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Wednesday, 19 August 2020

Earnings Watch- EFG Hermes saw 8% y-o-y net profit growth in 2Q2020

EARNINGS WATCH- EFG Hermes saw 8% y-o-y net profit growth in 2Q2020: EFG Hermes saw net profits grow to EGP 328 mn in 2Q2020, according to a company’s earnings release (pdf) as revenues rose 26% y-o-y to EGP 1.3 bn in 2Q2020. “Top line performance was primarily driven by revenue growth at the Group’s investment bank arm,” the company said, noting revenues there had risen 40% over the same period last year to EGP 1.0 billion as regional capital markets recovered and a “subsequent revaluation of seed capital and investments.” Group CEO Karim Awad said EFG has “shown resilience in the second quarter of 2020 as we continued to navigate a challenging external environment as a result of the covid-19 pandemic. EFG Hermes is ideally positioned to capture new opportunities when global markets and economic activity picks up.”

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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.