EARNINGS WATCH-

Eastern Company’s bottom line grew 90% y-o-y to EGP 7.7 bn in FY 2022-23, which ends on 30 June 2023, while revenues declined 3% to EGP 66 bn in the same period, according to a disclosure to the bourse (pdf).

Remember: An Emirati investment company has agreed to purchase a 30% stake in Eastern Company in a transaction that will see it become the single-largest shareholder in the state-owned tobacco manufacturer.

MARKET ROUNDUP-

The EGX30 rose 0.7% at today’s close on turnover of EGP 2.23 bn (5.7% above the 90-day average). Local investors were net buyers. The index is up 30.5% YTD.

In the green: Eastern Company (+7.3%), Qalaa Holdings (+3.1%) and Mopco (+2.3%).

In the red: Alexandria Containers and Cargo Handling (-4.4%), Orascom Development Egypt (-2.2%) and Beltone Financial Holding (-2.2 %).

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