EARNINGS WATCH-

Telecom Egypt’s net income after tax rose 38.2% y-o-y in 2Q 2022 to record EGP 2.42 bn, according to the company’s earnings (pdf). The telecom operator reported EGP 10.98 bn in revenues during the quarter, up 22% y-o-y.

MARKET ROUNDUP-

The EGX30 rose 0.2% at today’s close on turnover of EGP 1.08 bn (25.8% above the 90-day average). Foreign investors were net sellers. The index is down 16.4% YTD.

In the green: Rameda Phar (+5.0%), GB Auto (+3.2%) and Telecom Egypt (+2.4%).

In the red: Alexandria Containers (-1.9%), Heliopolis Housing (-0.9%) and CIB (-0.8%).

Tags: