Back to the complete issue
Tuesday, 31 May 2022

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


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.


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%).

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.