Good morning, and welcome to Telda Lens — your daily pulse on Egypt’s markets.

Today: Beltone reports strong earnings + updates from South Cairo & Giza Flour Mills, Faisal Islamic Bank & more

🔔 EGX30 ended +0.38% by market close at 41,499 points, the EGX70 rose 0.27% to 12,464 points, and the EGX100 increased 0.27% to reach 16,585 points.

💸 The number of transactions reached 140,297 spread across 4,964,128,097 stocks leading to a turnover of EGP 7.4 billion.

🏷️ International investors were the only net buyers.

📈 Top gainers for the market as a whole included Arab Dairy - Panda (+19.88%), Gogreen for Agricultural Investment (+8.94%), and Delta For Printing & Packaging (+8.86%).

📉 Top losers for the market included General Silos & Storage (-5.44%), Macro Group Pharmaceuticals (-5.26%), and October Pharma (-4.13%).

⬆️ Top gainers for EGX30 included GB Corp (+5.0%), E-finance (+3.3%), and Juhayna (+2.4%).

⬇️ Top losers included TMG Holding (-2.6%), Rameda (-2.5%), and Oriental Weavers (-2.1%).

Other Important Stats: 

🧈 24K Gold reached EGP 6,431 per gram, down 0.23% day-on-day but up 5.45% month-on-month.

💲 The USD reached EGP 47.52 at the National Bank of Egypt.

📝 Beltone Holding (BTFH) posted a net profit of EGP 1.5 billion in 9M 2025, marking a 32% increase year‑on‑year. The company’s revenues also jumped 97% YoY to EGP 9.6 billion during the period. (Read more in our Deeper Look Section.)

⬇️ Faisal Islamic Bank of Egypt (FAIT) approved the sale of its plot on El-Nozha Street in Nasr City to the Egyptian Endowments Authority for EGP 924 million. Remember, the bank reported a 69.7% drop in net profit to EGP 2.72 billion in the first nine months of 2025, mainly due to currency fluctuations. Its share price is down 9.53% since the beginning of 2025. 

💸South Cairo & Giza Flour Mills (SCFM) has called an extraordinary general assembly for December 27 to discuss the sale of two properties, and a potential joint project on a 1,500 m² plot on King Faisal Street. Remember, despite losses exceeding half of shareholder equity, the board recently confirmed that the company will continue its operations, after reporting May profits of EGP 3.3 million, up from EGP 1.08 million a year earlier. The company’s share value is up 290% since the start of the year.

🔔 Mohamed Farid, chairman of the Financial Regulatory Authority, said at the opening bell for Egytrans’ first day of trading following its merger with Nosco that fintech and electronic onboarding boosted new investors on the EGX from 25–30 thousand to over 250–300 thousand annually, while daily trading jumped to EGP 6–7 billion from just 500 million three years ago.  In other news, EGX Chairman Islam Azzam noted that total market capitalization of companies on the EGX is now EGP 2.9 trillion, up 40% since the start of the year. The total market cap is now equivalent to 16% of GDP, he added.

💵 The Finance Ministry, the CBE, and other ministries are preparing a new EGP ten-billion program to offer concessional financing and technical support to startups and entrepreneurs, a government source told EnterpriseAM. The initiative is expected to launch in the first half of 2026, with lending carrying favorable interest rates. The EBRD will also extend a USD 200 million facility to the National Bank of Egypt to expand MSME lending across the country.

💸 Egypt’s external debt rose to USD 161.2 billion in FY 2024-25, a modest 5.5% increase that the Central Bank says remains manageable thanks to a heavy tilt toward long-term obligations. The rise was mainly driven by higher external loan disbursements and valuation effects from currency movements. Despite larger debt-service payments, foreign reserves and the banking sector’s net foreign assets strengthened, while the current account deficit narrowed on stronger remittances, tourism, and non-oil exports.

Beltone Holding (BTFH) reported a net income after tax and minority interest of EGP 1.5 billion in 9M 2025, up 32% compared to the same period last year, on the back of a 97% increase in operating revenues to EGP 9.6 billion, supported by strong performances from its Non‑Banking Financial Institutions (NBFIs), Investment Banking, and Asset Management segments.

NBFIs performance:

The NBFIs segment recorded growth across multiple business lines:

Investment Banking:

Beltone Investment Bank posted EGP 867 million in operating revenue (+274% YoY), supported by debt-capital market transactions, advisory services, and brokerage operations.

Asset Management:

Beltone Asset Management reported AUM of EGP 30.7 billion (+26% YoY). Funds such as its gold fund ‘Sabayek’ and ‘Beltone Meya Meya’ (which tracks the EGX 100 index) grew 13.3× and 15.6× YoY, respectively.

Details for 3Q:

For the third quarter of 2025, Beltone reported a net income after tax and minority interest of EGP 186 million in 3Q 2025, up 41% compared to the same period last year. Operating revenues reached EGP 3.25 billion, marking a 71% year-on-year increase.

Forward outlook and expansion plans:

Beltone is focusing on key growth areas, including expanding its microfinance branch network to 200 branches by the end of the year, continuing SME financing operations, and launching new asset management funds, including USD-denominated and passive/index-tracking products.

To support its expansion, the company is seeking a third loan from its main shareholder, UAE-based Chimera, as outlined in the agenda of the general assembly scheduled for December 22.

Management said it plans to continue leveraging its diversified platform to support growth across traditional and digital financial services.

Market reaction:

Beltone’s share value was up 1.3% to EGP 3.25 by 12 PM (on trades worth EGP 142 million), following news of its results, but ended trading on Thursday almost as it started (dropping just -0.31% day-on-day). Its share price is up 47.60% since the start of the year, though. 

Stay curious, stay invested — we’ll see you tomorrow.

Your daily market lens, signing off.