EARNINGS WATCH-

Madinet Nasr for Housing and Development’s bottomline dipped 0.9% y-o-y in 2Q2022 to EGP 116.7 mn, according to the company’s earnings release (pdf). The company’s revenues jumped 120% y-o-y during the quarter to EGP 972.3 mn.

Talaat Moustafa Group Holding’s bottomline increased 26% y-o-y in 2Q2022 to EGP 532.43 mn, according to the company’s financial statements (pdf).The company’s revenues went up 43% y-o-y during the quarter to EGP 4.07 bn.

MARKET ROUNDUP-

The EGX30 fell 0.8% at today’s close on turnover of EGP 593.55 mn (27.4% below the 90-day average). Foreign investors were net sellers. The index is down 16.6% YTD.

In the green: Palm Hills Development (+2.8%), Orascom Construction (+2.2%) and Telecom Egypt (+2.1%).

In the red: Qalaa Holdings (-4.6%), Ibnsina Pharma (-3.2%) and Orinetal Weavers (-3.0%).

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