Today: TMGH is set to benefit from Saudi foreign ownership reforms, Heliopolis Housing is accelerating its New Heliopolis expansion with a EGP 5 billion mixed-use project  + we have  news that Korra Energi secured financing for its new transmission project, & have an update regarding Dice's financials.

🔔 EGX30 ended -0.5% by market close at 51,443 points, the EGX70 fell 0.4% to 15,511 points, and the EGX100 decreased 0.6% to reach 21,196 points.

💸 The number of transactions reached 183,594 spread across 1,938,310,200 stocks leading to a turnover of EGP 8.823 billion.

🏷️Local investors were the only net sellers. 

📈 Top gainers for the market as a whole included Tycoon Holding (+20.0%), Egyptian Transport & Commercial Services Co (+10.7%), Golden Textiles & Clothes Wool (+9.5%).

📉 Top losers for the market included Subscription Rights Of Aspire Capital (-11.1%), Orascom Construction (-7.0%), and Natural Gas & Mining Project (-5.5%).

⬆️ Top gainers for EGX30 were Emaar Misr (+1.0%), TMG Holding (+0.8%), and Orascom Investment Holding (+0.7%).

⬇️ Top losers for EGX30 included Orascom Construction (-7.0%), Qalaa Holdings (-3.0%), and Edita (-2.8%).

Other Important Stats: 

🧈 24K Gold reached EGP 6,504 per gram, up 0.4% day-on-day but down 17.2% month-on-month.

💲 The USD reached EGP 49.47 at the National Bank of Egypt.

Talaat Moustafa Group Holding (TMGH) expects a direct boost in sales at its Saudi flagship project Benan following the Saudi Cabinet’s approval of executive regulations defining the geographic zones where foreign nationals are permitted to own real estate, it said in a statement to the EGX.

The company said Benan, spanning roughly 10 square kilometers northeast of Riyadh, falls within the newly designated ownership zones, enhancing its appeal to foreign buyers as it includes around 25,000 residential units.

Expanding cooperation with PIF:

TMGH said its Saudi subsidiary has signed a memorandum of understanding with Saudi Arabia’s Public Investment Fund (PIF) to explore joint development opportunities across large-scale mixed-use projects in the Kingdom.

The discussions cover residential, commercial, hospitality, retail, and integrated urban developments in Riyadh, Jeddah, Mecca, and Medina, reinforcing the group’s regional expansion strategy.

Saudi momentum reflected in results:

The KSA expansion is already contributing financially. Benan generated EGP 3.3 billion in sales in Q1 2026, highlighting early demand strength.

At the group level, TMGH reported Q1 2026 net profit of EGP 5.5 billion, up 24% year-on-year, while revenue rose 39% to EGP 13.1 billion, driven by strong real estate activity and recurring-income businesses.

Recent stock performance

TMGH, which carries the second-largest weight in the EGX30 index at 11.38%, has had a good start to 2026, with its share price rising 19.2% year-to-date and gaining 74.3% over the past 12 months.

Heliopolis Housing (HELI) has completed the design phase for an integrated entertainment, retail, and hospitality project spanning 75 acres in New Heliopolis City, with an estimated investment cost of EGP 5 billion, Managing Director and CEO Sameh El-Sayed said in a statement. 

To support its expansion plans and strengthen liquidity, the company secured a EGP 1.5 billion short-term credit facility from Banque du Caire in late May, backed by expected cash flows from its partnership agreements and due for settlement before the end of the current fiscal year.

More land deals in the pipeline:

The company is also nearing an agreement with a real estate developer to develop a 25-acre plot adjacent to its existing partnership project with G Development. Separately, El-Sayed said a new project in Mansoura, spanning 52,000 square meters, is set to launch within the next two weeks in partnership with Rawasi — a deal that guarantees Heliopolis Housing a minimum revenue of roughly EGP 3.157 billion.

Partnership revenue adds up:

El-Sayed said revenue from the company's partnership-model projects totaled EGP 640 million between the start of 2026 and May 30, while cumulative expected revenue from such projects since the partnership development model was introduced in New Heliopolis has reached around EGP 4.5 billion. Total expected revenue by the end of this year is projected at EGP 3.07 billion.

