Today: We have the latest on a major project Talaat Moustafa Group is undertaking in Iraq + we have the latest financial results from Juhayna, Emaar Misr, and a lot of other big EGX players. Let's dive in.

🔔 EGX30 ended +0.4% by market close yesterday at 52,853 points, the EGX70 rose 2.1% to 14,958 points, and the EGX100 rose 2.1% to reach 20,906 points.

💸 The number of transactions reached 206,229 spread across 2,314,942,968 stocks leading to a turnover of EGP 9.786 billion.

🏷️ International investors were the only net sellers. 

📈 Top gainers for the market as a whole included Arab Valves Company (+16.1%), Emaar Misr (+12.2%), El Shams Housing & Urbanization (+11.7%).

📉 Top losers for the market included El Ahram Co. For Printing And Packing (-3.5%), Abu Qir Fertilizers (-2.8%), and Gogreen for Agricultural Investment (-2.6%).

⬆️ Top gainers for EGX30 included Emaar Misr (+12.2%), Qalaa Holdings (+6.3%), and Palm Hills Developments (+5.2%).

⬇️ Top losers for EGX30 included Abu Qir Fertilizers (-2.8%), Eastern Company (-2.2%), and E-finance (-1.1%).

Other Important Stats: 

🧈 24K Gold reached EGP  7,734 per gram, up 0.7% day-on-day but down 2.9% month-on-month.

💲 The USD reached EGP 51.97 at the National Bank of Egypt.

Talaat Moustafa Group (TMGH) expects to generate around USD 18.8 billion in sales from a large-scale mixed-use development in Iraq after securing an investment license and land allocation for the project in Baghdad, according to a company statement.

The Egyptian developer said its subsidiary, Talaat Moustafa Baghdad, received approval from Iraq’s National Investment Commission to develop an integrated urban community spanning more than 12.8 million square meters in southwest Baghdad.

The project will be located within Baghdad’s Financial and Economic City near major administrative districts and Baghdad International Airport. It is planned to include around 43,000 residential units capable of accommodating nearly 250,000 residents, alongside commercial, hospitality, healthcare, educational, and entertainment facilities.

TMGH said the master plan includes roughly 2.3 million square meters of non-residential built-up area, including a regional mall, office space, hotels, sports and social facilities, parks, and green areas. The company expects the project to generate around USD 108 million in recurring annual revenues from leasing and hospitality assets once completed.

The development is expected to take around 16 years to complete, while full sell-out is projected within 12 years. TMGH estimates the project will achieve an overall gross margin of around 20%.

From memorandum to market entry:

The Iraq expansion follows a memorandum of understanding signed in May 2025 between TMGH and Iraq’s National Investment Commission to explore the development of a large-scale integrated city in Baghdad. At the time, the company cited rising housing demand and limited supply of quality residential developments as key drivers behind the move.

Gulf expansion gains momentum:

The Baghdad project forms part of TMGH’s broader regional expansion strategy, which has accelerated over the past year through projects in Saudi Arabia and Oman.

In late 2025, the company launched two major developments in Oman — “Jood” in Sultan Haitham City and the coastal “Yamal” project overlooking the Gulf of Oman — with combined investments exceeding USD 5 billion and around 15,000 planned residential units.

TMGH has said it aims to replicate its integrated-community model across regional markets, targeting more than 1.5 million residents across its developments in Egypt, Saudi Arabia, Oman, and Iraq by 2030.

Regional projects start contributing:

The regional expansion is also beginning to contribute financially. During the first quarter of 2026, TMGH’s Saudi project “Benan” generated EGP 3.3 billion in sales, while its Oman projects recorded combined sales of nearly EGP 900 million.

TMGH reported net profit of EGP 5.5 billion in Q1 2026, up 24% year-on-year, while revenues rose 39% to EGP 13.1 billion, supported by growth across real estate, hospitality, and recurring-income activities.

Land bank expands beyond Egypt:

Following the Iraq allocation, the group’s total land bank increased to around 128 million square meters from 115 million square meters previously. The company estimates the Baghdad project adds approximately USD 3.58 billion in value to its land portfolio.

TMGH’s land bank across Gulf markets has now reached around 28 million square meters, supporting the group’s strategy to diversify foreign-currency revenues and expand recurring income streams outside Egypt.

Recent stock performance:

Talaat Moustafa Group, which carries the second-largest weight in the EGX30 index at 11.3%, has seen a strong start to 2026, with its share price rising 20.8% year-to-date. The stock is up 76.2% compared to levels recorded a year ago.

Juhayna Food Industries (JUFO) reported net profit of EGP 669 million in the first quarter of 2026, up 4% year-on-year from EGP 642 million, according to its latest earnings release. The growth was supported by broad-based expansion across its core business segments, particularly a strong Ramadan-driven performance in fermented products.

Net revenues rose 26% year-on-year to EGP 8.6 billion in 1Q26 from EGP 6.8 billion a year earlier, driven by double-digit volume growth across the dairy, fermented products, and juice segments. 

Segment performance during the quarter was as follows:

Dairy revenues increased 16% year-on-year to EGP 3.99 billion.

