Today: We have the latest financial results from Telecom Egypt, Palm Hills, Misr Cement, Bonyan, and other big EGX players. We also have important news from Egyptian Resorts Co and Egypt Aluminum. Let’s dive in.

🔔 EGX30 ended +0.3% by market close on Thursday at 52,090 points, the EGX70 fell 0.2% to 14,399 points, and the EGX100 rose 0.2% to reach 20,135 points.

💸 The number of transactions reached 168,308 spread across 1,566,338,023 stocks leading to a turnover of EGP 6.759 billion.

🏷️ Regional investors were the only net sellers. 

📈 Top gainers for the market as a whole included Gogreen for Agricultural Investment (+13.0%), Orascom Development (+8.3%), Egyptian Satellites “NileSat” (+4.4%).

📉 Top losers for the market included Misr Hotels (-6.0%), Egyptian Resorts Co (-5.5%), and National Printing (-4.9%).

⬆️ Top gainers for EGX30 included Orascom Development (+8.3%), Misr Cement (+3.5%), and Palm Hills Developments (+2.8%).

⬇️ Top losers for EGX30 included Eastern Company (-2.9%), Heliopolis Housing (-1.4%), and Rameda (-0.8%).

Other Important Stats: 

🧈 24K Gold reached EGP  7,871 per gram, up 1.1% day-on-day and down 2.9% month-on-month.

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

Telecom Egypt (ETEL) reported a net profit of EGP 3.6 billion for Q1 2026, down 23% year-over-year, according to its latest earnings release. The decline was driven mainly by higher non-cash FX losses of EGP 5.3 billion and a 15% increase in depreciation and amortization, which partly offset strong operational performance and a 25% reduction in interest expense.

Revenue climbs 14% on multiple drivers:

Total revenue reached EGP 28.2 billion, marking a 14% increase compared with the previous year. Growth was driven by broad-based momentum across key segments, led by a 23% year-over-year hike in Data revenue, which accounted for 69% of the overall top-line growth. Overall, Retail revenues grew 20% year-over-year, while Wholesale revenues saw a 5% increase.

Segment and operational performance highlights:

Home & Consumer: Brought in EGP 14.40 billion in revenues (a 21% year-over-year increase) , driven by data revenue growth of 23% year-over-year, supported by a 13% increase in ARPU and an 8% expansion in the customer base.

International Carriers: Reached EGP 5.51 billion in revenues , growing 24% year-over-year , heavily supported by a 27% increase in International Incoming Calls revenue to EGP 4.1 billion.

Customer Base: Expanded across all categories, with Mobile growing by 7% , Fixed Broadband by 8% , and Fixed Voice by 7% year-over-year.

Going forward:

Management highlighted that the company enters the coming quarters with supportive fundamentals, bolstered by the recently announced National Telecommunications Regulatory Authority tariff adjustments permitting price adjustments of 13% to 15%, and the 2026-2030 National Spectrum Strategy, which will enable the rollout of next-generation services, including its ongoing 5G rollout. The focus for 2026 remains on continuing to upgrade and strengthen the resilience of its infrastructure while managing capital prudently, management noted.

Recent stock performance:

The company has seen a strong start to the year, with its share price rising 45.1% since the beginning of 2026. This makes its share value up 168.2% compared to levels recorded 12 months ago.

Palm Hills Developments (PHDC) reported Q1 2026 net profit after tax and minority interests of EGP 1.2 billion, down 21.7% YoY, mainly due to a high comparison base tied to a one-off land sale recorded in the same period last year, according to its latest earnings release. Revenues rose 11.3% YoY to EGP 9.3 billion, supported by strong sales activity and backlog recognition.

Sales momentum remains strong:

New sales rose 58% on a normalized basis to reach EGP 52 billion, driven by strong launches and performance across all operating regions. The company’s recently launched 315-feddan New Administrative Capital project, Village de La Capitale, was the quarter’s standout contributor, generating EGP 24 billion in sales.

East Cairo led overall performance, with sales climbing to EGP 29.5 billion from EGP 11.5 billion a year earlier, supported by Village de La Capitale, Palm Hills New Cairo, and 97 Hills. Meanwhile, West Cairo and Badya generated EGP 16.6 billion in sales, including EGP 5.5 billion from the Badya project alone. North Coast and Alexandria sales reached EGP 5.4 billion, driven by Hacienda Heneish, Hacienda Blue, and Hacienda Waters.

Recurring income continues expanding:

Recurring income continued growing across hospitality, education, and sports assets, helping diversify cash flows beyond residential sales. The group currently operates seven hotels and three sports clubs, alongside its 32.61% stake in Taaleem Management Services (TALM), one of Egypt’s largest higher education operators.

