of EGP 817.87 mn (6.4% below the 90-day average). Local investors were net buyers. The index is down 12.5% YTD.

In the green: EFG Hermes (+3.3%), MM Group (+3.1%) and Sidi Kerir Petrochemicals (+1.1%).

In the red: TMG Holding (-4.7%), Orascom Construction (-4.6%) and Orascom Development Egypt (-4.4%).

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