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EFG Hermes Holding reported a net income after tax and minority interest of EGP 1.8 bn in 2022, up 18% from 2021, the bank said in its earnings release (pdf). Revenues surged 77% during the year to reach almost EGP 11.0 bn, underpinned by strong performance at its investment bank and NBFIs, as well as the acquisition of aiBank.
On a quarterly basis: Revenues more than doubled y-o-y in 4Q 2022 to EGP 4.6 bn, supporting 63% growth in net income which reached EGP 813 mn during the three-month period.
The breakdown: Revenues at EFG Hermes’ investment bank rose 58% to EGP 6.2 bn, driven primarily by higher foreign-currency gains boosting holding and treasury revenues. Meanwhile, valU drove growth in non-bank lending, more than doubling its revenue to EGP 650 mn over the year. In total, the bank’s NBFIs delivered EGP more than EGFP 2.5 bn in revenue during 2022, up 28% on the year before. Meanwhile, the incorporation of aiBank contributed EGP 2.2 bn in revenues. EFG Hermes acquired 51% of the bank in November 2021.
Looking ahead: “The investment bank leveraged a favorable investment landscape in the GCC to strengthen its presence and advise on some of the most high-profile transactions in the region,” Group CEO Karim Awad said in an accompanyingstatement (pdf). “We remain confident in our ability to continue expanding our pipeline of equity, debt, and M&A transactions, with an eye to unlocking value-accretive prospects for clients and investors alike” he added.
ORACOM CONSTRUCTION REVENUES UP-
Orascom Construction reported a 18% y-o-y increase in revenues to USD 4.2 bn in 2022, according to its latest earnings release (pdf). Net income attributable to shareholders remained flat y-o-y at USD 113.5 mn. Net income was up 50% y-o-y during 4Q 2022 to USD 55.8 mn, while revenues for the quarter jumped 12% to more than USD 1.1 bn.
The company’s backlog stood at USD 5.3 bn in 2022. Egypt made up the majority of the company’s backlog as of year end, with a 68% share, followed by the US (25%) and Saudi Arabia (2.6%).
“We recorded another year of healthy new awards mostly in Egypt and the US, providing us with sufficient revenue visibility and comfort over the next year,” CEO Osama Bishai said.
