On 5 June, Forbes Middle East revealed a list of its 50 top Egyptian companies in 2022 thus far. Despite ongoing economic strains, these 50 companies have significantly out-performed themselves over the past year, data demonstrates.
The ranking highlights key players across all sectors, using data from the Egyptian Exchange, market value, sales, assets, and profits.
“The aggregate market value of the top 50 listed companies in Egypt stands at [EGP 531.9 billion] USD 28.5 billion, while the value of assets exceeds [EGP 2.6 trillion] USD 142 billion. The companies generated [EGP 727.8 billion] USD 39.1 billion in aggregate revenues and [EGP 100.7 billion] USD 5.4 billion in net income,” the article reads.
Banking and financial service companies dominate the list, with 16 companies in total featured. Real estate and industrials – which includes the likes of agriculture, textiles, and engineering companies – follow behind with eight and seven companies respectively.
The Commercial International Bank, Egypt’s largest private bank, tops the list with total assets of EGP 499.3 billion (USD 26.8 billion) in 2021. Qatar National Bank Al Ahli ranks second with EGP 359.5 billion (USD 19.3 billion).
Telecom Egypt, Egypt’s largest telecommunications company, follows in third place with total assets worth EGP 91.2 billion (USD 4.9 billion), followed by industrial leader Elsewedy Electric at EGP 67 billion (USD 3.6 billion) and real estate leader Talaat Mostafa Group Holding at EGP 139.7 billion (USD 7.5 billion).
Beyond the financial and industrial sectors, healthcare, automotive, as well as food and beverage companies also appear in the ranking.
Ghabbour Auto Group, the country’s leading automotive company, ranks 17th with total assets worth EGP 31.6 billion (USD 1.7 billion). In 26th place, Integrated Diagnostics Holdings leads the healthcare sector with EGP 6.2 billion (USD 335 million). Meanwhile, Juhayna Food Industry ranks 30th – the highest in food and beverage – with EGP 5.4 billion (USD 294 million).
Out of the 50 companies, two are led by female Chief Executive Officers – Yasmin Khamis of Oriental Weavers and Hend El Sherbini of Integrated Diagnostics Holdings.
Egypt’s government is looking to further boost its business performance after announcing a broad outline to privatize several state assets, which includes listing national companies on the stock exchange and offering up to EGP 745 billion (USD 40 billion).