Today: Egypt’s two largest listed companies, CIB and Talaat Moustafa Group, reported first-quarter earnings, with both posting profit growth. We also have the latest financial results from Sinai Cement, Al Baraka Bank, and Raya Customer experience. Let's dive in.

🔔 EGX30 ended -0.8% by market close at 54,058 points, the EGX70 rose 0.9% to 14,935 points, and the EGX100 rose 0.7% to reach 20,825 points.

💸 The number of transactions reached 231,819 spread across 2,251,462,437 stocks leading to a turnover of EGP 12.110 billion.

🏷️ Local investors were the only net buyers.

📈 Top gainers for the market as a whole included Misr Duty Free Shops (+20.0%), United Housing & Development (+16.3%), and Ismailia Misr Poultry (+10.2%).

📉 Top losers for the market included Tycoon Holding Company For Financial Investments (-4.0%), Al Baraka Bank Egypt (-3.6%), and Pioneers Properties For Urban Development (-2.9%).

⬆️ Top gainers for EGX30 included Kima (+5.9%), Orascom Construction (+5.0%), and Egypt Aluminum (+4.6%).

⬇️ Top losers included Raya Holding (-2.5%), Palm Hills Developments (-2.4%), and CIB (-2.1%).

Other Important Stats: 

🧈 24K Gold reached EGP 8,014 per gram, up 0.5% day-on-day but down 3.1% month-on-month.

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

Commercial International Bank “CIB” (COMI) reported net profit of EGP 17.8 billion in Q1 2026, marking a 7% year-on-year increase, according to its latest financial results. Total revenues climbed 15% to EGP 31.2 billion, supported primarily by stronger core banking activity and rising interest income.

Net interest income rose 17% year-on-year to EGP 29.7 billion, helping offset weaker non-interest income during the quarter. The bank attributed the decline in non-interest income to the absence of one-off gains from the sale of associate stakes recorded in the comparable period last year.

Lending momentum remains strong:

Balance sheet indicators also remained robust during the quarter. CIB’s local currency loan-to-deposit ratio reached a record 72%, supported by deposit growth of EGP 33 billion during the first three months of the year. Lending momentum was led by the institutional banking segment, where loan balances expanded by EGP 41 billion, representing 8% growth over the quarter.

Digital expansion plans continue:

The earnings growth comes as CIB continues advancing its digital expansion strategy. CEO Hisham Ezz Al Arab said recently that the bank is nearing the establishment of a fully owned digital banking holding company in Abu Dhabi, which would first apply for a digital banking license in Egypt before expanding into other markets.

Separately, Rashwan Hammady, acting CEO of CIB’s digital bank, also said that the bank plans to invest around USD 300 million over three years to strengthen its technology infrastructure and complete the requirements for launching its digital bank.

Recent stock performance:

The company, which holds the biggest weight of the EGX30 index (32.6%), has seen a good start to the year, with its share price rising 34.7% since the beginning of 2026. Compared to levels recorded 12 months ago, the stock is now up 94.5%.

Talaat Moustafa Group Holding (TMGH) reported net profit of EGP 5.5 billion in Q1 2026, marking a 24% year-on-year increase, according to its latest earnings release. Revenues rose 39% year-on-year to EGP 13.1 billion, supported by strong performance across real estate and hospitality operations.

Real estate performance remains resilient despite high comparison base:

The group recorded contracted real estate sales of EGP 49.1 billion during the quarter, compared to EGP 77.2 billion in Q1 2025. The company attributed the decline mainly to a high base effect, which included a one-off EGP 17 billion transaction in Madinaty last year, as well as the absence of major new phase launches during the period.

Hospitality and recurring income continue to expand:

Hospitality revenues increased 21% year-on-year to EGP 4.3 billion, while total recurring income — including hotels and related services — reached EGP 6.9 billion, accounting for around 53% of total group revenues. Other recurring and service activities rose 26% to EGP 2.7 billion, covering property management, sports clubs, and integrated community services.

Regional expansion supports diversification:

Alongside domestic operations, TMG continued to expand its regional footprint. Its Saudi project “Benan” generated sales of EGP 3.3 billion during Q1 2026, while its Oman developments “Yamal” and “Jood” recorded combined sales of approximately EGP 900 million. These projects reinforce the group’s strategy of diversifying revenue streams across high-growth GCC markets.

