Forbes Middle East recently unveiled its annual Top 50 Listed Companies in Egypt ranking for 2024, showcasing the country’s most valuable and profitable players.

Egypt’s largest private bank, Commercial International Bank (CIB), led the list with a market cap of $4.7 billion and $17.4 billion in assets.

QNB ALAHLI and Elsewedy Electric rounded up the top three, each boasting a market cap of $1.4 billion.

Telecom Egypt followed in 4th place, with Orascom Construction in 5th, and Talaat Mostafa Group taking the 6th spot.

In 7th place was Egypt Kuwait Holding (EKH), Faisal Islamic Bank of Egypt (FIBE) in 8th, followed by Abu Qir Fertilizers and Chemical Industries Company (AFC) and Misr Fertilizers Production Company (MOPCO) in 9th and 10th place, respectively.

The 50 listees in the 2024 ranking witnessed their sales in USD shrink by almost 20% to $26.4 billion in 2023 compared to 2022, according to the magazine.

Their total net profits decreased by 9% to $4.5 billion, and total assets fell by 18.1% to $89.4 billion, down from $109.2 billion in 2022.

The aggregate market cap of these companies reached $29.4 billion as of April 26, 2024, reflecting a 3.3% decline compared to the previous year.

The banking and financial services sector dominated the ranking with 16 entries, generating $8.4 billion in sales and holding $58.5 billion in total assets.

The real estate and construction industry, along with the industrials sector, followed with nine and seven entries, respectively.