Despite the turbulent economic conditions at the local and global levels, Egyptian companies managed to record remarkable growth over the past year, led by the financial services, industry and real estate sectors.
Forbes Middle East’s list of “The 50 Most Powerful Companies in Egypt for 2022” includes the most profitable companies and the highest in terms of market capitalization and assets. The total market values of 50 companies amounted to about $28.5 billion, and total assets exceeded $142 billion. While the total sales of the companies amounted to 39.1 billion dollars, and the total net profits of 5.4 billion dollars.
The petroleum sector dominated the reservation of 5 seats on the list, as 5 companies, MOPCO, Abu Qir Fertilizers, SIDPEC, AMOC and Egypt Gas, topped the list. Sales of the top 10 companies on the list increased by 31% in 2021, compared to the previous year, to record $22.8 billion. While its net profit jumped 59% to about $3 billion. Egypt’s devaluation of its local currency against the dollar by more than 15% last March attracted foreign investments to the market, as the Abu Dhabi Sovereign Fund Holding (ADQ) bought shares worth $1.8 billion in 5 Egyptian companies, including Commercial International Bank, Fawry and MOPCO. Qatar, also plans to pump $5 billion, as for Saudi Arabia and Egypt signed an agreement on investment by the Saudi Public Investment Fund in the country.