In 2024, Forbes Middle East released their list of “The 50 Most Powerful Public Companies in Egypt,” highlighting the top companies in terms of value and profitability. Despite a decrease in market value, financial indicators actually rose in local currency, resulting in a 49.8% increase in market value, a 25% increase in sales, a 41% increase in profits, and a 27% increase in assets in Egyptian pounds.
The banking and financial services sector dominated the list with 16 banks, while the real estate and construction sector had 9 companies. Notable companies include Commercial International Bank (CIB), Al Ahly (QNB), Elsewedy Electric, Orascom Construction founded by Onsi Sawiris, Nilesat, Alexandria Container and Cargo Handling Company, Arabic Energy, and other sectors represented on the list included media, shipping and transportation services, communications and utilities.
The list was compiled using financial data from the Egyptian Stock Exchange and ranked companies based on sales, total assets, net profits, and market value. CIB took the top spot with a market value of $4.7 billion and assets of $17.4 billion. The bank’s net profits saw an impressive increase of 83.5% to $619 million in 2023. Al Ahly (QNB) followed closely behind CIB in second place while Elsewedy Electric came third on the list.
