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Sunday, 18 November 2018

EFG Hermes sees 3Q2018 revenues surpass EGP 1 bn

EARNINGS WATCH- Regional financial services corporation EFG Hermes reported a net profit after tax and minority interest of EGP 279 mn in 3Q2018, up 18% y-o-y, the company said in a statement on Thursday. The group’s net revenues reached EGP 1.03 bn for the quarter, up 24% y-o-y over the same period last year, the firm said, noting that this came despite the traditionally slow summer season and Eid Al Adha holidays. “Furthermore, revenues would be up 64% y-o-y in 3Q18, if we exclude non-recurring items in the comparable quarter,” the firm added. “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,” said EFG Hermes Group CEO Karim Awad.

Results came despite EM turbulence: “Our investment banking team has managed to close a record number of [transactions] across multiple geographies in the quarter, despite the challenging markets,” Awad added. “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.”

Cement producer Arabian Cement Company (ACC) reported a net profit after tax and minority interest of EGP 2.1 mn in 3Q2018, down from EGP 95.9 mn in 3Q2017, according to the company’s consolidated financial statements (pdf). Sales revenues for the quarter reached EGP 807.7 mn, up from EGP 674.5 mn in 3Q2017.

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