Earnings watch: AMOC, ADCB Egypt
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.
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%).