North AfricaStartups

Forbes Middle East Reveals The Top Listed Companies In Egypt

Forbes Middle East has unveiled its annual Top 50 Listed Companies in Egypt ranking for 2024, showcasing the country’s most valuable and profitable players.

The 50 listees in the 2024 ranking witnessed their sales in USD shrink by almost 20% to $26.4 billion in 2023 compared to 2022.

Their total net profits decreased by 9% to $4.5 billion, and total assets fell by 18.1% to $89.4 billion, down from $109.2 billion in 2022.

The aggregate market cap of these companies reached $29.4 billion as of April 26, 2024, reflecting a 3.3% decline compared to the previous year.

However, financial metrics improved in local currency, with market cap, sales, profits, and assets increasing by 49.8%, 25%, 41%, and 27% in EGP, respectively.

The list, derived from the Egyptian Exchange, ranked firms based on their sales, assets, and profits for the financial year of 2023, alongside their market value as of April 26, 2024.

Each metric was given equal weight and companies with identical scores received the same rank.

Companies that had not disclosed their 2023 audited financial statements as of April 26, 2023, were excluded.

Egypt’s largest private bank, Commercial International Bank (CIB),leads the list with a market cap of $4.7 billion and $17.4 billion in assets. In 2023, CIB’s net profits soared by 83.5% to $619 million.

QNB ALAHLI and industrials titan Elsewedy Electric round up the top three, each boasting a market cap of $1.4 billion.

The banking and financial services sector dominates the ranking with 16 entries, generating $8.4 billion in sales and holding $58.5 billion in total assets.

The real estate and construction industry, along with the industrials sector, follow with nine and seven entries, respectively.

Billionaire-founded Orascom Construction stands out as the nation’s largest real estate player, with a market cap of $543 million.

Notably, the listincludes only one company each from the media (Egyptian Satellite Company – Nilesat), shipping and transportation services (Alexandria Container & Cargo Handling Company), telecommunications (Telecom Egypt), and utilities (TAQA Arabia) sectors.

Related Articles

Back to top button