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Forbes: Egypt Top 50 Companies Market Value Rises to $30.4 Billion


Wed 14 Jun 2023 | 07:55 PM
Taarek Refaat

Global turmoil, such as the Russian-Ukrainian war and high inflation rates, have severely affected the Egyptian economy, leading to a scarcity of foreign exchange and the local currency losing about 50% of its value against the dollar over the past 15 months.

The economic challenges were reflected in the annual list of the 50 most powerful companies in Egypt, as the total sales of the 50 companies denominated in dollars decreased by 16.3% to about $32.7 billion, according to Forbes.

Net profits fell 8.9% to $4.9 billion, and total assets declined 23.3%, from $142 billion at the end of 2021 to $109.2 billion at the end of 2022.

The market value of 50 companies increased by 6.7% to reach $30.4 billion, in conjunction with the recovery of the Egyptian Stock Exchange, led by the main index (EGX30), which jumped by about 20% during the first 5 months of 2023.

While the banking and financial services sector continued to dominate the list with 16 banks, followed by real estate and construction with 8 companies, and industry with 7 companies.

The Commercial International Bank (CIB), the largest bank listed on the Egyptian Stock Exchange, held the top spot on the list, with a market capitalization of $5.2 billion and total assets of $20.6 billion, followed by (QNB) Al-Ahly and Telecom Egypt.

Orascom Construction, which ranked 10th, also recorded the highest revenues among Egyptian companies with a value of $4.2 billion in 2022, followed by Elsewedy Electric with sales of $3 billion.