Today: We have the latest financial results from Orascom Construction, Raya Holding, GB Corp, Valu, and other big EGX players. We also have IPO news after four state-owned companies temporarily listed their shares on the EGX on Thursday. Let’s dive in.

🔔 EGX30 ended -0.5% by market close at 53,154 points, the EGX70 rose 0.1% to 15,087 points, and the EGX100 rose 0.2% to reach 20,990 points.

💸 The number of transactions reached 244,406 spread across 2,645,054,865 stocks leading to a turnover of EGP 12.434 billion.

🏷️ Local investors were the only net buyers.

📈 Top gainers for the market as a whole included Creast Mark For Contracting And Real Estate Development (+15.4%), Qalaa Holdings (+9.9%), Arab Aluminum (+9.4%).

📉 Top losers for the market included Misr Duty Free Shops (-5.0%), Ismailia Development and Real Estate Co (-4.6%), and El-Nile Co. For Pharmaceuticals And Chemical Industries (-3.8%).

⬆️ Top gainers for EGX30 included Qalaa Holdings (+9.9%), Kima (+7.2%), and Raya Holding (+5.3%).

⬇️ Top losers included Palm Hills Developments (-2.8%), TMG Holding (-2.0%), and Valmore Holding -EGP (-1.8%).

Other Important Stats: 

🧈 24K Gold reached EGP 7,987 per gram, down 1.7% day-on-day and down 2.2% month-on-month.

💲 The USD reached EGP 52.85 at the National Bank of Egypt.

Orascom Construction (ORAS) reported net profit attributable to shareholders of USD 53.4 million for Q1 2026, marking a 112.7% increase year-on-year, according to its latest earnings release. The Group’s performance was driven by stronger results across all operating segments and a steady contribution from its 50% stake in Belgian company BESIX.

Revenues rise on solid project execution:

Total consolidated revenue reached USD 1.47 billion in Q1 2026, up 73.2% compared to the previous year. Growth was supported by steady progress across major projects in transportation, power, water, and data centers across both regions. Middle East and Africa operations accounted for 51% of total revenue during the quarter, while U.S. operations contributed the remainder.

New awards driven by U.S. data centers:

Consolidated new awards rose 14.9% year-on-year to USD 1.88 billion in Q1 2026. New awards in the United States totaled USD 737.1 million, driven by specialized sectors including data center work, an ethanol production facility expansion, and commercial projects across several states. In the MEA region, new awards reached USD 1.146 billion, led by infrastructure projects in the UAE, Saudi Arabia, and Egypt.

Backlog expands, strengthening visibility:

The Group’s consolidated backlog reached USD 9.4 billion as of 31 March 2026, a 7.5% increase year-on-year. Management attributed this growth to continued focus on specialized and critical infrastructure sectors — including U.S. data centers and industrial wastewater treatment projects in Saudi Arabia — where demand remains strong. The U.S. backlog hit a record USD 2.9 billion, up 107.1% YoY, and now represents 30.9% of the Group’s total backlog.

Remember, the company recently signed several major agreements:

In January, Orascom Construction reportedly secured a roughly EGP 15 billion contract from UAE developer Modon to develop a mixed-use project in Ras Al-Hekma spanning 50 feddans, including residential units, office space, and a 70-room hotel.

The company has also expanded its renewable energy portfolio. In March, Orascom led a consortium comprising ENGIE and Aeolus to sign a power purchase agreement with the Egyptian Electricity Transmission Company for a new 900 MW wind farm in Ras Ghareb under a 25-year Build-Own-Operate model. Orascom holds a 25% stake in the project and will execute all civil and electrical works, bringing its total wind energy capacity to approximately 1.8 GW once the project reaches financial close, which is expected in early Q3 2026.

Meanwhile, Orascom is playing a key role in Jordan’s USD 5.8 billion national water carrier project alongside Arab Contractors. The project — expected to become the world’s second-largest reverse osmosis plant — is set to supply around 40% of Jordan’s drinking water needs by 2030 through a 450 km pipeline network.

