A good year for Fertiglobe: The MENA fertilizers firm — a joint venture between Adnoc and the Sawiris-owned OCI — saw its full year adjusted net income rise 75% y-o-y to USD 1.3 bn in 2022, the company said in a statement (pdf), on the back of higher selling prices amid the Russia-Ukraine conflict. Adjusted EBITDA was up 59% to USD 2.5 bn. Revenues were up by half to register USD 5 bn.

Fertilizer prices are cooling: Fertiglobe’s revenues fell 11% y-o-y to USD 1.1 bn in 4Q 2022, while adjusted EBITDA was down 27% y-o-y to USD 427 mn, on the back of lower urea prices and plant turnarounds in the UAE and Egypt.

Fertiglobe will pay out dividends of USD 700 mn for the second half of 2022,, bringing total dividends for the full year to USD 1.45 bn.

And for Emaar Properties: Dubai’s largest listed real estate company posted an 80% y-o-y rise in net income to AED 6.8 bn in 2022, a press release (pdf) showed. Revenues were up 11% to AED 24.9 bn on the back of a stronger Dubai property market and a rebound in global tourism. Property sales hit a record AED 35.1 bn thanks to new project launches.

Emaar is “seriously looking at” potential new investments in Egypt, company chairman and founder Mohamed Alabbar told Al Arabiya TV in an interview (watch, runtime: 11:59.) He acknowledged “tough economic conditions” in the country but said now was an ideal time to invest, noting that Emaar has set aside some AED 1 bn in contingencies, in part to account for currency fluctuations in Egypt and Turkey.

	EGX30	17,523	+0.5% (YTD: +20.0%)
	USD (CBE)	Buy 30.52	Sell 30.62
	USD at CIB	Buy 30.52	Sell 30.62
	Interest rates CBE	16.25% deposit	17.25% lending
	Tadawul	10,573	+0.7% (YTD: +0.9%)
	ADX	9,990	-0.3% (YTD: -2.2%)
	DFM	3,464	+0.1% (YTD: +3.8%)
	S&P 500	4,148	+0.3% (YTD: +8.0%)
	FTSE 100	7,998	+0.6% (YTD: +7.3%)
	Euro Stoxx 50	4,280	+1.0% (YTD: +12.8%)
	Brent crude	USD 85.38	-0.2%
	Natural gas (Nymex)	USD 2.46	-0.6%
	Gold	USD 1,845.00	-0.0%
	BTC	USD 24,587	+11.0% (YTD: +48.8%)

THE CLOSING BELL-

The EGX30 rose 0.5% at yesterday’s close on turnover of EGP 2.67 bn (40% above the 90-day average). Foreign investors were net sellers. The index is up 20.0% YTD.

In the green: Credit Agricole Egypt (+6.4%), Sidi Kerir Petrochemicals (+6.2%) and Juhayna (+5.1%).

In the red: Talaat Moustafa Holding (-2.1%), MOPCO (-2.1%) and Taleem Management Services (-1.4%).

Asian markets are in the green across the board in early trading this morning and futures suggest a similarly sunny outlook for European and US markets when they open later on today.