EARNINGS WATCH-

Ezz Steel’s bottom line plummeted nearly 120% y-o-y to a loss of roughly EGP 809.8 mn in 1H 2023, while revenues grew 61.7% y-o-y to EGP 62.3 bn from EGP 38.5 bn in the same period, according to the company’s financial statement (pdf).

REMEMBER- In July,Ezz Steel committed to a USD 241 mn buyout of the government’s 31% stake in its subsidiary Al Ezz Dekheila, which was delisted from the EGX.

MARKET ROUNDUP-

The EGX30 rose 0.2% at today’s close on turnover of EGP 4.1 bn (85.6% above the 90-day average). Local investors were net buyers. The index is up 51.5% YTD.

In the green: Alexandria Mineral Oils Company (+4.2%), E-Finance (+3.4%) and SIDPEC (+2.7%).

In the red: Egyptian Kuwait Holding (-7.7%), Orascom Development Egypt (-5.0%) and Oriental Weavers (-5.0%).

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