EARNINGS WATCH-

Speed Medical in the red in 2022: Speed Medical recorded net losses of EGP 148.21 mn in 2022, down from a net income of EGP 135.76 mn the previous year, according to the company’s consolidated financials (pdf ). Its revenues dipped 67% y-o-y to EGP 120.01 mn in 2022.

Obour Land recorded a 17% y-o-y increase in its bottom line in 1H 2023 to EGP 212.1 mn, according to the company’s consolidated financials (pdf ). The company’s revenues for the first six months of the year rose 64.5% y-o-y to EGP 2.96 bn.

MARKET ROUNDUP-

The EGX30 fell 0.3% at today’s close on turnover of EGP 978.8 mn (49.1% below the trailing 90-day average). Foreign investors were net sellers. The index is up 19.4% YTD.

In the green: ADIB (+3.2%), Mopco (+2.8%) and Elsewedy Electric (+1.6%).

In the red: Ezz Steel (-3.3%), Eastern Company (-3.0%) and Qalaa Holdings (-2.5%).

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