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Domty brings in over EGP 500 million in 2024
Arab Food Industries “Domty”reported a strong performance in 2024, with net profits exceeding EGP 501 million, reflecting a YoY increase of over 10%. |
Strong performance
The company’s sales rose by approximately 23% YoY during the twelve-month period, surpassing EGP 9 billion.
Earnings per share climbed to EGP 1.44, up from EGP 1.3 in 2023.
Comes after a solid 9M
The company had recorded a 15% YoY rise in net income during the nine months ending in September, raking in EGP 407.57 million.
The local dairy giant’s sales jumped to EGP 6.89 billion during 9M compared to EGP 5.17 billion during the same period in 2023.
Dividends
In light of its solid performance, the board of directors has proposed a cash dividend of 85 piasters per share to shareholders, sourced from last year’s profits.
Remember, an expansion is also in the works
Domty — which last year received an offer from Denmark’s Arla Foods to acquire a majority of its shares at a 74% premium — said in October it plans to channel EGP 200 million toward investments aimed at expanding its production output and upping its export capacity in 2025.
Domty is also in talks for the purchase of a 25,000 sqm piece of land near its factories in the Sixth of October to support its upcoming expansion, the company’s Vice Chairman and Managing Director Mohamed El Damaty noted.
The company last year earmarked about EGP 150 million toward expanding its operations. |
Elsewedy electric leads the way on Hungary’s largest power plant development
Elsewedy Electric, a prominent player in the engineering and construction sector, is set to play a pivotal role in the development of Hungary’s largest combined-cycle power plant (CCPP).
This venture marks the group’s first major investment in Europe, positioning them for strategic growth in the region. |
Project highlights
Elsewedy announced that its subsidiary has secured a contract for the engineering, procurement, and construction of the plant, valued at approximately 700 million euros. The company will be responsible for executing nearly 50% of the project’s total value.
Strategic significance
This project represents a key milestone in Elsewedy Electric’s global expansion, reinforcing its position as a regional leader in providing comprehensive infrastructure solutions.
It will be the first power plant in Hungary designed to use hydrogen fuel, with up to 30% of the fuel mix derived from the green energy source.
Set for completion by 2028, the plant is poised to be a transformative step in Hungary’s shift toward clean energy, setting the stage for the country’s decarbonization ambitions.
A year for the books
Elsewedy’s net profits surged by over 64% YoY during the first nine months of the previous year, exceeding EGP 13 billion. Additionally, its revenues grew by 51.5%, reaching nearly EGP 165 billion, underscoring the company’s robust growth trajectory. |
Egypt’s exports saw a significant increase of 5.4% YoY in 2024, reaching a total value of USD 44.9 billion, compared to USD 42.6 billion in 2023, according to data from the Central Agency for Public Mobilization and Statistics (CAPMAS). |
The top ten countries that Egypt exported to in 2024 are as follows:
1) Italy: USD 3.4 billion. 2) Saudi Arabia: USD 3.4 billion. 3) Turkey: USD 3.3 billion. 4) United Arab Emirates: USD 3.3 billion. 5) United States: USD 2.2 billion. 6) Libya: USD 2 billion. 7) United Kingdom: USD 1.6 billion. 8) Spain: USD 1.5 billion. 9) Switzerland: USD 1.2 billion. 10) Greece: USD 1.1 billion.
The top ten products Egypt exported in 2024 were:
1) Petroleum products: USD 3.8 billion. 2) Ready-made garments: USD 2.9 billion. 3) Fresh fruits: USD 2.3 billion. 4) Fertilizers: USD 2.2 billion. 5) Pasta and various food preparations: USD 1.8 billion. 6) Plastics in primary forms: USD 1.6 billion. 7) Crude petroleum: USD 1.4 billion. 8) Iron rods, bars, angles, and wires: USD 999.9 million. 9) Flat-rolled iron or steel products: USD 537.5 million. 10) Dried legumes: USD 491.4 million.
The United States is the largest market where we can still make progress, having untapped export opportunities valued at USD 2.4 billion, followed by Turkey at USD1.5 billion, the United Arab Emirates at approximately USD 1.4 billion, and Saudi Arabia at USD 1.3 billion, IDSC noted.
The country, which came in at #129 out of 139 countries in terms of export performance in 2020, climbed the ranks in 2022 to the 59th rank when it registered USD 35.6 billion in merchandise exports. |
Egypt’s net foreign reserves reached USD 47.4 billion at the end of February 2025, reflecting a solid month-on-month increase of USD 129 million, according to the Central Bank of Egypt. This marks the 30th consecutive month of upward movement in the country’s foreign reserves. |
Key highlights
Foreign exchange reserves experienced a decline of USD 297 million, dropping to USD 35.5 billion in February, from USD 35.8 billion in January.
Gold reserves rose significantly by USD 435 million, reaching USD 11.9 billion, up from USD 11.4 billion.
Special Drawing Rights saw a decrease of USD 10 million, standing at USD 21 million, down from USD 31 million the month before.
It should get better from here
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