🔔 Good morning, and welcome to Telda Lens — your daily pulse on Egypt’s markets.
Today: We have the latest financial results from Beltone + news of a big project from Abu Qir
Market overview
EGX Pulse
🔔 EGX30 ended -1.3% by market close at 46,404 points, the EGX70 fell 0.8% to 12,608 points, and the EGX100 fell 0.8% to reach 17,587 points.
💸 The number of transactions reached 149,003 spread across 1,581,009,103 stocks leading to a turnover of EGP 6.183 billion.
🏷️ International investors were the only net sellers.
📈 Top gainers for the market as a whole included Alexandria Containers and Goods (+7.2%), GPI For Urban Growth (+6.8%), and Housing & Development Bank (+6.7%).
📉 Top losers for the market included Nozha International Hospital (-6.0%), El Obour Real Estate Investment (-5.6%), and Egyptian Financial & Industrial (-5.4%).
⬆️ Top gainers for EGX30 included Qalaa Holdings (+6.6%), Egypt Aluminum (+6.2%), and Orascom Investment Holding (+3.9%).
⬇️ Top losers included Abu Qir Fertilizers (-4.5%), Edita (-4.2%), and Rameda (-4.0%).
Other Important Stats:
🧈 24K Gold reached EGP 7,980 per gram, up 1.6% day-on-day but down 2.3% month-on-month.
💲 The USD reached EGP 53.53 at the National Bank of Egypt.
Corporate corner
Beltone Holding’s profit drops 21% in 2025
Financial services provider Beltone Holding (BTFH) reported a net profit of EGP 1.3 billion for 2025, marking a 21% year-on-year decrease primarily due to foreign exchange losses from a USD long position, according to its latest financial results.
Revenue climbed 73% in 2025
Total consolidated operating revenue reached EGP 12.8 billion, marking a 73% increase compared with the same period last year. Growth was driven by strong performance across all business segments and subsidiaries.
Segment performance highlights
Leasing & Factoring: Brought in EGP 4.3 billion in revenues (+55% YoY), accounting for 34% of total revenue and supported by an increase in transaction volume.
Mortgage Finance: Recorded EGP 2 billion in revenues (+98% YoY), representing a 16% contribution fueled by an expanded product portfolio and a strong capital base.
Consumer Finance (seven): EGP 1.5 billion (+39% YoY), contributing 12% of revenue following digital enhancements and the relaunch of Buy Now Pay Later products.
Investment Banking: EGP 1.2 billion (+209% YoY), driven by an impressive surge in debt capital markets and advisory services.
Securities Brokerage: EGP 1.1 billion (+40% YoY), supported by stronger commissions and a growing margin lending business.
Microfinance (Cash): EGP 955 million (+143% YoY), reflecting rapid expansion in the company's branch network and customer base.
SMEs Financing: EGP 491 million (+314% YoY), highlighting significant penetration into the small and medium enterprise sector.
Details for the fourth quarter
For the fourth quarter of 2025, total consolidated operating revenue rose to EGP 3.2 billion, up 27% year-on-year from EGP 2.5 billion in 4Q 2024. The company recorded a net loss of EGP 143 million for the quarter, compared to a profit of EGP 573 million in the same period last year.
Stock performance
The company’s share value has seen a rough start to the new year, with its share price down 16% since the beginning of 2026. This brings its gains over the past 12 months to 37.3%.
Corporate corner
Abu Qir expands production footprint with new coated urea project
Abu Qir Fertilizers and Chemical Industries (ABUK) yesterday approved a new coated urea production line, targeting a segment that is increasingly gaining importance in efficiency-driven and environmentally conscious markets.
Capacity: Around 400 tons per day
Investment: Approximately USD 5.6 million
Timeline: Expected to be operational within 12 months
The project goes beyond simply adding volume. Coated urea offers improved nitrogen efficiency, positioning Abu Qir to capture better pricing and expand further into export markets where environmental standards are becoming more stringent.
Strong financial backdrop
The expansion comes on the back of solid financial performance in the first half of FY 2025/2026:
Net profit: Up 15% year-on-year to EGP 5.106 billion
Revenue: Increased 28% to EGP 13.13 billion
The results were supported by stable gas supply and operations running at full capacity.
Newly approved dividend
Abu Qir Fertilizers yesterday approved a cash dividend of EGP 2.30 per share for FY 2025, to be paid in two installments on April 22 and June 24, 2026.
Stock performance
The company has seen a stellar performance since the start of the year, with its share price rising 66.75% since the beginning of 2026.
Looking ahead: sustainability focus
Beyond this project, Abu Qir is progressing with its North Abu Qir for Agricultural Nutrients development, which is expected to produce green ammonia using hydrogen.
This step reflects a broader strategic direction toward reducing carbon exposure, potentially avoiding future carbon-related costs in export markets and strengthening the company’s long-term competitive positioning.
Dates to keep an eye out for
April 1, 2026:
Giza General Contracting and Real Estate Investment - dividend distribution date for EGP 0.5 per share. The record date is March 31.
April 9th:
Commercial International Bank - dividend distribution date for EGP 6 per share. The record date is April 6.
Macro view
Egypt in focus
⚠️ The EBRD has ranked Egypt as the 4th most vulnerable country in the region to the war on Iran, with rising energy prices, trade disruption, and higher debt costs squeezing fiscal space oil and gas prices stay high, GDP growth could be cut by 0.4 points, with Brent crude possibly hitting USD 180 per barrel, adding more pressure to Egypt’s energy bill. For context, Egypt’s energy import bill will reach USD 2.5 billion this month, up from USD 1.5 billion in February and USD 1.2 billion in January.
📉 Fitch Solutions now expects Egypt’s real GDP to grow 4.9% in FY 2025-26, down from 5.2%, as the regional conflict hits consumption, investment, and exports. Next year’s growth is also lowered to 5.2% from 5.4%, but both figures still mark the strongest expansion since FY 2021-22.
