{"id":555564,"date":"2021-11-18T03:59:46","date_gmt":"2021-11-18T03:59:46","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/18\/earnings-watch-efg-hermes-orascom-construction-report-3q2021-results\/"},"modified":"2021-11-18T03:59:46","modified_gmt":"2021-11-18T03:59:46","slug":"earnings-watch-efg-hermes-orascom-construction-report-3q2021-results","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/18\/earnings-watch-efg-hermes-orascom-construction-report-3q2021-results\/","title":{"rendered":"Earnings Watch: EFG Hermes, Orascom Construction report 3Q2021 results"},"content":{"rendered":"

<\/a> EFG Hermes\u2019 net income dropped 16% y-o-y to EGP 356 mn in 3Q2021<\/strong>, according to its quarterly earning release (<\/a>pdf<\/a>)<\/a>. The financial services group\u2019s revenue fell 17% to EGP 1.2 bn during the quarter mainly due to an unfavorable base effect related to a one-time private equity incentive fee booked in 3Q2020 for selling a controlling stake<\/a> in its UK solar energy portfolio Vortex III.<\/p>\n

On a nine-month basis, the group's net income rose 26% y-o-y to EGP 1.1 bn<\/strong> on the back of strong revenue growth from the Vortex III exit and \"strong unrealized and realized gains on investments booked in 9M2020.\"\u00a0EFG Hermes' revenues were up 8% y-o-y during 9M2021 to EGP 4.0 bn, while g<\/span>roup operating expenses were muted, inching down 1% y-o-y to EGP 2.5 bn in 9M21.\u00a0<\/span><\/p>\n

In detail:<\/strong> Buy-side revenues declined 74% to EGP 115 mn due to last year\u2019s Vortex III exit and a \u201cvery weak\u201d quarter for its capital markets and treasury operations segment, which saw revenues fall 58% to EGP 156 mn due to unrealized losses on seed capital revalution. On the sell-side, strong growth in the group\u2019s investment bank and brokerage offset the base effect to rise 45% to EGP 406 mn. Investment banking revenues almost tripled to EGP 107 mn while its brokerage arm brought in EGP 299 mn, up 23% from 3Q2020.<\/p>\n

Non banking financial institutions\u2019 revenue grew 52% to EGP 507 mn<\/strong>, supported by microfinancing firm Tanmeyah and consumer finance platform valU. Tanmeyah reported revenues of EGP 355 mn, up 36% from 3Q2020, while valU continued to outperform, with revenues more than tripling to EGP 97 mn.<\/p>\n

Looking ahead:<\/strong> \u201cWe are excited about the headway we are making in line with our strategy to transform into a full-fledged universal bank in Egypt,\u201d said (pdf)<\/a> CEO Karim Awad. \u201cWe are confident that as we continue to leverage our robust operational capacities and diverse lines of business, the group is well-positioned to close out 2021 on a strong note.\u201d<\/p>\n

\n

Orascom Construction (OC)\u2019s bottom line dipped <\/strong>6% y-o-y to USD 28.4 mn<\/strong> in <\/strong>3Q2021<\/strong>, according to its earnings release (pdf)<\/a>. Revenues rose 4% y-o-y to USD 857.7 mn, 68% of which came from operations in the Middle East and Africa, and the US the remainder. Operating cashflow for the first nine months of the year remains negative at USD -114 mn though cashflow turned positive in 3Q, coming at USD 42.8 mn.<\/p>\n

The company\u2019s consolidated backlog hit a new record of USD 6 bn as of the end of September,<\/strong>\u00a0after new awards climbed 42.7% y-o-y to USD 962.4 mn for the quarter. This comes on the back of its newly signed contract<\/a> for construction of Egypt\u2019s first high-speed rail system as well as \u201csizable\u201d contracts in the US student housing sector. Pro forma backlog including the company\u2019s 50% share in Besix increased 15% y-o-y to USD 8.9 bn as of the end of the quarter. Pro forma new awards rose 85.8% y-o-y to USD 1.7 bn.<\/p>\n