Fermented products revenues surged 56% to EGP 1.79 billion.

Juice revenues climbed 30% to EGP 1.17 billion.

Concentrates and agri revenues declined 44% to EGP 374 million.

Third-party distribution revenues rose 258% to EGP 21 million.

Exports:

Exports generated EGP 421 million during the quarter, accounting for 5% of total revenues compared with 9% in 1Q25. In dollar terms, exports declined 27% year-on-year to USD 8.7 million, mainly due to weaker concentrates exports amid softer global pricing and a more cautious market approach.

Juhayna currently exports to around 64 countries and is targeting total exports of USD 100 million by the end of 2026, implying expected growth of roughly 30% year-on-year.

On the expansion front:

Juhayna said it continues to execute its strategic CAPEX program approved in 2024, with EGP 580 million invested as of the first quarter to strengthen manufacturing and distribution capabilities. The investments were partially financed through bank borrowing, contributing to an 11% year-to-date increase in net debt to EGP 6.6 billion from EGP 6.0 billion.

The company also recently said that it plans to convert its seasonal Assiut factory into a fully operational facility as part of efforts to expand milk production capacity.

Recent stock performance:

The company has seen a good start to the year, with its share price rising 14.4% since the beginning of 2026 after gaining 3.2% by the end of yesterday’s session. Compared to levels recorded a year ago, the firm’s share value is up 31.7%

🏗️ Real estate company Emaar Misr (EMFD) reported a 133.4% year-on-year increase in Q1 2026 net profit to EGP 7.77 billion, according to its latest financial results. Revenue rose to EGP 6.76 billion during the quarter, up from EGP 5.91 billion in the same period last year. It’s worth noting that the company’s share value rose 12.2% by the end of yesterday’s session following the news to become the EGX30’s top gainer. This makes its share value up 21.4% since the beginning of 2026, and up 21.7% compared to levels recorded a year ago.

🧱 Arabian Cement Company (ARCC) reported a 59.8% year-on-year increase in Q1 2026 net profit to EGP 943.1 million, according to its latest financial results. Revenue rose to EGP 2.99 billion during the quarter, up from EGP 2.55 billion in the same period last year. The company has seen a good start to the year, with its share price rising 14.9% since the beginning of 2026 after gaining 4.6% by the end of yesterday’s session. Compared to levels recorded a year ago, the firm’s share value is up 95.0%

📉 Investment company Act Financial (ACTF) reported a net loss of EGP 513.9 million in Q1 2026, compared to a net profit of EGP 419 million in the same period last year, according to its latest financial results. Revenue declined to EGP 457.6 million during the quarter from EGP 554.7 million a year earlier. The company’s share value is almost unchanged since the beginning of 2026 (down a marginal 0.7%) despite gaining 1.8% by the end of yesterday’s session. Compared to levels recorded a year ago, the company’s share price is down 7.9%/

🏘️ Egyptian Resorts Company (EGTS) reported a net loss of EGP 120 million in 2025, compared to a net profit of EGP 351.1 million in 2024, according to its latest financial results. Revenue declined to EGP 714.6 million during the year from EGP 1.24 billion in the previous year. The company’s share price rose 8.2% yesterday. It has also seen a great start to the year, with its share price up 159.6% since the beginning of 2026. Compared to levels recorded 12 months ago, its share value is up 159%.

🏭 South Valley Cement (SVCE) reported a net profit of EGP 169.8 million in 2025, compared to a net loss of EGP 382.9 million in 2024, according to its latest financial results. Cement sales revenue rose to EGP 3.19 billion during the year from EGP 1.68 billion in 2024. The company has seen a good start to the year, with its share price rising 29.4% since the beginning of 2026 after gaining 4.2% by the end of yesterday’s session. Compared to levels recorded a year ago, the firm’s share value is up 139.2%

Tomorrow:

Rameda - distribution date for EGP 0.030 per share. The record date was May 31.

June 4:

Elsewedy Electric - distribution date for EGP 1.85 per share. The record date was June 1st.

💸 Egypt’s remittance inflows climbed sharply during the first nine months of FY2025/2026, with Egyptians abroad sending home USD 34.9 billion, up 32% year-on-year from USD 26.4 billion. March alone brought in roughly USD 5.5 billion, according to the Central Bank, signaling continued strength in foreign currency inflows despite regional tensions.

🌬️ China’s equipment manufacturer Sany Group is planning to invest more than USD 300 million to establish Egypt’s first wind turbine manufacturing plant in the Suez Canal Economic Zone, Asharq reported, citing a government official. Part of the facility’s initial output is expected to supply a planned 1,000-megawatt wind project in the Gulf of Suez as Egypt pushes to localize renewable energy manufacturing and reduce import dependence. The project also aligns with Egypt’s target of increasing the share of renewables in its electricity mix to more than 42% by 2030 and above 60% by 2040.

🏛️ Egypt’s government has approved a draft law imposing a 5% levy on the net profits of fully state-owned companies as part of efforts to broaden public revenue sources, EnterpriseAM reported, citing a cabinet source. Firms in which the state owns more than one-third of capital would face a 4% levy, while some entities may qualify for exemptions subject to government approval.