Today: We have the latest financial results from Elsewedy, e-Finance, Orascom Development, and other big EGX players. We also have expansion news from CIB, which plans to launch a digital bank in Q4 & IPO news from Korra Energi. Let’s jump in.

🔔 EGX30 ended -1.2% by market close at 53,416 points, the EGX70 rose 0.9% to 15,069 points, and the EGX100 rose 0.6% to reach 20,942 points.

💸 The number of transactions reached 257,604 spread across 2,870,402,096 stocks leading to a turnover of EGP 12.814 bn.

🏷️ Local investors were the only net buyers.

📈 Top gainers for the market as a whole included Ismailia Development and Real Estate Co (+20.0%), Creast Mark For Contracting And Real Estate Development (+9.6%), and Amer Group Holding (+9.0%).

📉 Top losers for the market included Catalyst Partners Middle East (-20.0%), Gogreen for Agricultural Investment (-5.2%), and Remco for Touristic Villages Construction (-4.6%).

⬆️ Top gainers for EGX30 included Egypt Aluminum (+6.6%), ADIB (+4.4%), and Orascom Construction (+2.6%).

⬇️ Top losers included CIB (-2.5%), E-Finance (-2.0%), and Telecom Egypt (-1.9%).

Other Important Stats: 

🧈 24K Gold reached EGP 7,987 per gram, down 0.6% day-on-day and down 1.3% month-on-month.

💲 The USD reached EGP 52.87 at the National Bank of Egypt.

Elsewedy Electric (SWDY) posted Q1 2026 net profit of EGP 4.8 bn, up 16.9% YoY, as consolidated revenues climbed 26.8% to EGP 75.3 bn, supported by broad-based growth across all business lines, FX translation gains, and stronger pricing, according to its latest earnings release.

The details:

Cables and accessories remained the group’s largest revenue contributor, generating EGP 45.4 bn (+25.8% YoY), while the engineering and construction segment brought in EGP 18.3 bn (+18.7% YoY) on the back of project execution in local and international markets.

Meanwhile, Digital Solutions was among the fastest-growing divisions, with revenues surging 64.8% YoY to EGP 6 bn amid stronger meter sales volumes. Infrastructure Investments more than doubled revenues to EGP 1.5 bn, while maintaining gross margins above 50%.

Remember, the company is expanding in Europe:

In February, CIB (COMI) provided a EUR 58 mn loan to Elsewedy Electric to finance its work on a EUR 700 mn power plant in Hungary. The company is partnering with local firms to build the country’s first hydrogen-ready plant, which is scheduled for completion in 2028.

Stock performance:

The company’s share price is up almost 14% since the beginning of 2026. Compared to levels recorded a year ago, its share value is up 12%.

Majority government-owned fintech company E-finance (EFIH) saw its net profit after non-controlling interest reach EGP 856.9 mn in Q1 2026, representing a 42.3% year-on-year expansion, according to its latest financial results. The increase was driven by broad-based revenue growth across business segments, and a significant 3.7x year-on-year increase in investment income from associates.

Revenue climbs 39% in Q1:

Total consolidated revenues reached EGP 2.25 bn, up 38.8% from the same period last year. Growth was led by the group’s core digital operations, particularly high-margin transaction and cloud services, with significant contributions from its subsidiaries:

e-finance Digital Operations: brought in EGP 1.986 bn (+41.2% YoY)

eAswaaq: EGP 139.9 mn (+18.5% YoY)

eNovate: contributed EGP 101.5 mn (-5.7% YoY)

enable: EGP 50.7 mn (+48.2% YoY)

eKhales: EGP 33.2 mn (+7.3% YoY)

Strategic moves:

During Q1 2026, e-finance signed a digital factoring agreement with the Financial Regulatory Authority and the Ministry of Finance, marking its first data monetization venture. The group also benefited from peak tourism levels, which catalyzed transaction volumes in custom ticketing solutions following the opening of the Grand Egyptian Museum. Additionally, eTax launched new premium taxpayer support centers to streamline compliance and support state digitization efforts.

Stock performance:

The company, which carries 4.6% of the EGX30 index weight, has seen a strong start to 2026, with its share price rising 16.6% year-to-date despite dropping 2.0% by the close of yesterday’s session. The stock is up 73.5% compared to levels recorded a year ago. 

