Events last year, including Russia’s invasion of Ukraine and the rising rate of inflation, put Egypt’s economy in severe trouble, leading to a foreign currency dry-up. The Egyptian pound has lost around 50% of its value against the dollar over the last 15 months.

These economic challenges have also left their mark on our annual list of Egypt’s Top 50 Listed Companies, with the value of aggregate sales for the 50 companies (in USD) falling by 16.3% to $32.7 billion. Profits also saw an 8.9% decrease to $4.9 billion, while the value of their total assets tumbled from $142 billion in 2021 to $109.2 billion in 2022, a 23.3% drop. Meanwhile, the combined market cap of the top 50 increased by 6.7% to $30.4 billion, with the main index (EGX30) jumping by 20% during the first five months of 2023.

Banking and financial services continue to dominate the list with 16 entries, followed by real estate and construction with eight and industrials with seven. Egypt’s largest listed bank, CIB, retains the top spot with a market value of $5.2 billion and total assets of $20.6 billion, followed by QNB ALAHLI and Telecom Egypt. Ranked 10th, Orascom Construction tops in terms of sales after generating $4.2 billion, followed by Elsewedy Electric (#4) with $3 billion in sales in 2022.