\u201cWe achieved several operational milestones this quarter.<\/strong> We witnessed in Egypt the completion and inauguration of Bahr El Baqar Water Treatment Plant<\/a>, the largest in the world, and are working in full swing at our large projects such as the monorail in Egypt and data centers in the US,\u201d said CEO Osama Bishai.<\/p>\n

EDITOR'S NOTE: This story was corrected<\/span> on 18 January, 2021. A previous version of the story stated an incorrect figure for the value of Orascom Construction's consolidated backlog.\u00a0<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

EFG Hermes\u2019 net income dropped 16% y-o-y to EGP 356 mn in 3Q2021, according to its quarterly earning release (pdf). The financial services group\u2019s revenue fell 17% to EGP 1.2 bn during the quarter mainly due to an unfavorable base effect related to a one-time private equity incentive fee booked in 3Q2020 for selling a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[204,2345,130,409,84,72,7087,7111,363,3246,202,515],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555564","post","type-post","status-publish","format-standard","hentry","category-earnings-watch","tag-banking","tag-besix","tag-construction","tag-earnings-watch","tag-efg-hermes","tag-enterpriseam","tag-finance","tag-infrastructure","tag-orascom-construction","tag-osama-bishai","tag-tanmeyah","tag-valu","wpautop","entry"],"acf":{"mongo_id":"ac0dfde1-f857-4ad6-b700-3082efb67164","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[555551],"teaser":"","voice_url":""},"yoast_head":"\nEarnings Watch: EFG Hermes, Orascom Construction report 3Q2021 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\/2021\/11\/18\/earnings-watch-efg-hermes-orascom-construction-report-3q2021-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Earnings Watch: EFG Hermes, Orascom Construction report 3Q2021 results\" \/>\n<meta property=\"og:description\" content=\"EFG Hermes\u2019 net income dropped 16% y-o-y to EGP 356 mn in 3Q2021, according to its quarterly earning release (pdf). 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Local investors were net sellers. The index is up 2.1% YTD.In the green: Orascom Investment (+2.7%), Palm Hills Development (+1.9%) and Sidi Kerir (+1.6%).In the red: CI Capital (-9.6%), Cleopatra (-3.0%) and\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544902,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/27\/efg-hermes-net-income-up-12-in-2021\/","url_meta":{"origin":555564,"position":2},"title":"EFG Hermes\u2019 net income up 12% in 2021","author":"enterpriseam admin","date":"27 March 2022","format":false,"excerpt":"EFG Hermes\u2019 net income rose 12% y-o-y to EGP 1.5 bn in 2021, the universal bank said in its earning release (pdf) on Thursday. The bank\u2019s bottom line growth was supported by a 12% rise in revenues which finished the year at EGP 6.1 bn.Revenue growth of 19% in 4Q2021\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548711,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/18\/earnings-watch-efg-hermes-palm-hills-swvl\/","url_meta":{"origin":555564,"position":3},"title":"Earnings Watch: EFG Hermes, Palm Hills, Swvl","author":"enterpriseam admin","date":"18 August 2022","format":false,"excerpt":"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\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\/8\/320.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":555564,"position":4},"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 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\/8\/530.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573852,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/earnings-watch-efg-hermes-saw-8-y-o-y-net-profit-growth-in-2q2020\/","url_meta":{"origin":555564,"position":5},"title":"Earnings Watch- EFG Hermes saw 8% y-o-y net profit growth in 2Q2020","author":"enterpriseam admin","date":"19 August 2020","format":false,"excerpt":"EARNINGS WATCH- EFG Hermes saw 8% y-o-y net profit growth in 2Q2020: EFG Hermes saw net profits grow to EGP 328 mn in 2Q2020, according to a company\u2019s earnings release (pdf) as revenues rose 26% y-o-y to EGP 1.3 bn in 2Q2020. \u201cTop line performance was primarily driven by revenue\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555564","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=555564"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555564\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/555551"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=555564"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=555564"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=555564"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=555564"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=555564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}