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EFG Hermes sees 43.5% higher profits in Q1-22

EFG Hermes sees 43.5% higher profits in Q1-22
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EFG Holding
-2.83% 14.75 -0.43

Cairo – Mubasher: The consolidated net profits of Egyptian Financial Group Hermes Holding (EFG Hermes) jumped by 43.5% year-on-year (YoY) to EGP 448.10 million in the first quarter (Q1) of 2022, compared to EGP 312.13 million.

The company generated revenues of EGP 1.93 billion in Q1-22, up from EGP 1.24 billion in the same period of 2021, according to a bourse filing on Wednesday.

As for the standalone businesses, the company's net profits increased to EGP 2.71 billion in the January-March period of 2022 from EGP 214.35 million in the same period of 2021.

It is noteworthy to mention that in 2021, EFG Hermes achieved 12% higher net profits after tax and minority interest to EGP 1.5 billion, compared to the previous year.