EARNINGS WATCH-

Prime Holdings widened its losses 132% y-o-y, achieving net losses of EGP 56.6 mn in 2021, compared to EGP 24.5 mn in 2020, according to a financial statement (pdf). The company’s revenues rose to EGP 100.4 mn in 2021, up 27.4% y-o-y.

Arabian Cement returned to the black in 2021, achieving a bottom line of EGP 34.2 mn during the year, compared to losses of EGP 122.8 mn in 2020, according to the company’s earnings (pdf). Sales revenues were essentially flat y-o-y, recording EGP 2.44 bn in 2021.

Egyptian Financial and Industrial (EFIC) saw its bottom line rise 139.5% y-o-y in 2021 to EGP 304.2 mn, according to the company’s financials (pdf). EFIC’s sales increased 100% y-o-y to EGP 2.8 bn.

MARKET ROUNDUP-

The EGX30 fell 0.3% at today’s close on turnover of EGP 799 mn (20.8% below the 90-day average). Foreign investors were net sellers. The index is down 6.8% YTD.

In the green: Fawry (+5.3%), Eastern Company (+2.9%) and e-Finance (+2.0%).

In the red: Orascom Development Egypt (-4.8%), Heliopolis Housing (-4.4%) and Palm Hills Development (-2.8%).