Companies That Report in US Dollars on the Egyptian Exchange

Why Some EGX Companies Report in US Dollars

When browsing financial statements on the Egyptian Exchange, most investors expect to see figures in Egyptian pounds (EGP). However, a small group of listed companies present their primary financial reports in US dollars (USD). This practice often surprises retail investors and students, but it serves specific accounting and operational purposes.

A company typically chooses to report in US dollars because its functional currency is the dollar. This happens for several reasons. Some companies generate the vast majority of their revenues in foreign currency due to international operations or export-heavy business models. Others have foreign parent structures or are cross-listed on international exchanges where reporting standards and major shareholder preferences lean toward the dollar. For instance, Maridive and Orascom Construction operate in sectors and regions where US dollar transactions dominate their daily business. Similarly, Societe Arabe Internationale de Banque handles significant foreign currency operations as part of its banking activities.

What Dollar Reporting Means for the Reader

Reading financial statements denominated in US dollars requires a shift in perspective, especially for investors accustomed to local currency reporters.

First, these figures are not directly comparable with pound-reporting companies. If you want to compare a dollar-reporting company with an Egyptian pound reporter, you cannot simply look at the nominal digits. You must convert the figures using the appropriate exchange rate for the specific period.

Second, growth metrics tell a very different story during periods of currency devaluation. When the Egyptian pound weakens against the US dollar, a company reporting in dollars may show steady or growing figures in USD terms, while local inflation and devaluation push pound-denominated companies to show massive nominal increases in EGP. This does not mean one is better than the other; it simply reflects the underlying currency lens through which the Fiscal year is measured.

Finally, market capitalization and size rankings on the exchange should never mix the two currencies without proper conversion. Grouping a dollar-reporting firm directly with pound reporters distorts comparative analysis of Total assets and Shareholders' equity.

To help readers avoid confusion, AskBorsa clearly labels the currency on every single figure, ensuring you always know whether you are looking at US dollars or Egyptian pounds.

Financial Overview

To illustrate how these figures appear over time, the table below outlines key metrics for one of our example companies across multiple reporting periods.

Calculating Performance Metrics

When analyzing companies that report in foreign currency, you look at standard financial indicators just as you would for any other firm, but you must keep the base currency in mind. For example, Net profit and Shareholders' equity are taken directly from the statements in US dollars. To find growth rates from one Fiscal year to the next, you observe the change in the dollar amounts rather than attempting to adjust for local inflation directly in the statement.

Financial analysts also examine Return on equity (ROE) by dividing Net profit by Shareholders' equity. Because both figures are in the same currency, the resulting ratio remains internally consistent.

What to Look For

• Check the currency label on every financial statement before comparing two companies on the exchange.
• Review whether the company's operational revenue matches its reporting currency to understand its foreign exchange exposure.
• Examine Consolidated and standalone statements notes to see if subsidiaries operating in different countries influence the dollar figures.
• Track Year-on-year growth changes using the reported currency to evaluate underlying business growth without currency distortion.