🔔 Good morning, and welcome to Telda Lens — your daily pulse on Egypt’s markets.
Today: We have the latest financial results from Valmore, Ibnsina Pharma, and Amer Group. Let’s get to it.
Market overview
EGX Pulse
🔔 EGX30 ended -0.61% by market close at 47,692 points, the EGX70 rose 0.32% to 11,946 points, and the EGX100 also rose 0.44% to reach 16,911 points
💸 The number of transactions reached 121,168 spread across 1,406,635,103 stocks leading to a turnover of EGP 4.7 billion.
🏷️ Local investors were the only net buyers.
📈 Top gainers across the broader market Atlas For Investment and Food Industries (+9.5%), Alexandria Flour Mills (+8.4%), and Wadi Kom Ombo Land Reclamation (+8.3%).
📉 Top losers: Raya Holding (-4.9%), El Ahram Co. For Printing And Packing (-3.1%), Egypt for Poultry (-2.6%.)
⬆️ Top gainers for EGX30 included Egypt Aluminum (+5.9%), Misr Cement (+5.9%), and Heliopolis Housing (+5.7%).
⬇️ Top losers for EGX30 included Raya Holding (-4.9%), TMG Holding (-2.4%), and EFG Holding (-1.9%).
Other Important Stats:
🧈 24K Gold reached EGP 8,488 per gram, down -1.9% day-on-day but up 11.3% month-on-month.
💲 The USD reached EGP 49.17 at the National Bank of Egypt.
Corporate corner
Valmore Holding’s 2025 net profit dips slightly by 1% to USD 161 million despite strong Q4 growth
Valmore Holding (VLMRA in EGP, VLMR in USD) reported attributable net profit of USD 161.18 million for 2025 , down 1% year‑on‑year, according to its latest financial results. The slight decrease in attributable profit occurred despite robust operational performance across the portfolio, which was partially impacted by higher raw material costs and FX dynamics in certain segments.
Revenue climbed 24% in 2025:
Total consolidated revenue reached USD 684.93 million , marking a 24% increase compared with the same period last year. Growth was broad-based and led by strong performances across its subsidiaries, particularly in the Fertilisers, Petrochemicals, and Utilities segments.
Details for the fourth quarter:
For the fourth quarter of 2025, revenue rose to USD 166.3 million , up 15% year‑on‑year from USD 145.1 million in 4Q 2024. Attributable net profit reached USD 43.5 million , up 12% versus the same quarter last year.
Segment performance highlights:
AlexFert (Fertilisers): brought in USD 251 million in revenues (+18% YoY) , driven by 11% higher export volumes and favorable export pricing dynamics, with urea export prices strengthening 24% YoY.
Sprea Misr (Petrochemicals): USD 177 million (+33% YoY) , surging on higher sales volumes amid continued execution of management's market share expansion strategy.
NatEnergy (Utilities): USD 75.4 million (+20% YoY) , driven by higher installations and increased connections to margin-accretive households.
Offshore North Sinai (ONS): USD 61.3 million (-2% YoY) , supported by stable production volumes from recently commissioned wells despite declining from a high base in 4Q24.
Kahraba (Utilities): USD 63.5 million (+18% YoY) , propelled by higher distribution volumes which grew 66% YoY.
NBFS & Diversified: Contributed USD 57.2 million in FY25 revenue , featuring its rapidly growing microfinance subsidiary, Bedayti.
Remember, the company has been making moves:
During 2025, the company officially rebranded from Egypt Kuwait Holding to Valmore Holding. Valmore reached financial close on Endolys, its first major expansion outside the MENA region, to build a plastics pyrolysis plant in the UK. EKACOM, the company's first investment in Saudi Arabia, began commercial operations operating a natural gas distribution network in Dammam Industrial City 3. In line with its strategy, Valmore also completed the sale of its entire stake in Delta Insurance and fully divested from Shield Gas.
