EARNINGS WATCH-

Ezz Steel’s bottom line rose 2.4% y-o-y in 1Q2022 to reach EGP 1.22 bn, according to the company’s financials (pdf). The metal producer saw its revenues increase 38.1% y-o-y to EGP 18.64 bn.

Misr Fertilizers Production Company (Mopco)’s bottom line rose 163.5% y-o-y in 1Q2022 to EGP 2.09 bn, according to the company’s financials (pdf). Sales also rose 111.1% y-o-y during the quarter to record EGP 4.21 bn.

MARKET ROUNDUP-

The EGX30 fell 0.2% at today’s close on turnover of EGP 347 mn (58.8% below the 90-day average). Local investors were net buyers. The index is down 16.4% YTD.

In the green: Ezz Steel (+6.3%), MM Group (+6.1%) and Heliopolis Housing (+1.8%).

In the red: Orascom Construction (-2.6%), Orascom Development Egypt (-2.2%) and EFG Hermes (-2.2%).

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