EFG-Hermes Holdings SAE 2Q2019 Results (3838I)
08 August 2019 - 9:40AM
UK Regulatory
TIDMEFGD
RNS Number : 3838I
EFG-Hermes Holdings SAE
08 August 2019
EFG HERMES REPORTS SECOND QUARTER 2019
GROUP EARNINGS OF EGP304 MILLION; ON OPERATING REVENUE OF EGP1.1
BILLION
Cairo, August 8(th) , 2019 - EFG Hermes reports second quarter
2019, with Group Earnings of EGP304 million on operating revenues
of EGP1.1 billion. The Group Total assets stood at EGP38.6 billion
at the end of 2Q19.
Key Highlights
2Q2019
-- Another buoyant quarter for EFG Hermes, with the Group
growing its bottom line by roughly 50% for the second quarter and
the first half of the year. Group net profits crossed the three
hundred million pounds for another quarter, reporting a net profit
after tax and minority interest of EGP304 million in 2Q19, up 49%
Y-o-Y, driven by higher net profit reported by the Investment Bank
and the NBFIs;
-- Group revenues increased 13% Y-o-Y to reach EGP1.1 billion in
2Q19, driven by strong revenue growth delivered by the NBFIs
platform, which contribution to the Group's revenues reached 31% in
2Q19;
-- Fees and commissions, which represented 75% of the Group
revenues in 2Q19, rose 15% Y-o-Y to EGP784 million, underpinned by
Tanmeyah's robust revenue growth;
-- The NBFIs platform continues to deliver strong results, with
its revenues climbing 73% Y-o-Y to EGP322 million in 2Q19. Tanmeyah
was the main contributor to that growth with its revenues
increasing 83% Y-o-Y to EGP275 million in 2Q19;
-- Sell-side revenues inched up 4% Y-o-Y to EGP364 million in
2Q19, on higher Brokerage revenues and despite lower Investment
Banking revenues;
-- The buy-side revenues declined 31% Y-o-Y to EGP98 million in
2Q19, despite Private Equity's revenues climbing on higher
management fees, as Asset Management revenues declined on lower
incentive fees;
-- Capital markets & treasury operations revenue
contribution to the Group's total revenues came at 25% in 2Q19,
with its revenues increasing 6% Y-o-Y to EGP267 million. Revenues
were supported by net interest earned;
-- The increase in the Group operating expenses was confined to
a single digit, increasing 9% Y-o-Y to EGP672 million in 2Q19, on
higher employee expenses and other operating expenses related to
Tanmeyah's headcount expansion, the increase in its portfolio and
higher number of branches as compared to a year earlier. Moreover,
Employee expenses to operating revenues came at 45% in 2Q19;
-- The Group's revenue growth surpassing the increase in
expenses, for a second quarter, thus reporting a net operating
profit of EGP379 million, up 21% Y-o-Y in 2Q19 and a net operating
profit margin of 36%
For full report and financial statements, please click on the
links on top of the page.
http://www.rns-pdf.londonstockexchange.com/rns/3838I_1-2019-8-8.pdf
http://www.rns-pdf.londonstockexchange.com/rns/3838I_2-2019-8-8.pdf
For further information:
Investor Relations Contacts
Email: investor-relations@efg-hermes.com
Group Head of IR, Budgeting and Reporting
Hanzada Nessim
Email: hnessim@efg-hermes.com
Tel: +20 (0)2 35356502
www.efg-hermes.com
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END
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