Cairo – Mubasher: Egyptian Financial Group Hermes Holding (EFG Hermes) said Monday that its consolidated net profit for the fourth quarter of the fiscal year 2016 soared 1234% to EGP 1.5 billion, compared to EGP 112.4 million for Q4-15.

Consolidated net profit for FY16 amounted to EGP 1.49 billion, 116% up from EGP 648.9 million for FY15, according to a bourse filing.

EFG Hermes’ consolidated financial statements showed foreign exchange earnings worth EGP 2.7 billion for FY16, said another statement.

Standalone net profit reached EGP 2.015 billion in FY16, against a standalone net loss of EGP 693 million in FY15.

The company’s board recommended distributing cash dividends of EGP 2.75 per share subject to an approval by the ordinary general meeting.