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

Today: Madinet Masr’s 9M 2025 profit falls 6.6% to EGP 2.4 bn; Rameda’s 9M 2025 profit rises 15.1% to EGP 281 mn; Al Baraka Bank Egypt’s 9M 2025 profit rises 33% to EGP 2.95 bn; and United Bank’s 9M 2025 profit falls 9% to EGP 1.8 bn.

🔔 EGX30 ended -0.41% by market close at 40,261 points, the EGX70 rose 0.26% to 12,137 points, and the EGX100 also grew 0.05% to reach 16,085 points.

💸 The number of transactions reached 144,147 spread across 1,429,029,211 stocks leading to a turnover of EGP 6.3 billion.

🏷️ Regional investors were the only net sellers.

📈 Top gainers for the market as a whole included Suez Canal Company For Technology Settling (+20%), The United Bank (+19.97%), and Al Baraka Bank Egypt (+11.50%).

📉 Top losers for the market included Arab Aluminum (-10.29%), Alexandria Containers and Goods (-8.07%), and Ferchem Misr for Fertilizers and Chemicals (-4.90%).

⬆️ Top gainers for EGX30 included Misr Cement (+5.8%), ADIB (+4.2%), and Beltone Holding (+3.7%).

⬇️ Top losers included Orascom Development (-4.3%), Ibnsina Pharma (-3.7%), and Juhayna (-3.7%).

Other Important Stats: 

🧈 24K Gold reached EGP 6,298 per gram, up 0.49% day-on-day and up 2.18% month-on-month.

💲 The USD reached EGP 47.19 at the National Bank of Egypt.

🏘️ Madinet Masr For Housing and Development (MASR) reported a net profit of EGP 2.4 billion for 9M 2025, reflecting a 6.6% YoY decline amid a softer revenue base and narrower margins. The company recorded revenues of EGP 7.4 billion during 9M 2025, down 1.0% YoY as activity stabilized following last year’s “exceptional growth,” management noted. The developer’s shares have risen by 13.12% since the beginning of the year. (Read more in our Deeper Look section.)

💰 Rameda (RMDA) posted net revenue of EGP 2.964 billion in 9M 2025, up 66.1% YoY, while net profit rose 15.1% YoY to EGP 281 million, supported by price increases, volume recovery, and strong operational performance. The company’s stock value is up 25.75% since the beginning of 2025. (Read more in our Deeper Look section.)

🏛️ Al Baraka Bank Egypt (SAUD) reported a net profit of EGP 2.95 billion for the nine months ended September 2025, up 33% YoY. Net interest income reached EGP 5.52 billion during 9M 2025, rising from EGP 4.39 billion in the same period last year, supporting overall earnings growth. The lender’s shares rose by 11.50% following the news of its earnings results, and is up 22.75% year-to-date.

📉 The United Bank (UBEE) posted a net profit of EGP 1.8 billion for 9M 2025, down 9% YoY from EGP 1.99 billion in the same period of 2025. Net interest income rose to EGP 10.49 billion during 9M 2025, up from EGP 9.63 billion a year earlier, supporting the bank’s revenue base. The lender’s stock rose by 19.97% following the news of its earnings results, and is up 29% year-to-date.

🐔 Cairo Poultry (POUL) saw its net profit rise 29% YoY to EGP 2.36 billion for 9M 2025, from EGP 1.83 billion in the same period last year. Revenues climbed to EGP 11.97 billion during 9M 2025, compared to EGP 10.65 billion a year earlier, reflecting solid operational growth. The company’s shares are up 83% since the start of 2025.

🐓 Ismailia Misr Poultry (ISMA) posted a sharp 466% year-on-year surge in net profit to EGP 39.26 million for 9M 2025, up from EGP 6.94 million a year earlier. The company’s rental revenues more than doubled to EGP 42.37 million during the same period. The company’s shares are up 55% since the start of 2025.

🐣 Egypt for Poultry (EPCO) reported a 63% YoY increase in net losses for the nine months ended September 2025, reaching EGP 8 million, up from EGP 4.92 million a year earlier. The company’s revenues rose to EGP 8.92 million during the same period, compared to EGP 6.26 million a year ago. The firm’s share value is up 47% year-to-date.

👀 Qalaa Holding (CCAP) is exploring issuing up to USD 200 million in convertible bonds to reduce debt and fund subsidiary investments. The company is also considering listing five of its subsidiaries on the EGX over the next two years, while potentially divesting from two others and partially selling another subsidiary while keeping controlling stakes. The company’s shares are up over 20% since the start of the year.

November 12, 2025 (today):

Alexandria Flour Mills (AFMC) - dividend distribution date for EGP 0.75 per share. The record date was yesterday.

November 13, 2025:

Alexandria Container and Cargo Handling Co (ALCN) - dividend distribution date for EGP 1.81 and USD 0.003 per share. The record date was Monday, November 10.

🛢️ Egypt plans to boost its crude oil production by around 11.5% to 580,000 barrels per day by the 2026-2027 fiscal year, up from 520,000 currently, according to a government official who spoke to Asharq Business on condition of anonymity. The official said the increase comes as the government clears delayed payments to foreign oil partners, develops existing fields, and brings new projects online to counter a drop in output to 507,000 barrels per day in June 2025—the lowest level in nearly 47 years.

💰 Kuwait is reportedly in talks to implement a USD 3 billion investment package in Egypt, with the first tranche expected before the end of 2025 or in early 2026, two government sources told EnterpriseAM. The planned investments span ports, logistics, industry, renewables, and potentially the airport privatisation currently being prepared with the International Finance Corporation. Funding will come partly from Kuwait’s deposits in Egypt’s central bank, alongside direct investments in industrial, banking, and tech assets, the news outlet noted.

🌾Egypt plans to cultivate up to one million feddans in northern Sudan over the next three years, starting with an initial 250,000 feddans next year, a government source told Asharq Business. The crops will include wheat, corn, soybeans, and rice, with Egypt mobilizing private investors while Sudan provides the land, conditional on improved security. The agreement follows talks between the Egyptian and Sudanese agriculture ministers in October, which also covered boosting Egyptian fertilizer exports and supplying Sudan with seeds.

Madinet Masr For Housing and Development reported a net profit of EGP 2.4 billion for the nine months ended September 2025, down 6.6% year-on-year amid softer margins and a slightly weaker revenue base.

Revenue drivers:

Total revenues reached EGP 7.4 billion during 9M 2025, supported mainly by unit delivery revenues, which doubled both year-on-year and quarter-on-quarter.

New sales:

New bookings totaled EGP 36.3 billion, up 11.2% from the same period last year. Sarai, the company’s 5.5‑million‑sqm mixed-use project near the New Administrative Capital, contributed 54.4% (EGP 19.8 billion) of total new sales, while Taj City, a 3.6‑million‑sqm development in eastern Cairo, added 16.9% (EGP 6.1 billion).

3Q specifics:

For the quarter ended 30 September 2025, Madinet Masr posted a net profit of EGP 1.1 billion, down 30.9% YoY, reflecting normalization from peak demand last year. Revenues fell 12.5% YoY to EGP 2.6 billion, compared with EGP 2.97 billion in Q3 2024. New sales for the quarter rose 27.5% to EGP 15.1 billion, from EGP 11.8 billion in the same period last year.

This year’s highlights:

The company launched Talala in New Heliopolis City, with total planned investments of EGP 90 billion and expected sales of EGP 202 billion, and Elm Tree Park, a new residential development costing EGP 11 billion and projected to generate roughly EGP 20 billion in sales.

Alongside ongoing progress at Taj City, Sarai, and The Butterfly, these projects have significantly expanded Madinet Masr’s future revenue pipeline.

By the end of 9M 2025, the company’s land bank totaled 12.8 million sqm, including 4.4 million sqm of unlaunched mixed-use land, “underscoring Madinet Masr’s position to further create long-term value for shareholders,” its CEO Abdallah Sallam said yesterday.

Expansion outlook:

Madinet Masr is also exploring regional growth, having approved an initial USD 5 million investment to establish overseas operations. This follows a partnership framework with Saudi Arabia’s Waheej Real Estate to explore residential, commercial, and administrative projects in the Kingdom.

Rameda reported a net profit of EGP 281 million in the nine months ended September 2025, up 15.1% year-on-year, as strong operational execution, portfolio repricing, and recovering volumes supported earnings growth.

Revenue drivers:

Total revenue for 9M 2025 reached EGP 2.964 billion, a 66.1% increase from the same period last year. Growth was fueled by the full impact of approved price increases ranging from 40% to 50% across the portfolio, alongside a significant rise in volumes. Both pricing and volume contributed to the increase, with the average selling price per private unit rising from EGP 58 in 3Q 2024 to EGP 75 in 3Q 2025, and total units sold (excluding toll manufacturing) increasing 59% YoY to 53.6 million units.

Export performance:

Export revenues for 9M 2025 totaled EGP 169 million, up 22% year-on-year. Top-contributing markets were Sudan (36%), Yemen (23%), and Libya (17%), supported by improved regional liquidity, stabilized logistics routes, and a strengthened presence in high-demand markets including Iraq and Libya.

Specifics for 3Q:

In 3Q 2025, net profit reached EGP 96 million, down 20.7% year-on-year, mainly due to a sharp 107% increase in finance costs linked to strategic raw-material inventory build and the financing of recent molecule acquisitions. Revenue for the quarter was EGP 1.135 billion, a 48.7% increase versus 3Q 2024, with tender sales surging 390% YoY to EGP 242.5 million and private sales rising 21% YoY to EGP 758.9 million.

Going forward:

“We enter the final quarter of 2025 with strong momentum—historically our best-performing period—supported by continued tender activity, the ramp-up of newly acquired CNS and pain products, and a recovering private channel as regulatory bottlenecks ease. With these tailwinds, and a disciplined focus on high-value, recurring-use therapeutic areas, we remain confident in Rameda’s ability to sustain growth, enhance profitability, and deliver lasting value for all stakeholders,” the company’s CEO Amr Morsy said yesterday.

Earlier in May, the firm noted that it is targeting full-year revenue guidance of between EGP 4.2 billion and EGP 4.5 billion, and management said yesterday that its robust pipeline makes it well-positioned to meet that target.

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

Your daily market lens, signing off.