Recent stock performance:

The company has seen a great start to the year, with its share price rising 63.2% since the beginning of 2026. This makes its share value up 161.9% compared to levels recorded 12 months ago.

Raya Holding (RAYA) reported a net profit after minority interest of EGP 384 million for 1Q 2026, marking a 3.7% increase year-on-year, according to its latest earnings release. Total consolidated revenue reached EGP 15.8 billion, marking a 22.8% increase compared with the previous year. Growth was driven by solid performance across the Group's portfolio companies and an expanding regional footprint.

Segment performance highlights:

Raya Trade: Recorded revenues of EGP 6.8 billion in Q1 2026, marking a 42.2% increase year-on-year driven by strong momentum across retail and distribution operations.

Raya Information Technology: Generated revenues of EGP 3.4 billion (down 1.7% YoY), but its gross profit recorded an increase of 61.6% YoY to EGP 1.2 billion, driven by high-margin managed services and an improved business mix.

Aman Holding: Recorded revenues of EGP 2.5 billion, up 46.7% year-on-year, supported by the expansion of its fintech ecosystem and payment solutions.

Raya Customer Experience (RACC on the EGX): Saw its revenues rise 34.7% y-o-y to EGP 855 million, with its predominantly USD-denominated offshore operations accounting for 70.9% of its business.

Other Portfolio Companies: Including Raya Auto (+30.5% YoY), Raya FMCG (+35.6% YoY), Raya Electric (+24.8% YoY), and Raya Smart Buildings (+26.1% YoY), also contributed to the Group's diversified growth.

Remember, the company has been expanding:

A joint venture between Aman KSA and Jarir secured preliminary approval from the Saudi Central Bank to establish a consumer microfinance company in Saudi Arabia. Concurrently, Raya Auto strengthened its electric vehicle footprint through a new joint venture in Saudi Arabia to launch electric golf cart assembly operations.

Also, in March, the company’s board approved the establishment of two new subsidiaries. The first — Raya Workplace Management — will operate in the co-working and shared office space management sector, and the second will focus on consumer finance.

Stock performance:

The company has seen massive momentum since the start of the year, with its share price rising 117.8% since the beginning of 2026 after gaining 5.3% by the close of Thursday’s session. This brings its gains over the past 12 months to 171.4%.

GB Corp (GBCO) reported net profit of EGP 435.8 million for Q1 2026, down 30.4% year-on-year, according to its latest earnings release. The decline was mainly driven by higher finance costs and increased provisions, despite a recovery in Egypt’s automotive market and continued growth across GB Auto and GB Capital.

Revenue climbs 28.7% in Q1 2026:

Total consolidated revenue reached EGP 21.57 billion, marking a 28.7% increase compared with the same period last year. Growth was led by the Auto segment and GB Capital, supported by strong performance across passenger cars, commercial vehicles, construction equipment, two-, three-, and four-wheelers, as well as financing services.

Segment performance highlights:

Passenger cars generated EGP 13.84 billion in revenue, up 20.4% YoY, supported by an 11.5% rise in volumes amid recovering demand and new product launches.

Commercial vehicles and construction equipment revenues rose 40.4% YoY to EGP 1.88 billion, driven by strong demand for buses and trucks alongside higher export activity.

Two-, three-, and four-wheelers recorded EGP 616.5 million in revenues, up 68.3% YoY, reflecting robust two-wheeler demand and improving traction in the four-wheeler segment.

GB Capital contributed EGP 4.18 billion in revenues, up 66.8% YoY, supported by continued portfolio expansion across lending and alternative financing platforms.

The company continued expanding across manufacturing, EVs, and financing:

During Q1 2026, GB Corp began production at its Sadat manufacturing facility, with the official inauguration scheduled for June 2026, marking a major step in its localization strategy.

The company also expanded its position in future mobility through Deepal and Li Auto, capturing an 18.2% share of Egypt’s EV segment and 44.7% of the REEV market. Meanwhile, approximately 50% of tourism bus production was directed toward export markets.

