Back to the complete issue
Sunday, 13 February 2022

Earnings watch: AMOC, ADCB Egypt

EARNINGS WATCH-

Alexandria Minerals and Oil Company (AMOC) recorded EGP 407.5 mn in net income in 2H2021, compared to EGP 42.6 mn during the same quarter last year, according to the company’s earnings (pdf). This came on the back of sales growing by two-thirds to EGP 7.1 bn.

Abu Dhabi Commercial Bank Egypt reported a 45% y-o-y increase to its bottom line in FY2021, bringing in EGP 710 mn, according to an official statement. The bank said its net assets increased by 41% y-o-y, reaching EGP 48.4 bn.

MARKET ROUNDUP-

The EGX30 fell 1.2% at today’s close on turnover of EGP 797 mn (23.8% below the 90-day average). Local investors were net buyers. The index is down 4.3% YTD.

In the green: TMG Holding (+2.7%), GB Auto (+2.5%) and Qalaa Holdings (+1.3%).

In the red: Rameda (-5.6%), Palm Hills Development (-4.8%) and Housing and Development Bank (-4.6%).

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.