Today: We have the latest financial results of Edita, which more than doubled its profit in Q1. We also have news that Orascom Construction is launching a new regional water infrastructure venture in the UAE, Elsewedy Electric is planning a major Algeria investment push, Korra Energi saw strong first-day institutional demand for its IPO, and Juhayna is targeting USD 100 million in exports this year. Let’s jump in.

🔔 EGX30 ended -0.7% by market close at 52,007 points, the EGX70 fell 1.5% to 14,668 points, and the EGX100 dropped 1.4% to reach 20,431 points.

💸 The number of transactions reached 230,346 spread across 2,648,578,617 stocks leading to a turnover of EGP 10.439 billion.

🏷️ Local investors were the only net buyers.

📈 Top gainers for the market as a whole included Egyptian for Tourism Resorts (+13.4%), M.B Engineering (+13.2%), Gulf Canadian Real Estate Investment Co. (+8.4%).

📉 Top losers for the market included Egyptian Satellites (-6.3%), Gogreen for Agricultural Investment (-5.4%), and U Consumer Finance (-5.3%).

⬆️ Top gainers for EGX30 included Abu Qir Fertilizers (+2.0%), ADIB (+1.9%), and Ibnsina Pharma (+1.5%).

⬇️ Top losers included Qalaa Holdings (-5.0%), Heliopolis Housing (-4.8%), and Oriental Weavers (-4.6%).

Other Important Stats: 

🧈 24K Gold reached EGP 7,828 per gram, down 0.5% day-on-day and down 3.0% month-on-month.

💲 The USD reached EGP 53.27 at the National Bank of Egypt.

Edita Food Industries (EFID) reported net profit of EGP 793.1 million for Q12026, up 108.1% year-on-year, according to its latest earnings release. Management attributed the strong performance to improved operating leverage, disciplined pricing strategies, and a stronger focus on higher-margin products.

Revenue drivers:

Revenue rose 34.7% year-on-year to EGP 5.8 billion in Q12026, supported by a 13.9% increase in average selling price per pack to EGP 5.76, alongside a 36.7% increase in total tonnage sold as consumption volumes continued to recover.

Export performance: 

Net export sales climbed 73.1% year-on-year to EGP 549.7 million during the quarter, accounting for 9.5% of total revenue. Meanwhile, Edita Morocco generated EGP 154.6 million in revenue, up 21.3% year-on-year, supported by stronger distribution and route-to-market execution.

Strategic expansions and outlook:

Edita continued expanding its production footprint during the quarter, with one of the cake production lines acquired in October 2025 commencing operations and reaching full utilization by the end of 1Q2026. The company also signed a second toll manufacturing agreement with MIFAD in the wafer segment and expanded ownership rights for the HoHos, Twinkies, and Tiger Tail brands to more than 45 additional African markets.

Management said it remains optimistic on the outlook, citing improving consumption trends and ongoing operational efficiency initiatives.

Financing push:

In May, the company secured a seven-year EGP 500 million loan to support production line upgrades and capacity expansion. The move came shortly after Edita obtained another EGP 600 million financing facility from Arab Bank Egypt as part of a broader EGP 4 billion investment program targeting expansion across Egypt, Morocco, and Iraq.

Recent stock performance:

The company’s share price has risen 1.2% since the beginning of 2026. This makes its share value up 106.4% compared to levels recorded 12 months ago.

🏗️ Orascom Construction (ORAS) and Trojan Construction Holding are joining forces to establish a new Abu Dhabi-based platform focused on major desalination and water infrastructure projects across the region, according to a statement. The 50:50 venture, named Everwater for Treatment Systems, will handle EPC and operation and maintenance services, with a 300k cbm/day desalination project already in advanced negotiations. The move further strengthens Orascom’s position in the fast-growing regional water sector, where it is already involved in multibillion-dollar projects in Jordan and the UAE, including a USD 2.4 billion seawater treatment development alongside ADNOC and TAQA.

🌍 Elsewedy Electric (SWDY) is planning to inject an additional USD 1.3 billion into Algeria, targeting sectors including industry, tourism, agriculture, and housing, management told Asharq. The investments are still pending approvals from Algerian authorities. The company is also working on projects worth USD 2.5 billion spanning water treatment, irrigation, sanitation, agriculture, and aluminum, building on its already sizable manufacturing footprint in Algeria, where it produces cables and transformers for both local markets and exports to Europe and Africa.

📈 Korra Energi’s private placement tranche was covered 2.65 times on its first day yesterday, signaling strong institutional appetite for one of the EGX’s few recent private-sector IPOs, according to Hapi. The institutional offering accounts for 60% of the 247.5 million shares included in the transaction, while retail subscriptions for the remaining 40% open today and run until May 25. The company is offering shares at EGP 2.97 each — below the EGP 3.2 fair value estimate — as part of a plan to float an 11% stake on the Egyptian Exchange.

🌍 Juhayna Food Industries (JUFO) is aiming to increase exports to USD 100 million by the end of the year, representing roughly 30% growth year-on-year, according to company management. The dairy giant currently exports to around 64 countries, with finished-product exports reportedly doubling. Despite rising energy, shipping, and raw material costs, Juhayna said it absorbed most of the increases while limiting price hikes to around 4-5%. The company also plans to convert its seasonal Assiut factory into a fully operational facility as it works to expand milk production capacity.

Today:

Madinet Masr Housing - record date for EGP 0.15 per share. The distribution date is May 24.

Tomorrow:

Oriental Weavers - distribution date for EGP 0.5 per share. The record date was May 17.

Heliopolis Company for Housing - distribution date for EGP 0.223 per share. The record date was May 17.

Eastern Company - record date for EGP 1 per share. The distribution date is May 25.

May 21:

Utopia - distribution date for EGP 2 per share. The record date was May 18.

Talaat Moustafa Group - distribution date for EGP 0.15 per share. The record date was May 18.

⚠️ Egypt’s central bank has introduced stricter rules governing how banks fund non-bank lenders, amid rising concern over the rapid growth of consumer finance and weaker credit standards outside the traditional banking system, banking sources told EnterpriseAM. The new framework blocks banks from extending fresh funding to non-compliant finance companies that fail to share borrower data with regulators and credit bureaus. The move comes as Egypt’s consumer finance market continues expanding at a rapid pace, fueling debate within the financial sector over rising household debt risks and the possibility of future consolidation among smaller lending players.

⛽️ Eni is investing around USD 20 million in technical upgrades at Egypt’s Zohr gas field to help restore declining output, according to government sources cited by Asharq. The upgrades could add roughly 120 million cubic feet per day by June, as Egypt works to ease pressure from widening gas supply shortages. Egypt’s gas production currently averages below 4 billion cubic feet per day, while summer demand rises to around 7 billion, forcing the country to rely more heavily on imports to bridge the gap.