EARNINGS WATCH-

Telecom Egypt reported EGP 2.9 bn in net income after tax in 2Q 2023 , up 19% y-o-y, according to its earnings release ( pdf ). The company’s revenues came in at EGP 14.2 bn during the quarter, rising 29% y-o-y. Telecom Egypt’s net income after tax in 1H 2023 rose 77% y-o-y to EGP 6.7 bn, while revenues rose 38% y-o-y to EGP 28.1 bn.

MARKET ROUNDUP-

The EGX30 rose 0.2% at today’s close on turnover of EGP 3.2 bn (62.5% above the 90-day average). Regional investors were net buyers. The index is up 22.6% YTD.

In the green: Egypt Kuwait Holding (+1.4%), Qalaa Holdings (+1.3%), and CIB (+1.3%).

In the red: GB Corp (-2.2%), Beltone Financial Holding (-2.1%), and Madinet Masr (-1.7%).

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