Today: We have the latest financial results from Valmore Holding, Fawry, Amoc, A Capital Holding, and other big EGX players. We also have an update from Raya Holding, which is moving closer to selling its stake in its logistics subsidiary Ostool + IPO news from Korra Energi and state-owned contracting firm Mokhtar Ibrahim. Let’s dive in.

🔔 EGX30 ended -1.5% by market close at 52,364 points, the EGX70 fell 1.3% to 14,892 points, and the EGX100 dropped 1.3% to reach 20,715 points.

💸 The number of transactions reached 261,172 spread across 2,736,665,845 stocks leading to a turnover of EGP 10.991 billion.

🏷️ Local investors were the only net buyers.

📈 Top gainers for the market as a whole included Misr Duty Free Shops (+20.0%), Egyptian for Tourism Resorts (+11.9%), Copper For Commercial Investment & Real Estate Development (+9.1%).

📉 Top losers for the market included GB Corp (-5.8%), Gogreen for Agricultural Investment (-5.7%), and Abu Dhabi Islamic Bank- Egypt (-5.5%).

⬆️ Top gainers for EGX30 included Qalaa Holdings (+6.5%), AMOC (+4.1.%), and Abu Qir Fertilizers (+2.8%).

⬇️ Top losers included GB Corp (-5.8%), ADIB (-5.5%), and Arabian Cement (-3.9%).

Other Important Stats: 

🧈 24K Gold reached EGP 7,873 per gram, down 1.4% day-on-day and down 2.5% month-on-month.

💲 The USD reached EGP 53.25 at the National Bank of Egypt.

Valmore Holding (VLMRA), formerly known as Egypt Kuwait Holding, reported consolidated net profit of USD 41.6 million in the first quarter of 2026, marking a five percent year-on-year increase, according to its latest earnings statement.

Revenue remained steady in Q1:

For the first quarter of 2026, revenue stood at USD 166.3 million, down one percent year-on-year from USD 167.3 million in Q1 2025.

Segment performance highlights:

AlexFert (Fertilisers): brought in USD 77.3 million in revenues (+16% YoY), driven by higher average export urea prices, which rose 15% YoY.

Sprea Misr (Petrochemicals): USD 31.2 million (-35% YoY), reflecting lower sales volumes amid muted local demand and disruption in access to key Gulf export markets.

NatEnergy (Utilities): USD 21.0 million (+20% YoY), driven by a growing active connections base and higher gas distribution volumes.

Offshore North Sinai: USD 15.0 million (+4% YoY), supported by stable production from recently commissioned wells.

Kahraba (Utilities): USD 16.3 million (+21% YoY), driven by strong growth in electricity distribution volumes.

NBFS & Diversified: contributed USD 5.58 million in revenue in Q1 2026, supported by the fast-growing microfinance arm Bedayti.

The company continues to reshape its portfolio:

Valmore is progressing with capital deployment at Endolys, its plastics pyrolysis plant in the UK, with commissioning expected in 4Q26. EKACOM, its first investment in Saudi Arabia, continues to scale operations at its natural gas distribution network in Dammam Industrial City 3. The strategy follows recent portfolio optimization moves, including the sale of its entire stake in Delta Insurance (DEIN on the EGX) and full divestment from Shield Gas.

Going forward:

Management reiterated its 2030 Vision to transform Valmore into a global investment platform with a strong majority of hard-currency revenues and a diversified portfolio. The company aims to pursue opportunities across MENA and Europe while continuing to divest non-core assets and reallocate capital toward higher-return investments.

Recent stock performance:

The company has seen a good start to the year, with its share price rising 30% since the beginning of 2026. This makes its share value up 17.8% compared to levels recorded 12 months ago.

Fintech company Fawry (FWRY) reported net profit of EGP 749.3 million for Q1 2026, up 23.8% year-on-year, supported by continued platform expansion, product diversification, and stronger customer engagement, according to its latest financial results.

Revenue climbed 34.3% in Q1:

Total consolidated revenue reached EGP 2.41 billion, marking a 34.3% increase compared with the same period last year. Growth was primarily driven by strong expansion across the Financial Services and Banking Services segments.

Segment performance highlights:

Banking Services generated EGP 924.1 million in revenues, up 29.8% YoY, supported by expansion in both the Agent Banking and Acceptance segments.

Financial Services recorded EGP 800.5 million in revenues, rising 73.9% YoY, driven by growth in insurance brokerage, consumer finance, and the rollout of prepaid card products.

Alternative Digital Payments contributed EGP 472.4 million, up 2.3% YoY, as the company continued expanding its broader digital ecosystem.

