EFG Hermes achieves profits of EGP767.16bln in 9 months
Hermes financial indicators showed that the company reached standalone profits of 190.89 Egyptian pounds million, compared to 178.12 million pounds, with an increase of 7.2 percent.
Hermes accomplished net profits of 279 million pounds during the third quarter of 2018 with revenues of 1.03 billion pounds, compared to 237 million pounds during the same quarter of 2017 with revenues of 834 million pounds.
“EFG Hermes is approaching the end of 2018 with strong momentum. The firm has delivered excellent top-line gains and these have translated into a flourishing bottom-line,” EFG Hermes Group CEO Karim Awad said.
“Our investment banking team has managed to close a record number of deals across multiple geographies in the quarter, despite the challenging markets. EFG Hermes has now maintained its top position in MENA equity capital markets as ranked by transaction fees for the seventh consecutive quarter, an unprecedented success,” Awad added.
“Management’s efforts to diversify the group’s offerings are yielding ever-increasing benefits. The premiere Non-Bank Financial Institutions (NBFIs) platform is delivering rapidly growing returns and is contributing a larger share to the group’s profitability,” Awad added.
“Although the market is yet to realize its true value and long-term growth prospects, we are committed to seeing our diversification strategy through to its logical conclusion by exploring new avenues for growing our NBFIs’ platform. The group’s factoring operations have had a highly encouraging start and we expect to report positive results on that front soon,” he noted.
Hermes clarified that NBFI platform maintained its remarkable rate of expansion, growing at 81 percent Y-o-Y to post revenues of 286 million pounds in Q3 18, with Tanmeyah Micro Enterprise Services (Tanmeyah) being the main contributor to the increase. Revenues from NBFIs contributed approximately 28 percent to the group’s top-line in Q3 18, up from 19 percent during the same quarter last year.
During the first quarter of 2018, the company’s consolidated profit marked an increase of 6 percent on a year on year basis, during the first quarter of 2018, recording 249 million pounds ($14.04 million) after tax and minority interest.
Egyptian Financial Group Hermes Holding (EFG Hermes) is a public company, listed on the Egyptian Exchange (EGX) since February 1999.
It operates within the diversified financial sector focusing on investment banking and brokerage. It has 36 subsidiaries operating across the Caribbean, Northern Africa and Middle East. EFG Hermes is based in 6th of October, Egypt, and was established in January 1984.