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Thursday, 19 March 2020

EFG Hermes net profit up 36% in 2019

EARNINGS WATCH- EFG Hermes’ net profit surged 36% in 2019 to EGP 1.38 bn from EGP 1 bn a year earlier, according to the company’s earnings release (pdf). Revenues in 2019 reached EGP 4.8 bn, up from EGP 4 bn in 2018. On a quarterly basis, profits grew by 16% to EGP 344 mn in 4Q2019, from EGP 297 mn a year earlier, and revenues rose 5% to EGP 1.3 bn.

Outlook: “I am particularly satisfied with our progress in expanding our NBFI’s product offering,” EFG Hermes Group CEO Karim Awad said in a statement, adding that the non-bank financial services portfolio would “soon include insurance” alongside “leasing, microfinance, fintech-enabled consumer finance, mortgage finance, factoring,” giving the firm “greater flexibility to overcome challenges posed by global and regional market conditions and support profitability.” EFG Hermes closed 2019 as number one broker by market share in Egypt, Abu Dhabi, Dubai, Nasdaq Dubai, and Kuwait and continued its push into Nigeria, Kenya and Pakistan.

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