EARNINGS WATCH-

State-owned telecoms firm Telecom Egypt’s net income grew 9% y-o-y to EGP 9.2 bn in 2022, according to the company’s earnings release (pdf). The firm reported EGP 44.3 bn in revenues during the year, rising 19% y-o-y. On a quarter basis, Telecom Egypt’s bottomline rose 30% y-o-y to EGP 3.0 bn on revenues of EGP 12 bn, up 12% y-o-y.

MARKET ROUNDUP-

The EGX30 fell 0.1% at today’s close on turnover of EGP 1.9 bn (6.5% below the 90-day average). Local investors were net buyers. The index is up 15.1% YTD.

In the green: Elsewedy Electric (+2.4%), Juhayna (+1.5%) and Heliopolis Housing and Development (+1.2%).

In the red: Telecom Egypt (-3.7%), Egypt-Kuwait Holding (-2.5%) and Mopco (-2.2%).

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