EARNINGS WATCH-

Abu Qir Fertilizers and Chemical Industries’ net income after tax rose to EGP 7.2 bn in 1H 2022-23, up 126% y-o-y, according to its earnings release (pdf). The company’s revenues also rose 80% y-o-y to EGP 11.2 bn.

Obour Land’s bottomline rose 42% y-o-y to EGP 135.7 mn in 4Q 2022 on EGP 1.4 in net revenues, up 61% y-o-y, according to the company’s earningsrelease(pdf). The cheesemaker’s net income in 2022 stood at EGP 462.4 mn, a 32% y-o-y increase, while net revenues for the year rose 52% y-o-y at EGP 4.6 bn.

MARKET ROUNDUP-

The EGX30 rose 3.7% at today’s close on turnover of EGP 2.5 bn (43.7% above the 90-day average). Local investors were net buyers. The index is up 19.3% YTD.

In the green: Telecom Egypt (+14.7%), Juhayna (+10.1%) and Ezz Steel (+7.4%).

In the red: Heliopolis Housing (-1.7%), Rameda Pharma (-1.4%) and CIRA Education (-0.6%).

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