Cairo-Mubasher: The consolidated financial statements of EFG Hermes indicated a 44% year-on-year increase in profits during the first half of 2019, owing to an increase in revenues.

EFG Hermes’s profits hiked to EGP 686.56 million in H1-19 from EGP 477.17 million in H1-18, the company disclosed to the Egyptian Exchange (EGX) on Thursday.

The company’s revenues rose to EGP 1.7 billion in H1-19 from EGP 1.17 billion in H1-18.

In the second quarter of 2019, EFG Hermes’ profits soared to EGP 306.5 million from EGP 213.5 million in Q2-18.

As for the standalone financials, the company’s profits fell to EGP 64.7 million in Q2-19 from EGP 101.4 million in the corresponding period last year.

Noteworthy, in the first quarter of 2019, EFG Hermes’s net profits hiked to EGP 381.34 million from EGP 266.49 million in Q1-18.

During fiscal year 2018/2019, EFG Hermes’s profits dropped to EGP 1.05 billion from EGP 1.24 billion in the previous fiscal year, including minority shareholders’ equity rights.