“The Spine” emerges as a major growth catalyst:

Following the end of the quarter, the group officially launched its flagship “The Spine” project in Madinaty, generating more than EGP 30 billion in sales within just 15 days. The company expects the project to deliver total sales exceeding EGP 1.7 trillion over its development cycle, alongside recurring annual revenues of more than EGP 50 billion upon completion.

Expanding hospitality footprint:

TMG continues to scale its hospitality portfolio, with construction underway on three new projects: Four Seasons Hotel Luxor, Four Seasons Madinaty, and a new Marsa Alam resort. These properties are expected to begin operations between 2026 and 2027, strengthening the group’s presence in key tourism destinations.

Upon completion, total hotel capacity is expected to reach approximately 5,000 rooms, supporting the group’s strategy to expand recurring income, enhance foreign currency inflows, and contribute to Egypt’s tourism development agenda.

Strong backlog underpins future visibility:

As of 31 March 2026, backlog (sold but undelivered units) stood at EGP 458 billion, compared to EGP 441.2 billion at the end of 2025, providing strong visibility on future revenue recognition.

The group also maintains a land bank of approximately 115 million square meters, alongside ongoing regional expansion projects in Saudi Arabia (Benan) and Oman (Yamal and Jood).

Stock performance:

Talaat Moustafa Group, which carries the second-largest weight in the EGX30 index at 11.2%, has seen a strong start to 2026, with its share price rising 21.9% year-to-date. The stock is up 81.9% compared to levels recorded a year ago.

📈 Sinai Cement (SCEM) delivered a strong earnings rebound in Q1 2026, with net profit jumping nearly 465.6% year-on-year to EGP 1.12 billion, according to its latest financial results. Revenues also edged higher to EGP 2.14 billion versus EGP 2.02 billion a year earlier. The company’s share price is up 10.8% since the beginning of 2026, and is up 72% compared to levels recorded a year ago.

📉 Al Baraka Bank Egypt (SAUD) reported a 14.3% year-on-year decline in Q1 2026 net profit to EGP 816.5 million, according to its latest financial results. However, net income from returns rose to EGP 1.89 billion, up from EGP 1.81 billion. Despite the profit drop, the company has seen a great start to the year, with its share price up 54.8% since the beginning of 2026. This brings its gains over the past 12 months to 103.6%

📊 Raya Customer Experience (RACC) recorded a 22% year-on-year increase in Q1 2026 net profit to EGP 80.24 million, according to its latest financial results. Revenues surged 34.6% to EGP 854.5 million, compared to EGP 634.5 million in the same quarter last year. Looking ahead, the company said it is focused on expanding its regional footprint, particularly within the GCC market. The firm’s share price is up 22.1% since the beginning of 2026, and is up 40% compared to levels recorded a year ago.

Today:

Pyramisa Hotels and Resorts - distribution date for EGP 4 per share. The record date was May 10.

Nozha International Hospital - record date for 0.239 bonus shares per original share. The distribution date is May 14.

Tomorrow:

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.

💰 Ahead of the IMF’s November review last year, the Finance Ministry transferred EGP 451.8 billion in subsidies and guarantees to the Egyptian General Petroleum Corporation (EGPC), easing a critical bottleneck that blocked foreign investment, EnterpriseAM reports. The move satisfies IMF conditions and slashes EGPC’s arrears to just USD 700 million from a peak of USD 6.1 billion, enabling new FDI commitments of USD 19 billion in exploration.

⚡Norway’s Scatec will invest EGP 5 billion to construct a 500 kV substation and 70 km of transmission lines in Minya by 2027, Asharq Business reports, citing a government official.  This infrastructure will transmit power from Scatec’s 1.7 GW solar farm, a vital step in solving Egypt’s grid bottlenecks and ensuring stable renewable supply. The project is aligning with Egypt’s target of sourcing 45% of its electricity mix from renewable energy sources by 2035

☀️ The government unveiled a plan to install 1 GW of rooftop solar capacity across 7,000 factories, tapping 7 million sqm of rooftop space, Industry Minister Khaled Hashem said, according to a cabinet briefing. The initiative aims to cut gas consumption and ease grid pressure.