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Tuesday, 28 June 2022

Speed Medical’s bottom line falls to the red

EARNINGS WATCH- Speed Medical was in the red in 1Q2022, recording net losses of EGP 38.8 mn — a 233% y-o-y fall from gains of EGP 29.14 mn in 1Q2021, according to the company’s financials (pdf). Revenues stayed nearly flat y-o-y, rising slightly to EGP 68.7 mn in 1Q2022 compared to EGP 65.37 mn during the same quarter last year.


The EGX30 fell 0.8% at today’s close on turnover of EGP 861 mn (3.9% above the 90-day average). Local investors were net buyers. The index is down 23.2% YTD.

In the green: GB Auto (+5.4%), Orascom Development Egypt (+3.4%) and Heliopolis Housing (+2.3%).

In the red: Elsewedy Electric (-6.3%), Ezz Steel (-5.5%) and Sidi Kerir Petrochemicals (-5.1%).

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