Good afternoon, wonderful people, and happy almost-THURSDAY. The news cycle here at home remains led primarily by financial results from blue-chips.

THE BIG STORY TODAY

Earnings season is in full swing, with E-Finance, EFG Holding, and Macro Pharma among those releasing results today:

E-Finance reported EGP 429.0 mn in net income in 3Q 2023, rising 111.5% y-o-y, with revenues for the quarter rising 52.3% y-o-y to EGP 1.03 bn, according to its earnings release (pdf).

EFG Holding’s earnings went up on solid performance in investment and commercial bank arms: EFG Holding’s net income after tax and minority interest rose 24% y-o-y to EGP 395 mn in 3Q 2023, driven mainly by gains from its investment bank, EFG Hermes, and its commercial bank arm, aiBank, according to a press release (pdf). Revenues during the quarter climbed 27% y-o-y to EGP 3 bn.

Macro Pharma reported EGP 98.10 mn in net income in 9M 2023, dipping 24.2% y-o-y, according to the company’s earnings release (pdf). Its topline came in at EGP 589.5 mn, rising 13% y-o-y, which the company attributed to “improved pricing” that offset the impact of lower sales volumes.

THE BIG STORY ABROAD

MUCH HASN’T CHANGED SINCE THIS MORNING- Israel’s siege of Al Shifa hospital, the largest in Gaza, continues to lead the conversation in the international press after Israeli troops entered the hospital in what they described as a “precise and targeted operation” against Hamas. Israel and the US maintain that Hamas is using hospitals to conduct their operations and hide top brass — claims that doctors at Al Shifa vehemently deny. (Financial Times | Bloomberg | Associated Press | Washington Post | Wall Street Journal)

OVER AT THE KREMLIN- Putin is keeping an eye on the Asia-Pacific Economic Cooperation (APEC) summit today as talks between Chinese President Xi Jinping and US President Joe Biden are taking place. Given their alliance with China, Russia isn’t very keen on any agreements between their ally and the US. Russian news agencies are making sure to dim down the meeting by stressing the differences between the two, rather than mentioning the summit or Xi-Biden talks, according to CNBC.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • First a trickle, then a flood: Gas imports from Israel are set to increase to 650 mn cubic feet per day by Thursday and reach pre-war levels of 800 mn cubic feet per day towards the beginning of next week.
  • EGX-listed real estate player Palm Hills Development (PHD) will break ground on a new EGP 65 bn residential and commercial complex in Sixth of October City in June 2024.
  • Big Qatari investments incoming? Qatar will invest USD 1.5 bn into industrial projects in Egypt in 2024, a senior figure at the Egyptian Trade Ministry, Yahya Al Wathiq Billah.

?️ TOMORROW’S WEATHER- Look for a high of 27°C during the daytime before the mercury drops to 19°C in the evening, according to our favorite weather app.

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