EFG Hermes reports net profit of EGP 1.2 bn in FY2017

EARNINGS WATCH- EFG Hermes’ net profit after tax and minority interest stood at EGP 1.2 bn at the end of FY2017 on the back of EGP 3.6 bn in revenues, an increase of 186% y-o-y “after adjusting for FX gains of EGP 2.7 bn recorded in 2016,” the company announced yesterday (pdf). “EFG Hermes decisively completed its transformation from a MENA-focused investment bank into the premier provider of financial solutions for retail, high-net-worth and institutional clients across MENA and Frontier Emerging Markets,” said Group CEO Karim Awad. “2017 saw us execute on our expansion strategy, by adding Pakistan, Kenya, the United Kingdom and the United States to our geographic footprint in addition to diversifying our product base.” Looking ahead, EFG will focus “on the continued rollout of innovative products and services and the replication of our MENA success story in our newly-entered markets, where we hope market conditions will permit the execution of our first frontier IPO mandate this year.”