Cairo - Mubasher: Pharos Research has maintained their “Overweight” recommendation on EFG Hermes with a fair value evaluation (FV) of EGP 35.13 per share, according to a recent report.

The research firm has also reiterated their positive turnaround going forward, as they view the real potential for EFG Hermes to lie within the turnaround in investment banking operations in 2017, the new ventures, and the planned expansion within frontier markets, that justifies higher upside potential within the investment bank.

Egyptian Financial Group Hermes Holding (EFG Hermes) said on Monday that its consolidated net profits in the fourth quarter of the fiscal year 2016 surged by 1234% to EGP 1.5 billion, compared to EGP 112.4 million in Q4-15.

EFG Hermes’ consolidated financial statements showed foreign exchange earnings worth EGP 2.7 billion in last, the company said in a separate statement to the Egyptian Exchange (EGX).

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