Cairo – Mubasher: EFG Hermes Holdings on Thursday posted a revenue of EGP 1.36 billion for the third quarter of 2018, compared to revenue of EGP 1.014 billion in Q3-17.

Revenues for the marketing, insurance, and brokerage industry jumped by 128% year-on-year in Q3-18 to EGP 440 million, according to a statement.

The non-banking financing sector maintained steady growth in Q3-18 by jumping 81% year-on-year with a turnover of EGP 286 million, the Egyptian investment bank said.

Revenue from the non-banking sector made up 28% of total revenues in the three-month period ended September, compared to 19% in Q3-17, the company highlighted. 

Meanwhile, the company’s fees revenue surged by 79% to EGP 847 million, the statement added.

"We are looking forward to continuing this strong achievement in the last months of 2018,” CEO of EFG-Hermes Karim Awad commented.

Awad added that the company’s total revenue for Q3-18 surpassed EGP 1 billion, an annual growth of 24% "despite the simultaneous slowdown of the summer season and Eid al-Adha".

He also projected that the recently launched factoring activity will boost the company’s financial results in the coming period.

EFG Hermes also reported a 23.7% year-on-year drop in consolidated profits for the first nine months of 2018.

The Cairo-based firm’s profits retreated to EGP 767.16 million during the period starting January to September from EGP 1.005 billion in the year-ago period, according to a filing to the Egyptian Exchange (EGX).

Meanwhile, standalone profits surged to EGP 190.8 million at the end of September from EGP 178.10 million in the corresponding nine-month period of 2017.