Egyptian Blue Chips Riding The Storm

As Egypt faces an economic crisis, these three Egyptian companies are growing regardless.

- HAGAR OMRAN

For Egypt's population of over 103 million people, private sector companies are helping drive the economy and create jobs despite challenging market conditions. The private sector contributed 73.7% to the country's GDP in the 2021 financial year.

Elswedy Electric, TMG Holding, and EFG Hermes Holding are three of the most successful independent Egyptian companies among the blue chips of Egypt's private sector. Here's a look at how they retained positive growth last year.

EFG Hermes Holding (EFG)

EFG is Egypt's largest investment bank in terms of total assets, with $5.2 billion in total assets in 2021. It also had $447.12 million in total revenues for 2021, a 23% increase compared to 2020. This result was thanks to its core operations, as well as the acquisition of aiBANK in Q4 2021, which then recorded $16.5 million in revenues.

The company's operations span 13 countries across four continents. Over the past ten years, the group's total assets have increased by 84% to hit $5.2 billion by the end of 2021. Its annual profits hit $84.7 million in 2021, an increase of 17.5% compared to the previous year. EFG has also participated in local and regional IPOs, including DEWA's recent $6.1 billion listing on the Dubai Financial Market.