Today: Earnings updates from Panda and Giza General Contracting, alongside key market developments and fresh news from the fertilizer sector. Let’s dive in.

🔔 EGX30 ended -1.6% by market close at 51,769 points, the EGX70 fell 0.8% to 15,596 points, and the EGX100 decreased 1.6% to reach 21,324 points.

💸 The number of transactions reached 187,255 spread across 2,122,434,663 stocks leading to a turnover of EGP 9.067 billion.

🏷️Regional investors were the only net buyers. 

📈 Top gainers for the market as a whole included Tawasoa For Factoring (+15.8%), Contact Financial Holding (+8.9), Misr Duty Free Shops (+8.3%).

📉 Top losers for the market included Tycoon Holding (-20.0%), Subscription Rights Of Aspire Capital (-8.8%), and Egyptian Arabian (Themar) Comp. For Securities&Bonds Brok (-6.2%).

⬆️ Top gainers for EGX30 were Orascom Investment Holding (+3.7%), Telecom Egypt (+0.2%), and Abu Qir Fertilizers (+0.1%).

⬇️ Top losers for EGX30 included Raya Holding (-5.1%), Egypt Aluminum (-2.9%), and Heliopolis Housing (-2.9%).

Other Important Stats: 

🧈 24K Gold reached EGP 6,695 per gram, down 2.4% day-on-day and down 14% month-on-month.

💲 The USD reached EGP 49.67 at the National Bank of Egypt.

🐮 Arab Dairy Products Co. “Panda” (ADPC) reported a sharp deterioration in first-quarter performance, with net losses rising 288% to EGP 122.9 million, according to an EGX disclosure. The weak result came alongside a steep drop in revenue, which fell to EGP 564 million from EGP 776 million as sales momentum slowed. It’s worth noting that the company’s share price dropped 4.2% following the news of its results. The decline leaves the stock down 4.9% year-to-date, though it remains up 31.4% over the past 12 months.

🏗️ Giza General Contracting (GGCC) more than doubled its bottom line during the first quarter, posting consolidated net profit of EGP 44.7 million, according to an EGX disclosure. The results mark a 109.5% year-on-year increase, reflecting a strong start to the year for the contractor. The company’s share value is down 2.1% since the beginning of 2026, despite gaining 0.7% by the end of yesterday’s session. Compared to levels recorded a year ago, the stock is up 26.1%.

In non-earnings news:

📝 Alexandria Container & Cargo Handling (ALCN) has won in-principle board approval to develop an integrated logistics zone in Alexandria, though key details like location, cost, and timeline remain undisclosed pending further technical and financial studies, according to a statement. The company, which operates two terminals handling roughly 60% of Egypt's foreign trade, is still weighing whether to develop the project directly, through a special purpose vehicle, or alongside strategic investors.

💸 New Construction Chemical and Ascom for Real Estate Investment have revised their voluntary tender offer for Alexandria Spinning & Weaving (SPIN), targeting 48.41 million shares, or 13.42% of the company’s capital (down from a 20% target), at EGP 15 per share. The offer implies a total transaction value of about EGP 726 million. If fully executed, the deal would raise the consortium’s combined stake to a maximum of 33.33%, pending approval from the Financial Regulatory Authority. It’s worth noting that SPIN’s share price ended yesterday at EGP 13.8, up 38.3% since the beginning of the year. Compared with levels recorded over the past 12 months, the stock is up 50.7%.

💹 Egypt’s parliament has approved final amendments introducing a stamp duty on stock market transactions at 0.5 per mille on both buyers and sellers, with a reduced rate of 0.25 per mille for high-frequency trading. Investment funds listed on the exchange will be exempt to avoid double taxation, as authorities seek a more balanced framework after years of shifting market tax policies.

Egypt's nitrogen fertilizer exporters have seen their post-war pricing windfall largely evaporate, with export prices falling to around USD 450 per ton from nearly USD 900 in April, according to sources who spoke to Al Arabiya.

A sharp correction:

Prices have largely returned to normal levels after the rally triggered by the Iran conflict, as major buyers in Europe and the US pulled back after front-loading purchases during the price spike, a source at a state-owned producer said.

Despite the correction, prices remain roughly 10% above pre-crisis levels. However, the decline is weighing on export sales, particularly as a USD 90-per-ton export levy imposed in May remains in force.

