EARNINGS WATCH- Speed Medical’s net income rose 71.4% y-o-y in 2021, to record EGP 136.10 mn, according to the company's financial statement (pdf). The company’s revenues rose 110% y-o-y to EGP 365.2 mn.

MARKET NEWS- Egytrans is planning on spinning off several of its key business units as part of its restructuring plan following an approval of the plan by the company’s board, according to a bourse filing (pdf) today. The move would allow these units, who will remain subsidiaries of Egytrans, more flexibility when it comes to things like expanding abroad, acquisition and potentially listing these subsidiaries, the filing reads.

MARKET ROUNDUP-

The EGX30 rose less than 0.1% at today’s close on turnover of EGP 705 mn (32% below the 90-day average). Foreign investors were net sellers. The index is down 3.2% YTD.

In the green: Credit Agricole Egypt (+4.0%), Oriental Weavers (+1.7%) and Heliopolis Housing (+1.5%).

In the red: Rameda (-3.6%), Ibnsina Pharma (-1.9%) and Elsewedy Electric (-1.9%).