The Egyptian Financial Group Hermes Holding (EFG Hermes) switched to profitability in 2014, the investment groupsaid in its consolidated financial statements for the fiscal year ended 31 December 2014.

EFG Hermes reported net profits of EGP 706.98 million ($92.7 million) for 2014, against EGP 334.98 million ($43.9 million) in losses for the previous year.
 
Meanwhile, the company posted unconsolidated net profits of EGP 443.4 million for 2014, up from EGP 916.3 million in losses for 2013.

EFG capitalised at EGP 2.86 billion, with market capitalisation on the Egyptian Exchange amounting to more than EGP 8.9 billion.

The investment group owns several subsidiaries, in addition to a 63% controlling stake in Lebanon’s Credit Libanais and a 4.7% equity in property developer SODIC.