EFG Hermes reports 24% drop in revenues during Q1

EFG Hermes Group revenues declined 24 percent  Y-o-Y to 965 million Egyptian pounds in 1Q20 on early adoption of IFRS 9 (Financial Instruments) in 1Q20 financial statements.

However, the comparable quarter included exceptionally strong incentive fees of 236 million profils from the Private Equity’s wind portfolio exit.

Group net operating profit and the net profit after tax and minority interest declined 70 percent Y-oY and 76 percent Y-o-Y; respectively, to 139 million Egyptian pounds and 90 million pounds, in 1Q20; on declining Investment Bank revenues and higher NBFIs provisions;

The Firm maintained its #1 ranking on the EGX for 1Q20, with its market share (excluding special transactions) reaching 48.0  percent.

Foreign participation declined to 28 percent of the market participation in 1Q20, whereas EFG Hermes has successfully captured a decent 60 percent of foreign flows.