Valu sees net income surge 78% as it enters Jordan

Financing platform Valu saw its net income surge 78% y-o-y in 1Q 2026 to EGP 221 mn, according to the platform’s latest earnings release (pdf). The bottom-line growth was supported by a 40% y-o-y rise in gross revenues to EGP 1.52 bn.

Valu entered Jordan in 1Q 2026 with a soft launch of one operational branch and c.15 onboarded merchants, CEO Walid Hassouna tells EnterpriseAM. To fund the rollout, the platform secured USD 10 mn in bank approvals from local lenders, including Bank al Etihad and Capital Bank, alongside some USD 7 mn already deployed in equity over the past six months. “[Jordan] is a very scalable market, and we’re the only player with this type of license,” he says.

Transaction volumes increased 49% y-o-y to 2.53 mn. Valu has moved well beyond big-ticket purchases and into routine spending with average tickets going very low, Hassouna says. The average customer now uses the app eight times a year and the company wants to increase that figure to 12, he adds.

Risk management over raw growth: Despite the income surge, Valu pulled its total approval rate down to 42.1% in 1Q 2026, from 54.3% a year earlier. The company chose to “tighten risk” rather than pursue volume, even as the broader market grew 50%, Hassouna says. Loan tenor was also shortened to 16 months from 19, improving liquidity rotation and reducing long-term interest rate exposure.

What’s next: While the core “U” product’s share of the mix slipped to 56%, newer verticals are where Hassouna sees a runway for growth. Earlier this month, Valu secured Financial Regulatory Authority approval to set up a dedicated SME financing subsidiary and Hassouna says the group is considering pursuing SME lending in Jordan as well. Meanwhile, the group’s auto loan product Shift is expected to see an increase in its current 31% y-o-y growth pace. The goal is to generate several offerings to absorb any shock, he says.

Raya Holding

Investment conglomerate Raya Holding saw group revenues climb 22.8% y-o-y to EGP 15.8 bn during 1Q 2026, according to the company’s latest earnings release (pdf), while net income after minority interest rose 3.7% y-o-y to EGP 384 mn.

Foreign currency-denominated revenues climbed 12.9% y-o-y to EGP 4.7 bn, making up nearly 30% of the group’s total top line. This diversification was heavily supported by Raya Customer Experience (RCX), which saw revenues rise 34.7% y-o-y to EGP 855 mn, with its predominantly USD-denominated offshore operations accounting for nearly 71% of its business.

The other three of the group’s “big four” subsidiaries are also delivering robust growth and improved margins:

• Raya Trade remained the top revenue generator, contributing EGP 6.8 bn (up 42.2% y-o-y) on the back of strong consumer electronics sales.
• Fintech arm Aman Holding saw its revenues jump 46.7% y-o-y to EGP 2.5 bn, driven by its entry into Saudi Arabia and the rollout of new micro-lending products.
• Raya Information Technology (RIT) saw a slight 1.7% dip in revenues to EGP 3.4 bn, but its net income surged by 61.6% y-o-y as the sector shifted toward high-margin managed services and enterprise solutions.

Orascom Construction

Orascom Construction reported a sharp rise in first-quarter earnings, helped by robust growth in its US operations and a steady flow of infrastructure and industrial work across Egypt and the Gulf, according to an earnings release (pdf). Net income more than doubled to USD 53.4 mn in 1Q 2026, up 112.7% y-o-y, while revenue rose 73.2% to USD 1.5 bn.

The firm’s US business saw the biggest jump in revenues during the quarter, rising 120% y-o-y to USD 723.5 mn. Orascom attributed the performance to growing exposure to “specialized sectors,” including data centers, aviation, and advanced manufacturing. Its US backlog reached a record USD 2.9 bn as of March-end, more than doubling y-o-y.

The backlog: Its MEA backlog stood at USD 6.5 bn, with the group booking USD 1.2 bn in new awards during the quarter, led by infrastructure work in Egypt, the UAE, Saudi Arabia. Its MEA segment had the largest share of revenues at USD 744.9 mn, up 43.6% y-o-y.

Fawry

EGX-listed fintech giant Fawry saw its net income climb 23.8% y-o-y in 1Q 2026 to around EGP 749.3 mn, according to its latest earnings release (pdf). Its top line surged 34.3% y-o-y during the three-month period to EGP 2.4 bn on the back of “robust” growth across all business units.

Breaking it down: Financial services was the primary growth driver, with revenues surging 73.9% y-o-y to EGP 800.5 mn — the segment contributed more than half of overall top-line growth thanks to Fawry’s neobanking push. Revenues from banking services were up 29.8% y-o-y to EGP 924.1 mn, backed by growth in agent banking and acceptance segments. Alternative Digital Payments saw a more modest increase in revenues, which were up 2.3% to EGP 472.4 mn.