Cairo – Mubasher: EFG Hermes on Tuesday reported a 15% year-on-year decrease in its consolidated profits for fiscal year ended 31 December 2018.

Net profit stood at EGP 1.05 billion during the period between January and December 2018, versus EGP 1.24 billion in 2017, including minority shareholders’ rights, the Cairo-based investment bank said in a filing to the Egyptian Exchange (EGX).

The firm’s revenues increased to EGP 2.4 billion last year from EGP 1.98 billion in 2017, according to the filing.

At the level of standalone business, EFG Hermes logged EGP 595.27 million in profits for the 12-month period ended last December, compared to EGP 94.4 million in the prior year.

In the same vein, EFG Hermes’ board of directors has proposed a cash dividends distribution of EGP 0.65 per share for FY18.

In November, EFG Hermes posted a consolidated profit of EGP 767.16 million for the first nine months of 2018, versus EGP 1.005 billion in the same period a year earlier.

Meanwhile, standalone profits grew to EGP 190.8 million in the nine-month period of 2018, compared to EGP 178.10 million in the corresponding period of 2017.