Orascom Development Egypt (ORHD) reported Q1 2026 net profit of EGP 1.8 bn, down 7.0% year-on-year, mainly due to lower land sale contributions during the quarter, its latest financial results showed. Revenues remained broadly stable at EGP 6.5 bn, up 0.3% year-on-year.

Real estate sales remain strong:

Underlying real estate demand remained resilient, with net sales surging 68.5% YoY to EGP 6.9 bn, driven by strong demand and new launches at O West and Makadi Heights. International buyers continued to play a major role, accounting for 37% of total group real estate sales.

O West was among the quarter’s strongest performers, with sales jumping 339.5% YoY to EGP 2.7 bn, while Makadi Heights recorded sales growth of 319.8% to EGP 2 bn. In El Gouna, average selling prices per square meter increased 14% despite fewer launches during the quarter.

Recurring income continues expanding:

Recurring income continued gaining importance within the group’s business model. Revenues from hotels and commercial assets rose to EGP 2.7 bn, representing 42% of total revenues compared with 33% a year earlier.

Hospitality revenues alone increased 32.6% YoY to EGP 1.6 bn, supported by strong occupancy and margins.

Hospitality expansion and backlog visibility:

The company also continued strengthening its hospitality positioning, signing an agreement with Accor to rebrand Mövenpick El Gouna under the Sofitel brand.

Meanwhile, ORHD ended the quarter with EGP 46.1 bn in deferred revenue backlog extending through 2031, providing strong visibility over future revenues.

Stock performance:

The company’s share price is up 30.7% since the beginning of 2026, and is up 46.6% compared to levels recorded a year ago.

🚢 Canal Shipping Agencies (CSAG) reported a 21% YoY increase in net profit during the nine-month period between July 2025 and the end of March 2026, reaching EGP 1.15 bn, according to its latest financial results. Revenues also climbed to EGP 123.4 mn, up from EGP 93.5 mn in the same period last year. The company’s share price is down 9.5% since the beginning of 2026, but is still up 19.5% compared to levels recorded 12 months ago.

📈 Al Tawfeek Leasing (ATLC) posted relatively stable Q1 2026 earnings, with net profit edging up to EGP 41.6 mn from EGP 41.1 mn in the same quarter last year, according to its latest financial results. Total activity revenues declined to EGP 432.2 mn, compared to EGP 448.4 mn in the same period a year earlier. The company’s share price is up 26.9% since the beginning of 2026. Compared to levels recorded a year ago, it is up 4.6%.

🏗️ Naeem Real Estate Holding Group (NARE) delivered strong Q1 2026 growth, with net profit surging 67.6% YoY to EGP 14.7 mn, according to its latest financial results. Revenues also jumped sharply to EGP 41.6 mn, compared to EGP 12.1 mn a year earlier. The company’s share price is up 37.3% since the beginning of 2026. Compared to levels recorded a year ago, it is up 27%.

In non-earnings news:

📝 Commercial International Bank “CIB” (COMI) will launch its “Yomo” digital bank in Egypt in the fourth quarter, starting with limited services before a phased rollout, company CEO Hisham Ezz Al Arab told Asharq. The bank has secured approval for a holding company in Abu Dhabi and is close to final approval in Cairo, with plans to later expand into the UAE, as part of a broader digital push amid rising non-bank lending risks.

🔔 Korra Energi plans to carry out an 11% IPO on the EGX within two weeks, Prime Holding CEO Yasser Shaheen, the transaction manager, told Zawya. The energy and engineering group plans to use the listing to expand in renewables, scale large projects, and grow regionally in Saudi Arabia and Iraq. It reported net profit of about EGP 554 mn in 2025, with an order backlog of around EGP 12.6 bn, and is targeting EGP 17.6 bn in revenue by 2030.

Today:

Alexandria Container and Cargo Handling Co - distribution date for EGP 0.991 per share. The record date was May 11.

Edita Food Industries - distribution date for EGP 0.863 per share. The record date was May 11.

Juhayna - distribution date for EGP 0.4 per share. The record date was May 11.

United Company for Housing and Development - distribution date for EGP 0.125 per share. The record date was May 11.

Nozha International Hospital - distribution date for 0.239 bonus shares per original share. The record date was yesterday.

May 17:

Oriental Weavers - record date for EGP 0.5 per share. The distribution date is May 20.

Heliopolis Company for Housing - record date for EGP 0.223 per share. The distribution date is May 20.