Looking ahead:

Palm Hills is also preparing to launch Hacienda Ras El Hekma on the North Coast next month as it continues expanding its luxury and hospitality footprint. The firm’s Co-CEO and Managing director Hazem Badran told Al Arabiya Business on Thursday that the project is expected to bring EGP 50 billion in sales during the current year.

It’s worth noting that the company ended the quarter with a revenue backlog of EGP 263 billion, up from EGP 190 billion a year earlier, providing strong visibility on future revenues.

Recent stock performance:

The company has seen a strong start to the year, with its share price rising 59.9% since the beginning of 2026. This makes its share value up 103.1% compared to levels recorded 12 months ago.

🧱 Misr Cement (MCQE) posted a 155% YoY jump in Q1 2026 consolidated profit to EGP 793.6 million, according to its latest financial results. Net sales climbed to EGP 2.21 billion from EGP 1.82 billion a year earlier. The company’s share price is up 13.5% since the beginning of 2026 after gaining 3.5% by the close of Thursday’s session. Compared to levels recorded a year ago, its share value is up 555%.

🧶 Oriental Weavers (ORWE) reported Q1 consolidated net profit of EGP 893 million, up 62% YoY, according to its latest financial results. Net sales rose 8.5% to EGP 6.94 billion. The company’s share price is down 7.0% since the beginning of 2026. Its share price is almost unchanged compared to levels recorded a year ago.

🏦 United Bank (UBEE) posted a 21% YoY decline in Q1 consolidated profit attributable to shareholders, falling to EGP 615 million despite continued balance sheet growth, according to its latest financial results. Net interest margin rose 9% to EGP 1.37 billion, while customer deposits and loans expanded 12% and 18%, respectively, from year-end 2025. The company’s share price is down 7.9% since the beginning of 2026. Compared to levels recorded a year ago, its share value is down 2.7%.

🏢 Real estate investment firm Bonyan (BONY) delivered a strong start to 2026, with net income jumping 42.3% year-on-year to EGP 593.3 million, driven by renewed sales momentum and an EGP 800 million uplift in its investment portfolio, according to its latest results. Revenue rose 106% over the quarter to EGP 370 million, supported by the restart of sales at Walk of Cairo alongside higher rental income from repricing, lease renewals, and new contracts. The company’s share price is up 25.7% since the beginning of 2026 after gaining almost 2% by the close of Thursday’s session. Compared to levels recorded a year ago, its share value is down 5.1%.

In non-earnings news:

⚖️ A court has frozen a controversial move by Egypt’s investment regulator to force new board elections at Egyptian Resorts Co (EGTS), the developer behind the massive Sahl Hasheesh Red Sea destination, according to EnterpriseAM. At the center of the dispute is a shareholder bloc seeking to settle USD-linked land contracts at a fixed exchange rate of EGP 10 per dollar despite the currency currently trading around EGP 53, with the ruling temporarily blocking a management shake-up and reinforcing investor protections against regulatory overreach. It’s worth noting that the company’s share price fell 5.5% following the news on Thursday. However, it has seen a great start to the year, with its share price up 127.9% since the beginning of 2026. Compared to levels recorded a year ago, its share value is up 104.4%.

🔩 International lenders are lining up to finance Egypt Aluminum’s planned USD 3 billion alumina refinery project with Bahrain’s Alba, which would become Egypt’s first operating alumina refinery and one of the country’s largest industrial projects, Egypt Aluminum CEO Mahmoud Agour told EnterpriseAM. The project is part of a broader expansion strategy that could quadruple Egypt’s aluminum production capacity to around 1.2 million tons annually. Egypt Aluminum (EGAL) saw its share price rise 2.7% following the news on Thursday. It has also seen a good start to the year, with its share price up 38.3% since the beginning of 2026. Compared to levels recorded 12 months ago, its share value is up 121.1%.

Today:

Madinet Masr Housing - distribution date for EGP 0.15 per share. The record date was May 19.

Tomorrow:

Eastern Company - distribution date for EGP 1 per share. The record date was May 20.

🏦 Egypt’s central bank (CBE) kept interest rates unchanged for the second consecutive meeting in 2026, holding the overnight deposit rate at 19% and lending rate at 20% as policymakers continue balancing inflation risks against global market volatility. The CBE also sharply raised its inflation outlook, now expecting average inflation of 16–17% in 2026 versus an earlier 11% forecast, citing pressure from energy prices and currency fluctuations.

🤖 Egypt’s government said it has identified more than 600 state-owned or state-affiliated companies through a new AI-powered digital platform aimed at overhauling oversight of public assets. The initiative is part of a broader push to restructure state investments, accelerate IPO plans, improve governance, and expand private-sector participation, with several companies already being prepared for future listings on the Egyptian Exchange.