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Sunday, 19 November 2017

Earnings Watch: EFG Hermes, ERC, Credit Agricole Egypt

EARNINGS WATCH- EFG Hermes reported a 476% y-o-y increase in net profit after tax and minority interest to EGP 237 mn in 3Q2017. Revenues also increased by 184% y-o-y to EGP 834 mn. CEO Karim Awad. “The final months of 2017 will see us make important headway in our strategic goal of expanding our product base,” CEO Karim Awad. He added: “Withstanding the inherent seasonality during the third quarter due to a slow summer season and a number of holidays, our strategy to diversify our product base and expand into newer markets continues to create significant value for our shareholders with another very strong quarter reported by the Firm, in which growth was largely driven by a suite of new initiatives under this strategy.”

Also on Thursday:

  • Egyptian Resorts Company posted a net profit after tax of EGP 55.6 mn in 9M2017, compared to a loss of EGP 29.6 mn in 9M2016, according to a bourse filing.
  • Credit Agricole Egypt reported an increase of 61.47% y-o-y in net profit after tax for 3Q2017, which came in at EGP 554.5 mn compared to EGP 343.4 mn in the comparable period last year.

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