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

Today: Taaleem and Zahraa El Maadi report higher earnings, Egypt Kuwait Holding completes a multi-billion-pound exit from DEIN, and more updates from the market.

🔔 EGX30 ended -0.48% by market close at 38,082 points, the EGX70 dropped -0.06% to 12,078 points, and the EGX100 also fell 0.29% to reach 15,863 points.

💸 The number of transactions reached 136,203 spread across 1,273,213,891 stocks leading to a turnover of EGP 4.5 billion.

🏷️ Regional investors were the only net sellers.

📈 Top gainers for the market as a whole included General Company for Land Reclamation, Development and Reconstruction (+20%), El Arabia for Land Reclamation (+20%), and Wadi Kom Ombo Land Reclamation (+20%).

📉 Top losers for the market included A Capital Holding (-8.91%), El-Nile Co. For Pharmaceuticals And Chemical Industries (-8.17%), and Beltone Holding (-6.04%).

⬆️ Top gainers for EGX30 included TMG Holdings (+2.9%), E-finance (+1.8%), and EFG Holding (+1.2%).

⬇️ Top losers included Beltone Holding (-6.04%), Qalaa Holdings (-5.3%), and Egypt Aluminum (-2.9%).

Other Important Stats: 

🧈 24K Gold reached EGP 6,122 per gram, up 0.07% day-on-day and up 2.64% month-on-month.

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

💸 Taaleem Management Services (TALM) posted a 5% year-on-year rise in FY 2024/2025 net profit to EGP 580 million, driven by higher enrollment and improved operational efficiency. Revenue surged 53% to EGP 1.85 billion as student numbers hit a record 12,251, with a new all-time high of 15,681 students in the following academic year after launching Memphis University. (Read more in our Deeper Look section.)

🏘️ Zahraa El Maadi Investment and Development (ZMID) announced that its net profit surged 70.6% year-on-year to reach EGP 586.6 million during the first nine months of 2025, according to a filing to the EGX. The company’s revenues also climbed 47% to EGP 679 million. Zahraa’s share value is up 67.60% since the beginning of 2025.

✅ Egypt Kuwait Holding (EKHO) yesterday announced that it sold its entire 63.39% stake in Delta Insurance (DEIN) to Morocco’s Al Wafa Insurance Company for EGP 40 per share, in a deal worth around EGP 3.17 billion, generating profits of about USD 46 million in standalone results and USD 3 million on a consolidated basis. Other big shareholders, holding a combined 28.2% stake, sold their shares for roughly EGP 1.41 billion, bringing total transactions under Al Wafa’s mandatory tender offer — executed during Thursday’s session — to 122.32 million shares valued at EGP 4.89 billion. Remember, Morocco’s Wafa had previously signaled its intent to delist the company from the EGX following the acquisition.

👀 A transaction worth EGP 2.45 billion saw around 87 million shares in Misr Fertilizers Production Company “Mopco” (MFPC) sold through an accelerated bookbuild, marking one of Egypt’s largest secondary capital market deals of 2025. EFG Hermes, the investment banking arm of EFG Holding (HRHO), served as the sole financial advisor and bookrunner on the transaction. It is worth noting that Mopco reported a net profit of EGP 5.81 billion for the first half of 2025, down from EGP 10.2 billion in the same period last year. The company’s stock rose 9.24% since the beginning of the year.

🔚 Beltone Venture Capital, a subsidiary of Beltone Holding (BTFH), completed its first regional exit by selling Moroccan last-mile delivery platform Cathedis to local investors ORA Technologies and Azur Innovation Fund, achieving a 100% internal rate of return. The subsidiary continues to expand in Morocco and Egypt, managing USD 50 million across 21 tech-focused companies and participating in multiple recent regional investments.

November 3, 2025 (today):

North Cairo Mills (MILS) - dividend record date for EGP 3 per share. The distribution date is Thursday, November 6.

Middle Egypt Flour Mills (CEFM) - dividend record date for EGP 5 per share. The distribution date is Thursday, November 6.

Misr Chemical Industries (MICH) - dividend record date for EGP 2 per share. The distribution date is Thursday, November 6.

Alexandria Pharmaceuticals and Chemical Industries (AXPH) - dividend record date for EGP 62.95 per share. The distribution date is Thursday, November 6.

November 4, 2025:

East Delta Flour Mills (EDFM) - dividend record date for EGP 23 per share. The distribution date is Sunday, November 9.

November 5, 2025:

Mansourah Poultry (MPCO) - record date for 0.52 bonus shares per original share. The distribution date is Thursday, November 6.

💰 Egypt’s banking sector saw a rebound in its net foreign assets surplus in September, rising 16% month-on-month to reach USD 20.78 billion, driven by stronger foreign investments and record remittance inflows. The recovery follows a temporary dip in August and comes as Egypt targets USD 42 billion in FDI this fiscal year and benefits from historic remittances totaling USD 36.5 billion.

📝 Four major Gulf lenders — Abu Dhabi Islamic Bank, Kuwait Finance House, Faysal Islamic Bank, and Al Baraka Bank — are taking part in Egypt’s first-ever local sukuk issuance, sources told EnterpriseAM. The EGP 3 billion, three-year ijara sukuk, backed by Finance Ministry assets in Ras Shukeir, will settle a day after issuance. The move is part of an expanded EGP 200 billion sukuk program for this fiscal year, up from a previous EGP 25 billion target, reflecting strong market appetite. Officials said the offering will feature competitive yields and longer maturities, with plans to launch weekly issuances ranging from 3 to 7 years to attract more shariah-compliant investors and deepen the local debt market.

Taaleem Management Services (TALM) reported a net profit of EGP 580 million for FY 2024/2025, up 5% year-on-year, supported by stronger margins and operational efficiency across its university network. The company’s revenue jumped 53% YoY to EGP 1.85 billion, driven mainly by a 33% YoY increase in the total student body and a 12% rise in average revenue per student.

TALM’s share value was unchanged by market close yesterday, but is up 54.53% from the beginning of 2025.

Operational highlights (FY 2024/2025):

Taaleem achieved a record student enrollment of 12,251, a 33% year-on-year increase, with a 49% utilization rate out of a licensed capacity of 24,900 students. The group operated two universities (Nahda University in Beni Suef (NUB) and Badya University in New October City) and 14 faculties during the period, mainly in medical and science fields.

Academic year 2025/2026 updates:

Taaleem set a new enrollment record, with 15,681 students, up 28% YoY, supported by a licensed capacity of 32,550 and a total of 22 licensed faculties across three universities — Nahda University, Badya University, and the newly launched Memphis University. The launch of Memphis University marked a major step in Taaleem’s expansion, extending its footprint across East Cairo, West Cairo, and Upper Egypt. 

Nahda University also continued to grow, receiving approval to establish Faculties of Nursing and Medical Science, further expanding in the medical education field.

Expansion plans:

Taaleem plans to continue broadening its academic network and adding new faculties, particularly in healthcare and medical sciences, while maintaining focus on operational efficiency and student growth, management noted. The company also highlighted ongoing investments in its NUB University Hospital and future capacity expansion in Badya and Memphis universities.

Remember:

Palm Hills — which last year said it is allocating EGP 10 billion for the construction of schools and EGP 6 billion for the establishment of two new universities in 2025 — acquired a 32.6% stake in Taaleem at the end of 2024, making it the largest shareholder in the company.

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

Your daily market lens, signing off.