The EGX30 fell 1.1% at today’s close on turnover of EGP 997 mn (32.6% below the 90-day average). Local investors were net sellers. The index is up 2.1% YTD.

In the green: Orascom Investment (+2.7%), Palm Hills Development (+1.9%) and Sidi Kerir (+1.6%).

In the red: CI Capital (-9.6%), Cleopatra (-3.0%) and Fawry (-3.0%).

EARNING WATCH- EFG Hermes reported a net profit after tax and minority interest of EGP 1.3 bn in FY2020, down 5% y-o-y from just under EGP 1.4 bn in 2019, the investment bank said in its earnings release (pdf). The slight dip reflected a deferred tax expense, as opposed to a tax gain in the comparative period.

Revenues for the year were up 12% y-o-y to EGP 5.45 bn from EGP 4.85 bn in 2019, with the topline surpassing a EGP 5 bn milestone as the group posted a strong performance from the buy-side, non-banking financial services (NBFIs), and capital markets. Revenue figures show “resilient top-line growth … amid [a] very challenging operating environment with the outbreak of the coronavirus and its subsequent impact on economies,” EFG said. It’s the third year running that the firm has grown its top line.

Looking ahead: “We’re optimistic about the group’s outlook, having already witnessed the positive impacts of recovering capital markets on our operations in the new year, which help us deliver on our commitment to maximizing value for all our stakeholders, be that in terms of returns, employee engagement, or community development,” Group CEO Karim Awad said (pdf).