{"id":546738,"date":"2022-05-26T04:00:08","date_gmt":"2022-05-26T04:00:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/26\/earnings-efg-hermes-contact-financial-elsewedy-electric-report-strong-1q-2022-results\/"},"modified":"2022-05-26T04:00:08","modified_gmt":"2022-05-26T04:00:08","slug":"earnings-efg-hermes-contact-financial-elsewedy-electric-report-strong-1q-2022-results","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/26\/earnings-efg-hermes-contact-financial-elsewedy-electric-report-strong-1q-2022-results\/","title":{"rendered":"Earnings: EFG Hermes, Contact Financial, Elsewedy Electric report strong 1Q 2022 results"},"content":{"rendered":"

EFG Hermes\u2019 net income rose 18% y-o-y to EGP 345 mn in 1Q 2022<\/strong>, the bank said in its earning release (pdf)<\/a> yesterday. Revenues were up 55% y-o-y to EGP 1.9 bn.<\/p>\n

Revenue growth was underpinned by a strong quarter for EFG\u2019s <\/strong>core businesses<\/strong> despite a challenging operating environment. Top line growth was driven by the inclusion of revenues from commercial bank aiBank \u2014 in which EFG acquired a controlling stake<\/a> late last year \u2014 and solid performance at EFG\u2019s investment banking and non-bank financial institutions (NBFIs). Revenues from the group\u2019s investment bank rose 12% y-o-y to EGP 901 mn. NBFI revenues grew 34% y-o-y to EGP 601 mn, driven by microfinance platform Tanmeyah, consumer finance subsidiary valU, and the bank\u2019s factoring business. Growth in core businesses more than offset a 24% y-o-y drop in revenue generated by holding and treasury activity.<\/p>\n

aiBank + inflation push up operating costs: <\/strong>Group operating expenses were up 49% y-o-y to EGP 1.2 bn, driven by the consolidation of aiBank\u2019s operating costs and higher marketing spend at valU, which recently attracted investment from Amazon<\/a>. Expenses at the group\u2019s investment banking platform rose 16% to EGP 569 mn, largely because of inflationary pressures.<\/p>\n

More GCC + NBFI expansion ahead: <\/strong>\u201cIn the quarters to come, we will continue to focus on garnering more opportunities in the GCC and cementing our foothold there in the investment bank space,\u201d EFG Group CEO Karim Awad said in a press release (pdf)<\/a>. \u201cAt the same time, our NBFI platform will continue to grow as our BNPL player valU expands its operations and Tanmeyah continues to deliver solid revenues. \u201d<\/p>\n

\n

Elsewedy Electric\u2019s net income was up 9<\/strong>%<\/strong> y-o-y to EGP 760.9 mn in 1Q 2022<\/strong>, according to the company\u2019s latest earnings release (pdf)<\/a>. Revenues rose 51% y-o-y to EGP 18.6 bn. The company attributed the jump in revenues to growth in its turnkey projects as well as its wires and cables segments, where new awards and higher pricing in response to inflationary pressures were reflected in its top line.<\/p>\n

The wires and cables segment accounted for half of all revenues<\/strong>, rising 48% y-o-y to EGP 9.3 bn. Turnkey projects brought in EGP 7.6 bn or 41% of all revenues, up 66% y-o-y.<\/p>\n

Elsewedy is navigating the global rise in raw materials:<\/strong> Shortages in raw materials and cargo ships \u201cremain an issue,\u201d but one the group is mitigating by redesigning products and placing larger advance orders from suppliers.<\/p>\n

What they said: <\/strong>\u201cI consider our strategic efforts towards geographic and operational diversification as a major contributor to our ability to navigate the latest exchange rates\u2019 movement and its related effect on our financials,\u201d said CEO Ahmed Elsewedy. The company is focused on contingency planning as market volatility and uncertainty continues amid the war in Ukraine and rising global inflation, he added.<\/p>\n

\n

Contact Financial Holding\u2019s net income jumped 40% y-o-y to EGP 154 mn in 1Q <\/strong>2022<\/strong>, the company said in a press release (pdf)<\/a> yesterday. Net income from Contact\u2019s financing business rose 46% y-o-y to EGP 141 mn, which the company attributed to \u201cgrowing demand across the division\u2019s consumer finance, mortgage and commercial vehicles products.\u201d Contact\u2019s ins. income grew 39% y-o-y, adding EGP 18 mn to its bottom line.<\/p>\n

New loan products helped push the company\u2019s growth: <\/strong>Contact saw a near five-fold increase in new consumer finance, driven by growth in home interior, club membership, and education financing. The company\u2019s mobile app also gained more traction, with total downloads growing 35% q-o-q to reach 105k.<\/p>\n

Looking ahead, Contact plans to invest \u2018innovatively\u2019 + enhance its digital presence: <\/strong>\u201cWe will continue to survey the market for innovative opportunities to invest in as we look for new ways of serving our expanding audience, and continue to transform the way consumers and businesses access financial services,\u201d said management.<\/p>\n","protected":false},"excerpt":{"rendered":"

EFG Hermes\u2019 net income rose 18% y-o-y to EGP 345 mn in 1Q 2022, the bank said in its earning release (pdf) yesterday. Revenues were up 55% y-o-y to EGP 1.9 bn. Revenue growth was underpinned by a strong quarter for EFG\u2019s core businesses despite a challenging operating environment. Top line growth was driven by […]<\/p>\n","protected":false},"author":1,"featured_media":546739,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7208],"tags":[933,302,409,84,152,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546738","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-contact-financial","tag-earnings","tag-earnings-watch","tag-efg-hermes","tag-elsewedy-electric","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"e1ccc19e-d5f4-4e27-a38d-4cf40ee4532c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/354.jpg","photo_position":"above","related_issue":[546722],"teaser":"","voice_url":""},"yoast_head":"\nEarnings: EFG Hermes, Contact Financial, Elsewedy Electric report strong 1Q 2022 results - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/26\/earnings-efg-hermes-contact-financial-elsewedy-electric-report-strong-1q-2022-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Earnings: EFG Hermes, Contact Financial, Elsewedy Electric report strong 1Q 2022 results\" \/>\n<meta property=\"og:description\" content=\"EFG Hermes\u2019 net income rose 18% y-o-y to EGP 345 mn in 1Q 2022, the bank said in its earning release (pdf) yesterday. 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