Back to the complete issue
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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.