Supply Chain Solutions generated EGP 145 million in revenues, up 41.7% YoY, supported by increased digitization of B2B payment flows.

Technology & Other segments recorded EGP 68.7 million in revenues, up 18.3% YoY.

The company continues expanding beyond payments:

Fawry is accelerating its push into embedded finance and healthcare services after securing approval to launch a microinsurance subsidiary with EGP 60 million in capital and a 90% ownership stake. The new unit will offer low-cost health, life, accident, and asset insurance products directly through Fawry’s platform, targeting its 24 million-user base.

The company also received EUR 4.4 million in financing from the European Bank for Reconstruction and Development last month to support youth-led businesses and rural entrepreneurs through its “Youth in Business” program.

Earlier this month, Fawry expanded further into healthcare after obtaining a third-party administrator (TPA) license through its subsidiary “Treemed TPA,” strengthening its “Fawry Healthcare” platform, which aims to connect patients, insurers, and healthcare providers through digital claims management, payments, and provider network services.

Additionally, Fawry’s CEO Ashraf Sabry said yesterday that the company is currently awaiting final approval from the Central Bank of Egypt to launch inbound remittance services, a move that would make it the country’s first non-bank financial institution to directly handle cross-border money transfers. The expansion would give Fawry access to Egypt’s booming remittance market, which hit a record USD 41.5 billion last year.

Recent stock performance:

The company has seen a good start to the year, with its share price rising 21.8% since the beginning of 2026. This makes its share value up 93.6% compared to levels recorded 12 months ago.

🛢️ Refined petroleum products producerAlexandria Mineral Oils Co (AMOC) delivered a strong start to 2026, with Q1 net profit jumping 37% YoY to EGP 635.1 million, according to its latest financial results. Sales climbed past EGP 10.5 billion from EGP 10.06 billion in the same period of the year before. The company’s share price is up 27.1% since the beginning of 2026 after gaining 4.1% by the close of yesterday’s session. Compared to levels recorded a year ago, it is up 18.2%.

📈 A Capital Holding (ACAP) posted explosive Q1 growth, with net profit surging 1740% YoY to EGP 385.7 million, according to its latest financial results. Revenues also soared to EGP 1.22 billion from EGP 181.52 million in the same period of the year before. The company’s share value is unchanged compared to levels recorded at the beginning of 2026 despite gaining 4.7% by the close of yesterday’s session. Compared to levels recorded a year ago, it is up 143.5%.

💊 Ibnsina Pharma (ISPH) reported a strong Q1 performance after net profit climbed 40.7% YoY to EGP 255.9 million, according to its latest financial results. The pharmaceutical distributor generated EGP 20.5 billion in revenues during the quarter, up from EGP 17.04 billion a year earlier. The company’s share price is down 1.4% since the beginning of 2026. Compared to levels recorded a year ago, it is up 20.8%.

💊 Macro Group Pharmaceuticals (MCRO) reported solid Q1 growth, with consolidated net profit rising nearly 49% YoY to EGP 33.4 million, according to its latest financial results. Sales also jumped 47.7% to EGP 272.3 million. The company’s share price is up 10.5% since the beginning of 2026. Compared to levels recorded a year ago, it is up 157.1%.

In non-earnings news:

📝 Raya Holding (RAYA) is one step closer to wrapping up its exit of its logistics subsidiary Ostool after its board approved the sale of its 90% stake to a subsidiary of Ascom Mining Group for EGP 641 million. The board also approved the independent fair value study cleared by the FRA, with the deal pricing Ostool at around EGP 8.22 per share — roughly a 30.5% premium to the company’s EGP 6.3 fair value. 

⚡️Energy solutions player Korra Energi said last night that subscriptions for institutional investors in its upcoming EGX listing officially kick off today, with the company aiming to raise as much as EGP 735 million through the sale of 11% of its shares at EGP 2.97 each, according to EnterpriseAM. Retail investors are set to join the offering one day later, as the IPO becomes the second private-sector listing on the exchange this year — a fresh signal that companies are still tapping equity markets despite regional volatility. 

🔔 Egypt is moving ahead with plans to partially privatize Mokhtar Ibrahim after the state-owned contractor began temporary listing procedures on the Egyptian Exchange this week, paving the way for a potential sale of up to 45% of the company under the government’s IPO program, a government official told Asharq. The infrastructure giant currently manages a project backlog worth around EGP 25 billion, with the majority tied to regional markets including Oman and Abu Dhabi, while also eyeing further expansion into Saudi Arabia.

Today:

Utopia - record date for EGP 2 per share. The distribution date is May 21.

Talaat Moustafa Group - record date for EGP 0.15 per share. The distribution date is May 21.

Tomorrow:

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