EARNINGS WATCH- EFG Hermes net profits rise 51% y-o-y in 1Q2019 to EGP 374 mn, the company announced in a statement (pdf). Revenues rose 42% y-o-y to reach EGP 1.3 bn, up from EGP 945 mn in 1Q2018. Earnings growth was driven by a 58% y-o-y increase in commissions and fees earnings, which reached EGP 1 bn during the quarter.

Buy-side growth underpinned strong investment bank performance: Net profits at the company’s investment banking arm rose 48% y-o-y in 1Q, supported by a 199% y-o-y increase in buy-side revenues to EGP 348 mn. The sell-side business recorded revenues of EGP 322 mn, a 2% increase from 1Q2018.

Looking ahead: “This year will see us continue diversifying our product offering and expanding our geographical reach as we look to solidify our presence in existing markets and explore new, fast-growth opportunities in frontier emerging markets,” Group CEO Karim Awad said. The firm’s full earnings release is here (pdf).

EKH net profits jump 15% in 1Q2019 to USD 37.5 mn, the company said in its earnings release (pdf). Revenues rose 18.2% y-o-y to USD 140.2 mn during the quarter due to a “broad-based upsurge in performance across EKH’s business segments.” The company’s Energy & Energy Related segment saw particularly strong revenue growth, rising 33% y-o-y to USD 35.3 mn. “I am very pleased with our performance in the start of the year, with EKH delivering the strongest operational quarter in its history,” Chairman Moataz Al Alfi said. “We have kicked-off 2019 stronger than ever with all our businesses standing on firm ground and geared for growth,” he added.

State-owned Telecom Egypt reported 1Q2019 net profits of EGP 1.6 bn, a 109% increase compared to a year earlier, the company said in an earnings release (pdf). The surge in profits come on the back of the revaluation of USD debt facilities following the appreciation of EGP against the greenbacks. Revenues were up 27% y-o-y to EGP 6.1 bn as data services revenues rise. Mobile subscribers reached 4.2 mn at the end of the quarter.

Real estate developer Talaat Moustafa Group’s 1Q2019 net profit rose 17% y-o-y to EGP 361 mn, the company said in a bourse filing (pdf). Revenues came at EGP 2.2 bn, a 39% increase compared to last year.

Porto Group net profits increase 31% in 1Q2019: Porto Group 1Q2019 net income rose 31% y-o-y to EGP 59.6 mn, the company said in a bourse filing (pdf). Revenues came at EGP 417.8 mn during the quarter, compared to EGP 378.1 mn a year earlier.

Credit Agricole Egypt’s 1Q2019 profit rises 15.3%: Credit Agricole Egypt reported 1Q2019 profits of EGP 693.8 mn, a 15.3% increase compared to a year earlier, the lender said in a bourse filing (pdf).

Vodafone said service revenues from Egypt grew 14.7% y-o-y in 9Q2018-19 “supported by growing data usage and a price increase,” according to the company’s earnings release (pdf). The group’s total global revenues dropped 6.2% y-o-y to GBP 43.7 bn, down from GBP 46.6 bn during the same period last year.