Recent financial performance:

The announcement comes after a weaker first quarter for the company. Heliopolis Housing's net profit fell 47% year-on-year to EGP 250.6 million in Q1 2026, while revenue declined to EGP 422.4 million from EGP 530.8 million in the same period last year.

Profit outlook:

Despite the softer start to the year, the company expects Q2 2026 net profit to increase 30% year-on-year, with full-year net profit projected to reach approximately EGP 3.5 billion.

Recent stock performance:

The company’s share price has risen 81.9% since the beginning of 2026. This brings its gains over the past 12 months to 102.8%.

Korra Energi (KORA) has secured new credit facilities from Kuwait Finance House and Bank of Alexandria to support its execution of a 500 kV electricity transmission project in the Gulf of Suez, developed under a consortium with Hideleco, according to a company statement .

The project spans around 97 kilometers of transmission lines linking Gulf of Suez wind farms to Egypt’s national grid as part of a broader corridor developed by the Egyptian Electricity Transmission Company. Korra is responsible for issuing project guarantees under the consortium agreement.

Financing package

The funding includes EGP 300 million and USD 15.56 million from Kuwait Finance House, covering guarantees, documentary credits, and working capital needs. Bank of Alexandria is providing an additional EGP 350 million in guarantees alongside EGP 650 million in working capital facilities to support project execution and cash flow requirements.

Project value and execution share:

Korra’s allocated share of the project is estimated at EGP 2.4 billion, with the company expected to execute roughly 80% of the consortium’s scope. The wider transmission corridor is designed to integrate more than 2 GW of wind energy into Egypt’s national grid.

Recent stock performance:

Korra has seen its share price rise 12.5% since its listing on the EGX on June 11, closing Thursday’s session at EGP 3.34.

Dice Sport and Casual Wear (DSCW) reported a consolidated net loss of EGP 159.7 million in the first quarter of 2026, compared with a profit of EGP 90.54 million in the same period last year, according to a disclosure filed with the EGX.

Sales rise, but profitability weakens:

 The loss came despite higher revenues, with sales increasing to EGP 1.71 billion in Q1 2026, up from EGP 1.43 billion a year earlier. 

Expansion strategy continues:

The company has also been pursuing strategic expansion initiatives. In February, Dice announced a joint venture with two Italian firms to establish a new ready-made garments facility, supporting its broader strategy to expand exports and enter new regional markets following the founding family’s 2023 majority stake acquisition.

Market reaction:

The company’s share price dropped 1.1% following the news of the profit drop. This makes it down 1.1% since the beginning of the year, and down 5.38% compared to levels recorded a year ago.

Dates to keep an eye out for

Today:

Eastern Company - distribution date for EGP 0.45 per share. The record date was May 20th.

29 June:

Suez Canal Company for Technology Settling - distribution date for EGP 13 per share. The record date was June 24.

Misr Cement - distribution date for EGP 5 per share. The record date was April 22nd.

National Housing for Professional Syndicates - distribution date for EGP 1.75 per share. The record date was June 24.

EFG Holding - distribution date for EGP 0.278 per share. The record date was June 24.

E-Finance - distribution date for EGP 0.119 per share. The record date was June 24.

Al Shams Housing and Urbanization - distribution date for EGP 0.050 per share. The record date was June 24.

July 2:

EGX is off in observance of the June 30 Revolution anniversary.

📮 Egypt's National Investment Bank (NIB) plans to transfer its stakes in the Export Development Bank of Egypt (EXPA) and Next Bank to the National Postal Authority as part of a broader effort to settle roughly EGP 230 billion in outstanding liabilities between the two entities, Asharq reports, citing government sources. The move is part of the government's ongoing push to untangle financial obligations across state institutions and could lead to changes in the ownership structure of key financial-sector assets.

🧪 Egypt has replaced its fixed USD 90-per-ton export levy on nitrogen fertilizers with a new fee equal to 10% of the export shipment's value, linking charges directly to market prices. The decision exempts high-purity ammonium nitrate and exports to production projects in Egypt's free zones, while giving the government a more flexible mechanism to capture revenue amid volatility in global fertilizer markets.