Egyptian businesses expect pre-pandemic profitability by 2022-end – HSBC survey

By Amwal Al Ghad English On Dec 9, 2020

A Chinese construction labourer works at the anticipated Iconic Tower skyscraper, at its foundations in the business district in the New Capital (Photo: Reuters)

About 83 percent of Egyptian businesses expect to return to pre-pandemic profitability by the end of 2022, according to the latest HSBC Navigator’s report.

The bank’s 2020 Navigator survey showed that 89 percent of Egyptian businesses forecast revenue growth in 2021, compared with 64 percent globally, while 67 percent forecast growth of more than 5 percent.

The survey, which polled 209 firms between 11 September and 7 October, showed that 87 percent of Egyptian businesses plan to increase investment in 2021, despite the challenging environment.

Two-thirds (66 percent) of Egyptian businesses are adapting to the changing environment brought on by the pandemic, compared to 61 percent in the Middle East, North Africa and Turkey (MENAT) region and 58 percent globally.

Egyptian businesses