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Monday, 14 November 2022

It’s earnings season: Credit Agricole, ADIB, Telecom Egypt, Abu Qir, AMOC, TMG

EARNINGS WATCH-

Credit Agricole Egypt’s net income after tax rose 37.4% y-o-y in 9M 2022 to EGP 1.6 bn, according to its financial statement (pdf). The bank’s net interest income rose 15% y-o-y to EGP 4.4 bn during the period.

Abu Dhabi Islamic Bank Egypt’s (ADIB) net income rose 49% to EGP 1.5 bn in 9M 2022, according to its financial statement (pdf). The bank’s revenues rose 35% y-o-y to EGP 4.07 bn, while its net interest income rose 32% to EGP 3.43 bn.

Telecom Egypt’s 9M 2022 net income was essentially flat y-o-y at EGP 6.2 bn, while its normalized bottom line for the period (excluding one-offs — Vodafone reversals, provisions, and FX impacts) rose 25% y-o-y to EGP 7.1 bn, according to its earnings release (pdf). The company’s consolidated revenues rose to EGP 32.3 bn, up 22% y-o-y.

Abu Qir Fertilizers and Chemical Industries’ net income rose to EGP 2.8 bn in 3Q 2022, up 115% y-o-y, according to its financial statements (pdf). The company’s revenues surged to 80% y-o-y to EGP 4.8 bn.

Alexandria Mineral Oil Company’s (AMOC) bottom line rose 74% y-o-y in 3Q 2022 to register EGP 398.6 mn, according to its financial statement (pdf). The company’s top line rose 60% y-o-y to EGP 6.0 bn.

Talaat Moustafa Holding’s bottom line rose 15% y-o-y in 9M2022 to register EGP 1.97 bn, according to its earnings release (pdf). The company’s top line rose 23% y-o-y to EGP 13.9 bn.


MARKET ROUNDUP-

The EGX30 rose 1.3% at today’s close on turnover of EGP 3.05 bn (63.3% above the 90-day average). Local investors were net buyers. The index is up 1.6% YTD.

In the green: Fawry (+6.6%), Eastern Company (+3.6%) and Palm Hills Development (+3.6%).

In the red: Oriental Weavers (-5.3%), CIRA (-3.4%) and GB Auto (-2.7%).

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