Forbes Middle East recently announced that the Commercial International Bank (CIB) — Egypt’s leading private sector bank — topped Forbes’ ‘Top Listed Companies in Egypt’ for 2022, which includes the most valuable and profitable players in the country.
The aggregate market value of the top 50 stands at $28.5bn, while the value of assets exceeds $142bn. Moreover, the companies generated $39.1bn in aggregate revenues and $5.4bn in net income.
By the end of December 2021, the assets of CIB reached around EGP 498.2bn ($26.8bn) — an increase of 16.45% over 2020. The bank also achieved a net profit of EGP 13.26bn ($713.9m) — an increase of 29.6%. It also achieved a return in loans and similar revenues of EGP 45.07bn ($2.4bn).
“CIB is thrilled to top Forbes’ ‘Top Listed Companies in Egypt’ for 2022,” said Hussein Abaza — CEO and Board Member at CIB.
“CIB always strives to boost and develop the national economy. It will continue to pursue a bright future for all economic sectors. Additionally, the Egyptian banking sector is considered one of the main sectors supporting the objectives of economic development.”
He added that “CIB has managed to achieve considerable growth rates during the first quarter (1Q) of 2022, compared to 2021. The bank’s total assets increased from EGP 498.2bn at the end of December to EGP 524.8bn at the end of March 2022, and our net profit increased to EGP 4.25bn during 1Q of 2022, up from EGP 2.8bn in 1Q 2021.”
“The return on loans and revenue also increased to EGP 12bn, compared to EGP 10.1bn.”
The banking and financial service sector dominated Forbes’ list with 16 companies, followed by the real estate sector with eight companies, and industry with seven companies.
Forbes’ list was compiled using data from the Egyptian Exchange, ranking firms based on market value, sales, assets, and profits in FY2021.
Companies that did not disclose their consolidated and audited financial statements for FY2021 were excluded.
