• CEO: Hany Aman
Housing & Development Bank (HDB)
Market Value: $1.2 billion Sales: $554 million
Hassan Ghanem
Eastern Company
17
• Executive Chairman and Managing Director:
Sector: Retail
EGYPT’S TOP 50 LISTED COMPANIES
76
Profits: $130 million Assets: $864 million
Sector: Banking and financial services
The Eastern Company is the only local manufacturer of cigarettes in Egypt. In May 2022, the company got the approval to acquire 24% of the United Tobacco Company. The Holding Company for Chemical Industries owns 50.95% of the company’s shares. The company’s revenues increased by 7% in the fiscal year ended June 2022.
Market Value: $309 million Sales: $402 million
16
Profits: $88 million Assets: $3.5 billion
GB Corp
• CEO: Nader Ghabbour Sector: Automotive
Market Value: $215 million Sales: $963 million Profits: $341 million Assets: $1.1 billion In January 2023, GB Auto Group rebranded to GB Corp, which provides its services through two main entities: GB Auto, which operates the core automotive business, and GB Capital, which oversees the operations of the group’s non-bank financial service providers. With over 25 brands in its portfolio, the group sold 38,103 cars in Egypt and Iraq in 2022. In February 2023, the company’s subsidiary MNT-Halan announced an equity investment of $200 million from Chimera Abu Dhabi in exchange for over 20% of the company. It also sold a 45% stake in GB Lease to Chimera in 2022.
Petrochemicals
F O R B E S M I D D L E E A S T.C O M
HDB was established in 1979, with a focus on housing and urban development, before transforming into a full-fledged commercial bank with 99 branches and 430 ATMs across Egypt. The bank’s total assets increased by 35.2% to $3.5 billion in 2022, while its net profit hit $88 million in 2022, an increase of 34.4% compared to 2021. The New Urban Communities Authority is the main shareholder in the bank, with a 29.8% stake. As of December 2022, the bank had 10 subsidiaries, including El Tameer for Real Estate Asset Management and Holding Co. For Investment and Development.
Abu Dhabi Islamic Bank (ADIB-Egypt) 18
• CEO and Managing Director: Mohamed Aly Sector: Banking and financial services
Market Value: $271 million Sales: $405 million Profits: $71 million Assets: $3.8 billion ADIB Egypt was created in 2007 when ADIB and the Emirates International Investment Company acquired the National Bank for Development. It provides Shariahcompliant financial services across 70 branches and employs more than 2,251 people. In December 2022, the National Investment Bank sold 7.6% of its 10% stake in ADIB Egypt for $17.5 million, while the Abu Dhabi Islamic Bank-UAE purchased NIB’s remaining 2.4% stake, increasing its ownership in ADIB Egypt to 52.6%. The bank recorded $71 million in net profits in 2022, an increase of 51% compared to 2021.
Companies
Total market value
Total sales
Total profits
Total assets
4
$1.4 billion
$1.1 billion
$125 million
$1 billion JUNE 2023
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