The earnings season is in full swing, with more players out with their 1Q earnings.

EGYPT KUWAIT HOLDING SEES NORMALISED NET INCOME RISE IN 1Q-

Our friends at Egypt Kuwait Holding (EKH) saw their attributable net income increase 44% y-o-y in 1Q 2025, coming in at USD 34.1 mn, according to the company’s latest earnings release (pdf). Revenues inched up 1% y-o-y during the same period to USD 195 mn, which the company said represents “recovering volumes and upward trending global urea prices, as well as operational growth across most segments.”

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But it’s a very different picture when taking into account 1Q 2024 FX gains, with the EGP float in March 2024 pushing annual comparisons into the red. The USD 39.0 mn in FX gains recorded in the first quarter of the previous year pushed net income down 12.6% y-o-y in the first three months of 2025.

Looking ahead: “Our upcoming corporate rebrand will go beyond a mere change in visual identity; rather, it will reflect our shift towards a more agile, global investment company, better positioned to scale proven platforms across borders. We continue to optimize our organisation to render it fit for purpose as well as invest in our people, equipping them with the necessary tools and frameworks to consistently deliver exceptional results. As we look ahead, we remain focused on executing with discipline, investing for growth, and accelerating our transformation,” CEO Jon Rokk said in an accompanying statement (pdf).

TMG SEES HOSPITALITY DRIVE GROWTH IN 1Q-

Talaat Moustafa Group (TMG) saw its revenues rise 38.8% y-o-y in 1Q 2025 to EGP 9.4 bn, according to the EGX-listed company’s most recent financials (pdf). During the same period, the real estate giant’s net income rose 6.9% y-o-y to EGP 4.4 bn.

Hospitality was a big driver of revenue growth, increasing by half to EGP 3.5 bn and accounting for approximately 37.1% of the group’s total revenue by our math. Revenues from recurring income activities and service-related operations — think malls, sporting clubs, utilities, contracting, and other services — notched a 116.0% y-o-y increase to EGP 2.1 bn and accounted for 22.3% of the quarter’s total revenue.

Real estate sales were up 24.9% y-o-y in the quarter, reaching EGP 77.2 bn despite the lack of any new launches over the three-month period, the company noted.

RAYA HOLDING REPORTS STRONG 1Q RESULTS-

Raya Holding for Financial Investments saw a 12% y-o-y increase in its net income to EGP 370 mn in 1Q 2025, according to its earnings (pdf). The group’s revenues for the period saw a 24% y-o-y rise to reach EGP 12.9 bn, of which around 32% came from foreign currency sources. The results reflect a “significant growth across all sectors and reinforcing its position as a leader in the Egyptian market.”

The breakdown: The retail and distribution segment remained the largest contributor to revenues with EGP 5.4 bn, up 3% y-o-y. The group’s technology and infrastructure sector came in second with EGP 3.5 bn in revenues, marking a 40.4% y-o-y increase. Raya’s NBFS business recorded revenues of EGP 1.7 bn during the period, up 35.2% y-o-y. The manufacturing segment recorded EGP 1 bn in revenues (up 81% y-o-y) — Raya Auto recorded EGP 338 mn in revenues and Raya Foods EGP 530 mn.

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