Back to the complete issue
Thursday, 17 November 2022

EFG Hermes + Juhayna release 3Q / 9M 2022 numbers

EFG Hermes’ net income before tax and minority interest surged 70% y-o-y to EGP 650 mn in 3Q 2022 as operating revenues nearly doubled to EGP 2.3 bn during the quarter, boosted by the consolidation of revenues at its recently acquired aiBank and growth across all of its verticals, the company said in its earnings release (pdf). Net profit after tax and minority interest slid 5% on higher taxes and minority interest, largely on the consolidation of aiBank, it said.

REMEMBER- Our friends at EFG Hermes acquired a stake in aiBank last year when acquired 51% of its shares in a transaction that also saw the Sovereign Fund of Egypt invest. EFG Hermes and the SFE have pulled aiBank, formerly owned by the National Investment Bank, out of the red: It has now reported positive earnings for three consecutive quarters. The bank’s net income rose 6% to EGP 113 mn in 3Q 2022.

EFG Hermes’ investment bank operations produced another strong performance across the board, with the company’s investment banking, brokerage, private equity, asset management, and holding and treasury activities segments all posting y-o-y revenue growth on higher fees and strong GCC business.

Group CEO Karim Awad sounded an optimistic note heading into the final weeks 2022, saying in a statement that EFG Hermes is “perfectly positioned to end the year on an excellent note” at aiBank, its NBFI platform and at the investment bank.

JUHAYNA PROFITS DIP IN 3Q-

Dairyfoods giant Juhayna’s net income eased 11% y-o-y to EGP 155 mn in 3Q 2022 on the back of a surge in inflation, global supply chain disruptions and the devaluation of the EGP, according to its earnings release (pdf). The company’s top line rose 23% from a year earlier to EGP 3 bn, driven by a surge in revenues from its concentrates segment and a 34% increase in dairy revenues.

What they said: “It has been a challenging nine months, as we have been facing many

challenges on global and local fronts… Locally, we have been experiencing double-digit inflation and a 24% decline in the value of the EGP in 9M 2022, relative to the USD,” Juhanya’s CEO Niels Thomsen said. “Despite this, we have succeeded to extensively grow our core segments, gain market share, and gradually pass on price increases of over 20% during 9M22,” Thomsen added.

JUFO has finished paying out its record EGP 329 mn dividend, with Thomsen noting that doing so underscores both the business’ ability to generate cash and management’s confidence in the future of the company.

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; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.