{"id":548711,"date":"2022-08-18T04:00:39","date_gmt":"2022-08-18T04:00:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/18\/earnings-watch-efg-hermes-palm-hills-swvl\/"},"modified":"2022-08-18T04:00:39","modified_gmt":"2022-08-18T04:00:39","slug":"earnings-watch-efg-hermes-palm-hills-swvl","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/18\/earnings-watch-efg-hermes-palm-hills-swvl\/","title":{"rendered":"Earnings Watch: EFG Hermes, Palm Hills, Swvl"},"content":{"rendered":"

<\/a> EFG Hermes\u2019 net income after tax<\/strong> and minority interest eased 15% y-o-y to EGP 3<\/strong>44 <\/strong>mn in 2Q 2022 <\/strong>on higher taxes and minority interest after the consolidation of aiBank, according to its earni<\/a>ngs release (pdf)<\/a>.The group\u2019s operating revenues rose 28% y-o-y to EGP 2.1 bn during the quarter, boosted by the consolidation of revenues at recently acquired Arab Investment Bank (aiBank) and strong sell-side growth.<\/p>\n

Higher tax + minority interest hit EFG\u2019s bottomline:<\/strong> The group\u2019s net operating profit and net profit before tax both rose 8% y-o-y in 2Q 2022 on the back of operational growth \u2014 but increased taxes and minority interest, largely from aiBank. Taxes were up 23% y-o-y to record EGP 165 mn for the quarter, with aiBank accounting for almost half of that.<\/p>\n

REMEMBER- <\/strong>EFG Hermes acquired a stake<\/a> in aiBank last year when it partnered with the Sovereign Fund of Egypt to purchase 51% of its shares. EFG and the SFE have pulled the bank, formerly owned by the National Investment Bank, out of the red and has reported profits for two consecutive quarters. The bank\u2019s net income rose 6% to EGP 149 mn in 2Q.<\/p>\n

EFG\u2019s investment bank core operations registered solid performance <\/strong>across the board, with the company\u2019s investment banking, brokerage, private equity, and asset management segments all posting revenue growth on higher fees and strong GCC business. That said, the investment bank reported an 11% y-o-y decline in overall revenues to EGP 989 mn on a 71% decline in holding and treasury activity.<\/p>\n

\n

Palm Hill<\/strong>s Developments\u2019 (PHD) revenues doubled to EGP 4.0 bn in 2Q 20<\/strong>2<\/strong>2<\/strong> on rising sales and deliveries, according to the real estate developer\u2019s latest financial statements (pdf)<\/a>. Despite the strong revenue growth, the company booked only a slight increase in net income during the quarter which climbed 3% to EGP 263.5 mn. Revenues jumped 73% to EGP 6.9 bn during 1H 2022, fuelling a 21% increase in net income.<\/p>\n

Driving growth:<\/strong> Revenue growth was driven by a rise in recognized sales and the number of units handed over during the period, the company said in its earnings release (pdf)<\/a>.<\/p>\n

The number of residential and commercial units delivered during the six-month period rose 24% to 643.<\/p>\n

New sales in 1H 2022 rose 38% y-o-y to EGP 10.7 bn,<\/strong> driven by a 33% y-o-y increase in sales volumes and a rise in average selling prices. Residential new sales were up 27% y-o-y to EGP 8.7 bn in the first half, led by PHD\u2019s Badya, Palm Hills New Cairo, Hacienda West and Palm Hills Alexandria developments. Commercial sales jumped 130% y-o-y to EGP 1.9 bn, with the newly launched Crown Central and New Cairo\u2019s Village Gate Mall accounting for more than half of sales.<\/p>\n

\n

Swvl\u2019s revenues more than tripled in 2Q 2022<\/strong> as the company\u2019s entry into new markets drove a surge in bookings, according to its latest earnings release (pdf)<\/a>. The Cairo-born mass transit startup reported USD 23.3 mn in revenues during the April-June quarter, up 3.4x from the same period last year, thanks to bookings rising 250% y-o-y to 22.6 mn. This came as its operations in nine of its 20 markets generated a gross profit as of June, including Egypt, Turkey and Argentina, according to the company\u2019s earnings presentation (pdf).<\/a> You can read more about Swvl\u2019s plans to <\/strong>shift<\/strong> to profitability on a contribution margin basis<\/strong> in our recent What\u2019s Next story<\/a>.<\/p>\n

But losses widened significantly: <\/strong>The company\u2019s losses doubled y-o-y to USD 161.6 mn in 1H 2022 due to rising expenses and costs relating to its SPAC merger<\/a> on the Nasdaq in April. This came despite revenues jumping 215% to USD 40.7 mn during the period.<\/p>\n

REMEMBER- Swvl is taking tough measures to rein in its losses:<\/strong> The company has slashed its headcount by a third, cut executive pay and is eliminating unprofitable routes in Egypt<\/a>, Jordan and Kenya as it looks to ride out current market headwinds and become cashflow-positive next year.<\/p>\n","protected":false},"excerpt":{"rendered":"

EFG Hermes\u2019 net income after tax and minority interest eased 15% y-o-y to EGP 344 mn in 2Q 2022 on higher taxes and minority interest after the consolidation of aiBank, according to its earnings release (pdf).The group\u2019s operating revenues rose 28% y-o-y to EGP 2.1 bn during the quarter, boosted by the consolidation of revenues […]<\/p>\n","protected":false},"author":1,"featured_media":548712,"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":[302,409,84,72,354,507],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548711","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings","tag-earnings-watch","tag-efg-hermes","tag-enterpriseam","tag-palm-hills-developments","tag-swvl","wpautop","entry"],"acf":{"mongo_id":"1d434ef6-458f-4052-b961-ec4449a6e149","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/8\/320.jpg","photo_position":"above","related_issue":[548699],"teaser":"","voice_url":""},"yoast_head":"\nEarnings 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mn in 3Q 2022 as operating revenues nearly doubled to EGP 2.3 bn during the quarter, boosted by the consolidation of revenues at its recently acquired aiBank and growth across all of its verticals, the\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/280.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597668,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/efg-holding-net-income-rises-20-y-o-y-in-2q-2023\/","url_meta":{"origin":548711,"position":1},"title":"EFG Holding net income rises 20% y-o-y in 2Q 2023","author":"enterpriseam admin","date":"13 August 2023","format":false,"excerpt":"The group\u2019s investment banking, commercial banking and non-bank financial services arms all reported revenue growth","rel":"","context":"In "EARNINGS 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WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/428.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546738,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/26\/earnings-efg-hermes-contact-financial-elsewedy-electric-report-strong-1q-2022-results\/","url_meta":{"origin":548711,"position":4},"title":"Earnings: EFG Hermes, Contact Financial, Elsewedy Electric report strong 1Q 2022 results","author":"enterpriseam admin","date":"26 May 2022","format":false,"excerpt":"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\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/354.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":639825,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/15\/efg-holding-edita-raya-holding-more-report-quarterly-earnings\/","url_meta":{"origin":548711,"position":5},"title":"EFG Holding, Edita, Raya Holding, more report quarterly earnings","author":"enterpriseam admin","date":"15 August 2024","format":false,"excerpt":"EFG Holding saw its net income after tax and minority interest almost double y-o-y during 2Q 2024","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1775.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548711","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=548711"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548711\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548699"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/548712"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=548711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=548711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=548711"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=548711"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=548711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}