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Sunday, 19 June 2022

Earnings watch: OIH

EARNINGS WATCH-

Orascom Investment Holding turned to the black in 1Q2022 to report EGP 86.5 mn after reporting a loss of EGP 31 mn in the same quarter last year, the company’s financials (pdf) for the quarter showed. Operating revenues rose 51% to EGP 8 mn in the first quarter, compared to EGP 5.3 mn in the corresponding period last year.

MARKET ROUNDUP-

The EGX30 fell 1.4% at today’s close on turnover of EGP 431 mn (48.7% below the 90-day average). Foreign investors were net sellers. The index is down 18.6% YTD.

In the green: Abu Dhabi Islamic Bank Egypt (+3.5%), Cleopatra Hospitals (+2.3%) and Housing and Development Bank (+0.5%).

In the red: Qalaa Holdings (-4.7%), GB Auto (-4.5%) and MM Group (-4.2%).

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