Cairo – Mubasher: EFG Hermes on Wednesday reported a 37.2% year-on-year drop in consolidated profits for the first half of 2018, recording EGP 479.7 million from EGP 765.37 million.

Revenues totalled EGP 2.5 billion in the six-month period ended June, slightly up from EGP 2.26 billion in the prior-year period, the Cairo-based company said in a filing to the Egyptian Exchange (EGX).

Meanwhile, standalone profits shrank to EGP 105.45 million in H1-18, compared to EGP 215.2 million in H1-17.

In the second quarter of 2018, the leading investment bank logged EGP 200 million in net profits, versus EGP 395 million in the same period last year.

It is worth noting that EFG Hermes’ consolidated profits fell 26% to EGP 268.4 million for Q1-18, versus EGP 362.79 million in Q1-17.