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EFG Holding sees higher consolidated profits at EGP 2.1bn in Q1-24

EFG Holding sees higher consolidated profits at EGP 2.1bn in Q1-24
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EFG Holding
1.75% 17.40 0.30

Cairo – Mubasher: The consolidated net profits after tax of EFG Holding jumped to EGP 2.11 billion in the first quarter (Q1) of 2024 from EGP 920.12 million a year earlier.

The EGX-listed group posted revenues valued at EGP 8.55 billion in Q1-24, higher year-on-year (YoY) than EGP 4.44 billion, according to the consolidated financial results.

Basic earnings per share (EPS) stood at EGP 1.45 as of 31 March 2024, compared to EGP 0.63 during the same period in 2023.

Total assets hit EGP 170.02 billion in Q1-24, versus EGP 121.90 billion at the end of December 2023.

Standalone Results

In the first three months (3M) of 2024, EFG Holding achieved standalone net profits amounting to EGP 1.44 billion, up YoY from EGP 534.34 million.

Non-consolidated EPS climbed to EGP 0.99 in Q1-24 from EGP 0.37 in Q1-23, while the total revenues hiked to EGP 2.81 billion from EGP 1.09 billion.

Karim Awad, Group CEO of EFG Holding, commented: “While we continue to utilize our cash in multiple growth venues across our operational jurisdiction, we believe an investment in our stock at the current juncture is extremely accretive for our shareholders and sends a clear message in our strong conviction in the significant underlying value of the Company relative to the current trading levels.”

In the 12-month period that ended on 31 December 2023, the company witnessed 39% YoY higher consolidated net profits after tax and minority interests at EGP 2.49 billion, versus EGP 1.80 billion.