EFG Hermes’ net profit quadruples to LE 237M in Q3

CAIRO – 16 November 2017: Middle East and North Africa’s financial services company EFG Hermes achieved 476 percent year-on-year increase in net profit in the third quarter (Q3) of 2017 to stand at LE 237 million ($13,432,016.15) .

EFG Hermes’ revenues recorded a 184 percent year-on-year increase to stand at LE 834 million, attributed to diversification of the company's products and the company’s expansion, a Thursday statement from the company said.

The investment banking division contributed LE 21 million in Q3, marking a 58 percent increase “owed to closing a number of advisory mandates during the quarter,” EFG Hermes said.

“Withstanding the inherent seasonality during the third quarter due to a slow summer season and a number of holidays, our strategy to diversify our product base and expand into newer markets continues to create significant value for our shareholders,” CEO of EFG Hermes Karim Awad said.

Both the private equity and asset management divisions registered a year-on-year growth of 161 percent, as the asset management divisions posted LE 89 million in revenues in that quarter and private equity contributed LE 33 million to the total value.