Cairo – Mubasher: Egyptian Financial Group Hermes Holding (EFG Hermes) reported a 61% year-on-year rise in consolidated profits for the third quarter of 2017 due to higher revenues.

Net profit stood at EGP 240.4 million during the three-month period ended September 2017, versus EGP 149.4 million in the prior-year period, the company highlighted in a filing to the Egyptian Exchange (EGX).

Revenues leaped to EGP 1.017 billion in Q3-17 from EGP 371.13 million the corresponding period of 2016.

In the first nine months of 2017, consolidated profits grew to EGP 1.005 billion from EGP 18.19 million in the year-ago period.

Meanwhile, standalone profits dropped to EGP 178.10 million in the nine-month period of 2017, versus EGP 593.8 million in the first nine months of 2016.

EFG Hermes had previously posted a net profit of EGP 402.58 million in Q2-17, versus a net loss of EGP 67.54 million in Q2-16.

The Egyptian company turned to profitability in the first half of 2017 with EGP 765.37 million, compared to a consolidated loss of EGP 131.21 million in H1-16, including minority shareholders’ rights.