EARNINGS WATCH-

Alexandria Minerals Oil Company’s (AMOC) bottom line rose roughly 638% in 9M 2021-2022 to EGP 762 mn, according to the company’s financials (pdf). The company’s revenues rose 72% y-o-y during the nine-month period to EGP 12.26 bn.

Credit Agricole Egypt’s bottom line rose 30% y-o-y in 1Q 2022 to EGP 491.5 mn, according to an income statement (pdf) released today. The bank generated EGP 1.37 bn in net interest income during the January-March period, up 9% from last year.

The Export Development Bank of Egypt saw its bottom line rise 139% y-o-y in 1Q 2022 to EGP 301.9 mn, the bank reported in its financials (pdf). Net interest income reached EGP 1.66 bn during the first quarter of the year, rising 20.8% y-o-y.

Abu Dhabi Islamic Bank’s (ADIB) net income rose 33.7% y-o-y in 1Q 2022 to EGP 444.30 mn, the bank’s financials (pdf) revealed. Revenues during the period also rose 23% y-o-y to EGP 2.31 bn.

MARKET ROUNDUP-

The EGX30 fell 1.4% at today’s close on turnover of EGP 733 mn (15.5% below the 90-day average). Foreign investors were net buyers. The index is down 11.8% YTD.

In the green: CIRA (+2.0%), Cleopatra Hospitals (+1.7%) and Eastern Company (+1.3%).

In the red: Ibnsina Pharma (-4.6%), EFG Hermes (-4.4%) and Credit Agricole Egypt (-3.5%).

Correction: This story was amended on 15 May 2022 to correct Credit Agricole Egypt’s net profit figure for 1Q 2022.