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Earnings Out: AFDI - ADIB - CIEB - CCAP


El Ahli Investment And Development - AFDI - FY2022

Net income down -57% for the consolidated financial year 2022, recording net income of EGP 4,537,212 Vs. EGP 10,600,264.



Credit Agricole Egypt - CIEB - Q1-2023.

Net income Up +148.96%, recording EGP 1.22bn for Q1-2023 Vs. EGP 491mn Q1-2022. deposits are up by 12.15%, reaching EGP 67.84bn.



Alexandria Pharmaceuticals - AXPH - 9M-22/23

Net income up +34%, recording EGP 108mn 9m-22/23 Vs. EGP 80mn 9M21/22.

Qalaa Holding - CCAP - Financial Year 2022 Results

Qalaa’s consolidated revenue grew 113% y-o-y to EGP 97.7 billion in FY22, and recurring EBITDA reached EGP 32.3 billion compared to EGP 4.1 billion in FY21, supported by record refining margins at the Egyptian Refining Company (ERC) and strong performances across all subsidiaries.

• In FY22, Qalaa recorded a net loss of EGP 2.3 billion on par with the previous year, despite operational improvements, due to an FX loss of EGP 4.7 billion following the devaluation of the Egyptian pound.

• ERC was the primary driver behind consolidated revenue growth, contributing c.76% to Qalaa’s total revenue in FY22. ERC’s refining margins were exceptionally high throughout FY22 and have started tapering toward normalized margins in 2023.



Abu Dhabi Islamic Bank- Egypt-ADIB


Net income Up +126.6%, recording EGP 1bn for Q1-2023 Vs. EGP 444mn Q1-2022. deposits are up by 4%, reaching EGP 101 bn.















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