Cairo – Mubasher: EFG Holding posted consolidated net profits attributable to the shareholders valued at EGP 1.28 billion in the first half (H1) of 2023, an annual hike from EGP 680.70 million.

The revenues enlarged to EGP 7.53 billion in January-June 2023 from EGP 3.98 billion in H1-22, according to the consolidated income statements.

Standalone Business

The financial institution registered EGP 824.94 million in standalone net profit after tax during the first six months (6M) of 2023, versus EGP 2.85 billion in 6M-22.

Total revenues dropped to EGP 1.81 billion in H1-23 from EGP 3.33 billion in the year-ago period, while earnings per share (EPS) shrank to EGP 0.57 from EGP 1.95.

Financials for Q2-23

In the second quarter (Q2) of 2023, the EGX-listed firm witnessed year-on-year (YoY) higher consolidated net profits attributable to the owners at EGP 404.65 million, compared to EGP 336.98 million.

Moreover, the revenues climbed by 51% YoY to EGP 3.08 billion in April-June 2023 from EGP 2.04 billion.

As for the standalone business, the net profits after tax surged to EGP 290.59 million in Q2-23 from EGP 137.32 million during the same quarter in 2022.

Non-consolidated revenues widened to EGP 725.54 million in the three-month period that ended on 30 June 2023 from EGP 382.48 million a year earlier, whereas the EPS increased to EGP 0.20 from EGP 0.09.

Karim Awad, Group CEO of EFG Holding, commented: “We have built a strong momentum in H1-23, which highlights the strength of our extensive brand universe, and allows us to capitalize on the inherent synergies and attractive opportunities across our verticals.”

“Our recent rebranding to EFG Holding reflects our evolution into a universal financial powerhouse and further underscores the breadth and depth of our portfolio of value-accretive financial solutions, leaving us better-positioned to serve our clients and expand our reach in today’s ever-evolving and dynamic world,” Awad underlined.

He said: “The Investment Bank ‘EFG Hermes’ continued to build on its success at the start of the year and successfully concluded two equity transactions and three debt transactions worth an aggregated value of $1.10 billion, further cementing its position as the advisory house of choice.”

During the January-March 2023 period, EFG Holding generated consolidated net profit after tax attributable to the owners amounting to EGP 884.56 million, up YoY from EGP 343.71 million.