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Tuesday, 31 May 2022

Earnings watch: Telecom Egypt, Orascom Financial Holding, B Investments report 1Q2022 results

EARNINGS WATCH-

Telecom Egypt’s 1Q2022 net income declined 36% y-o-y to EGP 1.40 bn, according to the company’s earnings release (pdf). The telecom company’s normalized net income — which excludes Vodafone Egypt’s one-offs, the effect of the rising FX rate, provisions, and impairments — came in at EGP 1.7 bn, staying flat y-o-y. Revenues for the quarter rose 12% y-o-y to record EGP 9.4 bn.

Orascom Financial Holding reported EGP 27.43 mn in 1Q2022 net income, rising 41.5% y-o-y, according to the company’s financials (pdf). Revenues rose 37.6% to EGP 104.93 mn.

B Investments’ net income dropped 55.9% y-o-y in 1Q2022 to EGP 22.31 mn, according to a disclosure to the bourse.


MARKET ROUNDUP-

The EGX30 rose 0.4% at today’s close on turnover of EGP 1.5 bn (44.4% above the 90-day average). Foreign investors were net buyers. The index is down 15.1% YTD.

In the green: E-finance (+4.1%), Abu Qir Fertilizers (+3.1%) and Ezz Steel (+2.8%).

In the red: Palm Hills Development (-9.4%), Cleopatra Hospital (-6.4%) and Heliopolis Housing (-4.3%).

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