On the financing side, Capital for Securitization completed an EGP 2.2 billion transaction, while both GB Lease & Factoring and Drive Finance expanded their aggregate portfolios to a record EGP 14.9 billion each.

Going forward:

Management expects momentum to continue amid lower interest rates, recovering demand, and improving consumer confidence in Egypt. The company also aims to expand its locally assembled vehicle lineup through the Sadat facility, including the launch of a new CKD model in May followed by another in August.

Meanwhile, GB Capital plans to continue scaling its lending and financing platforms, while MNT-Halan advances its regional expansion strategy following recent moves into Turkey and Pakistan.

Recent stock performance:

The company’s share price has risen 7.7% since the beginning of 2026. This makes its share value up 34.2% compared to levels recorded 12 months ago.

Fintech company U Consumer Finance (VALU) reported net income of EGP 221 million for Q1 2026, up 78% year-on-year, according to its latest earnings release.

Revenue and GMV climb in Q1:

Total gross revenue reached EGP 1.52 billion, marking a 40% increase compared with the same period last year. Gross merchandise value also climbed 31% year-on-year to EGP 6.96 billion, with growth primarily driven by interest-related income, which rose 19% YoY.

Key operating metrics remained strong:

Transactions increased 49% YoY to 2.53 million.

Activated customers reached 924k, up 17% YoY.

The company maintained a 26.5% market share in Egypt’s consumer finance market.

Regional expansion remains a key focus:

Back in January, VALU secured approval from the Central Bank of Jordan to officially launch its specialized financing services, with operations expected to begin in Q1 2026. The company appointed former Jordanian Investment Minister Mothanna Gharaibeh as chairman and Mohamed Al-Youssef — who brings 18 years of experience across fintech, e-commerce, technology, and telecom — as CEO of ValU Jordan, marking the start of its full entry into the market.

Jordan represents a key growth opportunity for VALU amid rising demand for flexible financing solutions and a rapidly evolving digital payments ecosystem. The company is targeting between USD 3 million and USD 5 million in financing volumes in Jordan this year, starting with consumer finance before expanding into additional services, Valu CEO Walid Hassouna told the press on Thursday.

The company also plans to launch SME financing in Jordan by early 2027 after building out its merchant network, while aiming to roll out the same service in Egypt in Q3 2026 pending final regulatory approval.

Stock performance:

The company has seen a good start to the year, with its share price growing 34% since the beginning of 2026 despite falling 1.6% by the close of Thursday’s session.

📦Alexandria Containers and Goods (ALCN) kicked off 2026 with stronger profitability, reporting a 10% YoY increase in net profit to EGP 1.94 billion in Q1, according to its latest financial results. Revenues climbed 4% to EGP 2.15 billion, while handled container volumes rose 8% compared with the same period last year. The company’s share price is up 22.1% since the beginning of 2026. Compared to levels recorded a year ago, it is up 33.1%.

🐔 Cairo Poultry (POUL) saw profits come under pressure in Q1 2026, with net income falling 38% YoY to EGP 624.9 million, according to its latest financial results. Revenues also slipped to EGP 3.99 billion from EGP 4.2 billion a year earlier, reflecting softer operating conditions during the quarter. The company’s share price is up 42.3% since the beginning of 2026. Compared to levels recorded a year ago, it is up 71.3%.

In IPO news:

🔔 Egypt’s IPO pipeline is expanding as four state-owned companies secured provisional EGX listings across tourism, pharma, and fertilizers, including Chemical Industries Development (CID), Egyptian General Company for Tourism and Hotels (Egoth), Misr Travel, and El Nasr Fertilizers and Chemical Industries. The move brings the government closer to its target of preparing around 30 companies for potential offerings ahead of a key IMF review tied to a USD 1.6 billion disbursement, while also reviving investor interest in legacy tourism and pharma assets.

Today:

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.

Tomorrow:

Utopia - record date for EGP 2 per share. The distribution date is May 21.

Talaat Moustafa Group - record date for EGP 0.15 per share. The distribution date is May 21.