Going forward:
Management highlighted its 2030 Vision to build a scalable investment platform with majority hard currency revenues. The company aims to pursue accretive opportunities across MENA and Europe to diversify earnings and reduce concentration risk. It also noted that it will focus on portfolio optimization by divesting non-core, maturing assets and relocating capital into higher-return, strategically aligned investments to enhance long-term value creation
Stock performance:
The company’s share value in EGP (VLMRA) is up 10.3% since the start of 2026, but overall is down 2% over the past 12 months. Its share price in USD (VLMR) is down 1.86% since the beginning of the year, and is down 9% over the past 12 months.
Corporate corner
Ibnsina Pharma’s 2025 profits surge 55% as revenues hit record EGP 80 billion
Ibnsina Pharma (ISPH) reported net profit of EGP 951.98 million for 2025, up 54.9% year‑on‑year, according to its latest financial results. Management noted that the increase was driven by strict OPEX optimization initiatives, and successful diversification into high-margin non-core activities, which helped offset a high-interest rate environment.
Revenue climbs 38.3% in FY25 on multiple drivers:
Total gross revenue reached EGP 80.09 billion, marking a 38.3% increase compared with the same period last year. Growth was led by the core retail business with pharmacies, alongside strong performances across the wholesale, tenders, and private hospital segments.
4Q 2025 snapshot: For the fourth quarter of 2025, net revenue rose to EGP 21.20 billion, up 21.6% year‑on‑year from EGP 17.44 billion in 4Q 2024. Net profit reached EGP 292.1 million, up 40.3% versus the same quarter last year, supported by higher gross margins.
Segment performance highlights:
Pharmacies (Retail): brought in EGP 39.8 billion in revenues (+36.3% YoY), maintaining its position as the largest contributor at 49.7% of total revenues.
Wholesale: EGP 24.8 billion (+33.8% YoY), contributing 31% of total revenues for the period.
Tenders & Private Hospitals: EGP 15.0 billion (+52.2% YoY), showing the strongest revenue growth among the core distribution segments.
Market share:
During 2025, Ibnsina Pharma reaffirmed its leadership position for the third consecutive year, capturing a 30.2% market share in pharma distribution and a 32.1% share in non-pharma products. The company committed EGP 684 million in CAPEX, largely directed towards distribution centers, including Ramp Logistics' new warehouse and a “mega” warehouse by Hassan Allam, adding roughly 33% to its overall capacity.
Going forward:
Management highlighted expectations for the macroeconomic environment to shift in the company's favor in 2026. As a capital-intensive business, Ibnsina Pharma anticipates that the accelerating monetary easing cycle and projected reduction in interest rates will significantly lower financial expenses, directly translating to an enhanced bottom line. The company projects the Egyptian pharmaceutical market to sustain double-digit value growth and expects a recovery in volume growth as easing restores consumer purchasing power and retail pharmacy liquidity.
In other news from the company:
Ibnsina Pharma’s board approved proposing a 2025 profit distribution of EGP 131.04 million to shareholders (EGP 0.13 per share).
The plan also includes EGP 16.81 million for employees, EGP 10.18 million for board remuneration, and carrying forward EGP 2.20 billion to next year.
Market reaction:
The company’s share value rose 3.30% by market close yesterday on news of its results, bringing its overall gains over the past 12 months to over 74%.
Corporate corner
Amer Group posts 165% surge in 2025 profits
Amer Group (AMER) reported a sharp rise in profitability for 2025, with consolidated net profits climbing 165% year-on-year to EGP 196.02 million, according to its latest financial results.
Revenues also increased, reaching EGP 1.62 billion in 2025 compared to EGP 1.41 billion in the previous year.
Recent moves:
In November of last year, Amer Group snapped up a 27-feddan land plot in El Minya from the New Urban Communities Authority through its subsidiary Amer for Tourism Development, which it plans to fill with some 850 residential units with expected sales of more than EGP 7 billion over the coming years.
The land plot is a direct extension of the company’s 58-feddan Porto Minya project.
A month later, the company announced that The New Urban Communities Authority allocated a new plot of land in New Alamein City to its subsidiary Amer for Touristic Development, which will be used to implement a new integrated urban project.
Stock performance:
The company has had a tough start to the year, with its share price down almost 21% since the beginning of 2026. This brings its total gains over the past 12 months to 51.6%.
