EARNINGS WATCH-

Telecom Egypt reported EGP 4.1 bn in normalized net income in 1Q 2023, rising 144% y-o-y, according to its earnings release (pdf). The company’s revenues climbed 48% y-o-y to EGP 14 bn during the quarter.

MM Group for Industry and International Trade’s net income rose 201.7% y-o-y to EGP 153.0 mn in 1Q 2023, according to the company’s earnings release (pdf). Revenues grew 27.6% y-o-y to EGP 2.5 bn during the quarter.

Raya Holding’s net income more than tripled y-o-y to EGP 143 mn in 1Q 2023, according to its earnings release (pdf). Revenues grew 46% y-o-y to EGP 6.55 bn 1Q 2023. The company attributed the growth in its topline primarily to its trade business unit, which grew by 47% y-o-y, followed by the IT unit, the fintech NBFS unit, and Raya CX.

The Housing and Development Bank’s net income came in at EGP 1.3 bn in 1Q 2023, climbing 112% y-o-y, while the bank’s interest income for the same quarter stood at EGP 3.57 bn, up 75.2% y-o-y, according to the company’s EGX disclosure (pdf).

Eastern Company’s net income climbed 35% y-o-y to EGP 1.8 bn in 3Q 2022-23, according to the company’s earnings release (pdf). Meanwhile, revenues rose 10% to EGP 4.7 bn.

Abu Qir Fertilizers’ net income rose to roughly EGP 13 bn in 9M 2022-23, up 86.1% y-o-y, according to the company’s financials (pdf). Revenues stood at around EGP 17.3 bn during the first three quarters of the company’s fiscal year, climbing up 43.7% y-o-y.

MARKET ROUNDUP-

The EGX30 rose 1.9% at today’s close on turnover of EGP 3.21 bn. Foreign investors were net sellers. The index is up 20.1% YTD.

In the green: Orascom Construction (+9.0%), Abu Dhabi Islamic Bank (+8.5%) and Ezz Steel (+4.5%).

In the red: Taaleem (-2.0%), Ibnsina Pharma (-1.4%) and Rameda (-0.4%).

Tags: