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

Today: Profit drop for Emaar Misr and Misr Al-Gedida. Misr Cement–Qena, Arabian Cement Company, & more report good results, however.

🔔 EGX30 ended +0.45% by market close at 39,902 points, the EGX70 fell 1.37% to 12,212 points, and the EGX100 dropped 0.90% to reach 16,200 points.

💸 The number of transactions reached 152,762 spread across 4,256,875,365  stocks leading to a turnover of EGP 7.6 billion.

🏷️ Local investors were the only net buyers.

📈 Top gainers for the market as a whole included Arab Developers Holding (+18.64%), Qalaa Holdings (+12.76%), and El Obour Real Estate Investment (+9.42%).

📉 Top losers for the market included Digitize for Investment And Technology (-8.16%), Egyptian Real Estate Group (-7.14%), and Macro Group Pharmaceuticals (-6.67%).

⬆️ Top gainers for EGX30 included Qalaa Holdings (+12.8%), Orascom Development (+3.6%), and CIB (+3.2%).

⬇️ Top losers included Telecom Egypt (-3.5%), Raya Holding (-2.9%), and Juhayna (-2.8%).

Other Important Stats: 

🧈 24K Gold reached EGP 6,372 per gram, up 0.12% day-on-day and up 0.02% month-on-month.

💲 The USD reached EGP 47.77 at the National Bank of Egypt.

📉 Emaar Misr reported a steep 58.5% drop in net profit for the first nine months of 2025, with earnings falling to EGP 4.29 billion. Despite the profit slump, the developer’s revenues edged up to EGP 14.58 billion. (Read more in our Deeper Look section.)

🏘️ Misr Al-Gedida (HELI) saw its net profit fall 39% in the first nine months of 2025, reaching EGP 1.06 billion. Meanwhile, the company’s revenues rose to EGP 1.27 billion. (Read more in our Deeper Look section.) 

💸 Misr Cement–Qena (MCQE) posted an exceptionally sharp turnaround in the first nine months of 2025, with net profit soaring to EGP 1.71 billion from just EGP 51 million a year earlier. Revenues also strengthened, rising to EGP 6.76 billion compared to EGP 4.1 billion in the same period of 2024. The company’s shares are up over 540% since the beginning of 2025.

🧱 Arabian Cement Company (ARCC) saw its net income surge 279% in the first nine months of 2025, with profit jumping to EGP 2.52 billion. Revenues also climbed to EGP 8.8 billion, compared to EGP 6.38 billion in the same period of 2024. The company’s shares are up over 200% since the beginning of 2025.

⬇️ Sina Cement (SCEM) posted a 44% drop in net profit for the first nine months of 2025, falling to EGP 1.53 billion. Despite the profit decline, revenues climbed to EGP 6.67 billion, up from EGP 4.44 billion, though higher production costs limited overall earnings. The cement maker’s share value is up 120% since the start of the year.

💰 Export Development Bank of Egypt (EXPA) reported net profit of EGP 4.31 billion for the first nine months of 2025, up 9.1% year-on-year. Net interest income also rose, reaching EGP 7.25 billion compared to EGP 6.28 billion in the same period of 2024. The lender’s share value is up 21% since the start of the year.

In non-earnings news:

⬆️ El Sewedy Cement has increased its ownership in Qalaa Holdings (CCAP), now holding 8.73% of the company, up from 4.97%, after acquiring 159 million shares in a deal valued at roughly EGP 93 million. The shares were purchased at an average of EGP 0.585 each. Qalaa’s share value is up over 45% since the start of the year.

❌ Mining firm Ascom (ASCM) has terminated negotiations with a foreign investor over a potential sale of its subsidiary, GlassRock Insulation, following a failure to reach terms. The company had previously signed an agreement in late September allowing the investor to conduct due diligence to assess a possible acquisition of the subsidiary. Ascom’s shares are up 44% since the beginning of 2025.

♻️ The CEO of Talaat Moustafa Group (TMGH), Hisham Talaat Moustafa, announced plans during a meeting with Acting Minister of Environment Manal Awad for a new environmentally sustainable tourism development in Sharm El Sheikh. The project, designed with the support of international consultants, aims to protect coral reefs and preserve natural resources along the Red Sea coast. The developer’s share value is up almost 27% since the start of the year.

November 27, 2025:

Misr Cement (MCQE) - dividend distribution date for EGP 0.5 per share. The record date was June 23rd.

Rameda (RMDA) - dividend distribution date for EGP 0.053 per share. The record date was the 7th of July. NOTE: The company will also be distributing 0.323 bonus shares per share on December 3, with the record date for eligibility being December 2.

💸Italian energy giant Eni will invest USD 8 billion over the next five years to expand its oil and gas fields and explore new projects, the company’s chief executive said in a meeting with President Abdel Fattah El Sisi. Earlier in November, the company announced an extension of its Gulf of Suez and Nile Delta concessions until 2040 under an agreement with Egyptian General Petroleum Corporation.This comes as Egypt’s daily gas demand remains around 6.2 billion cubic feet, compared with production of roughly 4.2 billion.

🚢 Suez Canal Authority head Osama Rabie announced yesterday that an agreement with Maersk has been signed to allow the company’s fleet to fully resume transits through the canal, following more than two years of disruptions. He added that discussions are ongoing with other global shipping firms, and expects the canal to generate USD 4.1 billion in revenues this year, with stronger growth anticipated in 2026.

Emaar Misr reported a steep 58.5% drop in net profit for the first nine months of 2025, with earnings falling to EGP 4.29 billion from EGP 10.34 billion a year earlier. Despite the profit slump, the developer’s revenues edged up to EGP 14.58 billion, compared to EGP 13.26 billion in the same period of 2024. 

The developer’s share value is up 19.71% since the start of the year.

Remember, the company has been making moves:

Earlier this month, Emaar Misr finalized an agreement with subsidiaries of Saudi Arabia’s Dallah Albaraka Group to jointly develop a 380-feddan mixed-use project in West Cairo, featuring residential, commercial, and administrative components. The development carries planned investments of around EGP 78 billion, with projected returns of roughly EGP 117 billion.

According to sources who spoke to Asharq Business, Dallah Albaraka will contribute the land, while Emaar Misr will lead development and operations, securing 67% of the project’s revenues.

Part of a  broader expansion push:

In September, the company announced Marassi Red Sea, a massive EGP 900 billion integrated tourism destination being built with Saudi-owned Citystars Properties. The project will include 12 luxury hotels, thousands of residential units, more than 500 retail and dining outlets, a marina, private beaches, schools, and hospitals. Emaar and Citystars each hold a 50% stake, and the destination is expected to generate USD 200 million in annual revenues and create up to 170,000 construction jobs.

Looking ahead:

The developer now has around EGP 1.9 trillion in total investments in Egypt across projects including Marassi, Soul, Belle Vie, Cairo Gate, Uptown Cairo, Mivida, and Mivida Gardens. Founder Mohamed Alabbar said yesterday that the company aims to double that figure in the coming years as part of its long-term growth strategy.

Misr Al-Gedida (HELI) posted net profit of EGP 1.06 billion for the first nine months of 2025, down 39% from EGP 1.74 billion a year earlier. The dip in profit reflects the company’s decision to reinvest cash into expanding its land portfolio and funding ongoing developments.

 Revenues, however, climbed to EGP 1.27 billion, compared with EGP 896.1 million in 2024, driven by land and property sales, guaranteed minimum income from agreements with SODIC.

The developer’s share value is up 21.46% since the start of the year.

Key operational highlights during the period:

Outlook:

The company’s management noted that it  is reviewing the Mansoura land contract to secure a guaranteed minimum value above the purchase price plus EGP 3 billion in revenue. It has also secured EGP 1 billion from Madinet Misr as a guaranteed minimum payment for a 491-acre development. Misr Al-Gedida has approved SODIC’s first phase of the commercial area in New Heliopolis and coordinated with Wander Company for marketing and entertainment services as part of the development.

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

Your daily market lens, signing off.