Back to the complete issue
Sunday, 12 March 2023

Earnings watch: CI Capital + Raya Holding


CI Capital reported EGP 796 mn in net income after tax and minority interest in 2022, rising 17% y-o-y. the company said in an earnings release (pdf). The group saw record revenues of EGP 3.9 bn during the year, up 9% y-o-y on a non-adjusted basis and up 37% y-o-y after normalizing for one-offs in 2021. The group’s investment bank “had another solid year having advised on multiple high-profile transactions across the ECM, DCM, and M&A space,” with investment banking revenues coming in at EGP 85 mn during the year.

Raya Holding’s net income dropped 22.6% y-o-y in 2022 to EGP 419 mn, according to the company’s financial statements (pdf). Revenues were up 21.1% y-o-y during the year to post EGP 20.4 bn.


The EGX30 fell 3.1% at today’s close on turnover of EGP 1.8 bn (11% above the 90-day average). Local investors were net buyers. The index is up 9.2% YTD.

In the green: Egypt Kuwait Holding (+0.7%).

In the red: e-Finance (-7.8%), GB Auto (-7.7%) and Ezz Steel (-7.3%).

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.