The levy now represents a significantly larger share of realized selling prices than it did when export markets were trading near their highs, adding further pressure to margins.

A promising tender meets a weaker market:

The downturn comes only weeks after Egyptian suppliers secured roughly 330,000-350,000 tons, or around 15%, of a major 2.5-million-ton Indian urea tender.

Abu Qir Fertilizers (ABUK), Mopco (MFPC), and Egyptian Fertilizers were expected to account for the bulk of those volumes, while AlexFert, Helwan Fertilizers, and Egyptian Chemical Industries "Kima" (EGCH) secured the remainder.

Since then, market conditions have weakened sharply. Abu Qir Chairman Hany Dahy recently told Asharq Business that global fertilizer prices have fallen by around 50%, driven by stronger competition from Asian suppliers, particularly China.

According to Dahy, Egyptian producers secured a "good" share of the Indian tender at prices above USD 800 per ton, but increased competition later pushed prices down to around USD 500 per ton.

Factories pivot to storage and the domestic market:

The export slump has prompted some producers to redirect more output to the domestic market, while others are stockpiling production in anticipation of stronger demand from Europe and the Americas later this year.

One state-owned producer increased its allocation for unsubsidized domestic sales to 20% of output from 10% to offset weaker export demand.

Domestic prices feel it too:

Domestic prices have followed the global trend lower. Government-supervised auction prices fell to EGP 23,000-24,000 per ton last week, down from roughly EGP 27,000 in early June and EGP 33,000 at April's peak.

A government source said current prices barely cover production costs but remain more attractive than some export contracts given weaker international prices and the continued export levy.

Since June, the government has replaced minimum-bid auctions for unsubsidized fertilizer volumes with pre-set prices based on global fertilizer prices, natural gas costs, and domestic production expenses.

What investors are watching:

For listed producers such as Abu Qir Fertilizers and Mopco, the key question is whether export demand rebounds during the autumn planting season and whether global fertilizer prices can stabilize after the sharp correction of the past two months.

International prices, the future of Egypt's export levy, and natural gas availability are likely to remain the main drivers of earnings expectations for the sector in the coming quarters.

Dates to keep an eye out for

Today:

Abu Qir Fertilizers - distribution date for EGP 1.30  per share. The record date was April 19th.

National Housing for Professional Syndicates - record date for EGP 1.75 per share. The distribution date is June 29.

The United Bank - distribution date for EGP 0.75 per share. The record date was June 21.

EFG Holding - record date for EGP 0.278 per share. The distribution date is June 29.

Kafr El Zayat Pesticides - record date for 0.2 bonus shares per original share. The distribution date is 25 June.

Suez Canal Company for Technology Settling - record date for EGP 13 per share. The distribution date is June 29.

E-Finance - record date for EGP 0.119 per share. The distribution date is June 29.

Al Shams Housing and Urbanization - record date for EGP 0.050 per share. The distribution date is June 29.

28 June:

Eastern Company - distribution date for EGP 0.45 per share. The record date was May 20th.

29 June:

Misr Cement - distribution date for EGP 5 per share. The record date was April 22nd.

⛽The UAE’s Dana Gas reported a major drilling success in Egypt, upgrading reserves at its Nile Delta well to around 10 billion cubic feet, more than triple initial estimates, with further upside of up to 12 billion cubic feet, according to a government release. The company is also advancing a USD 100 million investment program in Egypt and plans to drill four additional wells by end-2026. The discovery supports Egypt’s drive to boost domestic gas output and cut LNG imports, amid improving payment conditions and a fully settled arrears position with foreign energy firms.

💵 The World Bank is planning a USD 150 million investment to help establish Egypt’s Infrastructure Guarantee Facility, a USD 520 million platform designed to attract private capital. The mechanism will provide credit and termination guarantees to lower project risk, particularly in energy, water, and utilities, helping reduce dependence on sovereign guarantees and unlock long-term infrastructure funding.

💰 Egypt plans to issue EGP 15.3 billion in sovereign sukuk next month as part of a decade-long framework to settle legacy obligations with the National Investment Bank, Asharq quotes government sources as saying.The broader arrangement restructures over EGP 120 billion in historical debt through phased repayments and asset transfers, helping ease balance sheet pressures while gradually shifting liabilities onto the state budget in a controlled manner.