{"id":564239,"date":"2021-08-18T13:41:06","date_gmt":"2021-08-18T13:41:06","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/18\/earnings-watch-efg-hermes-palm-hills\/"},"modified":"2021-08-18T13:41:06","modified_gmt":"2021-08-18T13:41:06","slug":"earnings-watch-efg-hermes-palm-hills","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/18\/earnings-watch-efg-hermes-palm-hills\/","title":{"rendered":"Earnings Watch: EFG Hermes, Palm Hills"},"content":{"rendered":"

<\/a> EARNINGS WATCH - EFG Hermes\u2019 net income rose 24% in 2Q2021<\/strong>, driven by growth in its non-bank lending subsidiaries and a solid performance in its investment banking arm, according to the firm\u2019s earnings release (pdf)<\/a>. The financial services corporation reported earnings of EGP 406 mn during the three-month period, up from EGP 328 mn in the same period last year on the back of strong top-line growth.<\/p>\n

Revenues for the quarter rose 20% to EGP 1.6 bn<\/strong>, underpinned by a 62% rise in non-banking financial services revenues, which totalled EGP 483 mn. Sell-side revenues rose 69% to EGP 493 mn, helped by an uptick in advisory fees and transactions which almost tripled income from its investment banking arm. On the buy-side, revenues shrugged off a dip in private equity income to rise 70%, helped by strong revenues from asset management which more than doubled to EGP 142 mn.<\/p>\n

Despite its positive performance for the quarter, the group remains cautious for the rest of the year:<\/strong> \u201cHeading into the second half of the year, we remain cognizant of the potential for a new wave of covid-19-related challenges and geopolitical headwinds which impact the pace of economic recovery across global markets,\u201d group CEO Karim Awad said<\/a>.<\/p>\n

\n

Palm Hills Developments saw its bottom line grow 41% to EGP 278.2 mn in <\/strong>2Q2021<\/strong>, compared to EGP 197.4 mn in the same period last year, according to the real estate company\u2019s earnings release (pdf)<\/a>. Revenues more than doubled to more than EGP 2 bn during the April-June period, helped by a jump in new residential and commercial sales, which rose 63% to EGP 4.3 bn.<\/p>\n

By our math, PHD sold <\/strong>920 units<\/strong><\/sup> during the quarter<\/strong>, more than double the 401 in 2Q2020<\/sup> and up from 488<\/a> sold during 1Q2021. The 1H2021 growth was mainly supported by new sales witnessed in West Cairo (mainly Badya and the Crown), which rose 54% to EGP 3.2 bn and accounted for 42% of the overall sales. This is followed by Sahel, Alexandria, and Ain Sokhna, which brought in EGP 3.1 bn and accounted for 40% of the company\u2019s sales. The company made EGP 1.4 bn in revenues from units in East Cairo.<\/p>\n

Looking forward<\/strong>, the company will finalize several financing agreements before the end of this year \u201cin the form of on and off-balance sheet financing including the securitization of receivables, syndications with banks,\u201d as well as the company\u2019s first long-term sukuk issuance worth EGP 5.5 bn<\/a>, said Executive Chairman Yasseen Mansour.<\/p>\n

CATCH UP QUICK- <\/strong><\/p>\n

IDH subsidiary to run PCR tests in Amman\u2019s airport: <\/strong>Biolab, a Jordanian subsidiary of the EGX- and LSE-listed Egyptian healthcare group Integrated Diagnostics Holdings, will operate PCR testing stations at Amman\u2019s Queen Alia International Airport, the company said in a statement (pdf)<\/a> this morning.<\/p>\n","protected":false},"excerpt":{"rendered":"

EARNINGS WATCH - EFG Hermes\u2019 net income rose 24% in 2Q2021, driven by growth in its non-bank lending subsidiaries and a solid performance in its investment banking arm, according to the firm\u2019s earnings release (pdf). The financial services corporation reported earnings of EGP 406 mn during the three-month period, up from EGP 328 mn in […]<\/p>\n","protected":false},"author":1,"featured_media":564240,"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":[10053],"tags":[204,302,409,84,633,2460,354,3336],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-564239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-earnings-watch","tag-banking","tag-earnings","tag-earnings-watch","tag-efg-hermes","tag-enterprisepm","tag-karim-awad","tag-palm-hills-developments","tag-yasseen-mansour","wpautop","entry"],"acf":{"mongo_id":"f42ecb50-4725-4b6f-93ee-fa43cb279933","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/8\/473.jpg","photo_position":"above","related_issue":[564229],"teaser":"","voice_url":""},"yoast_head":"\nEarnings Watch: EFG Hermes, Palm Hills - 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\/08\/18\/earnings-watch-efg-hermes-palm-hills\/\" \/>\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, Palm Hills\" \/>\n<meta property=\"og:description\" content=\"EARNINGS WATCH - EFG Hermes\u2019 net income rose 24% in 2Q2021, driven by growth in its non-bank lending subsidiaries and a solid performance in its investment banking arm, according to the firm\u2019s earnings release (pdf). 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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":564239,"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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Revenues jumped 30% to EGP 1.3 bn from EGP 965 mn in\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":564239,"position":3},"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":595926,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/14\/earnings-watch-sodic-efg-hermes-mnhd-telecom-egypt\/","url_meta":{"origin":564239,"position":4},"title":"Earnings watch: Sodic, EFG Hermes, MNHD, Telecom Egypt","author":"enterpriseam admin","date":"14 August 2019","format":false,"excerpt":"EARNINGS WATCH- Sodic net income grows 9% y-o-y in 2Q019, revenues double: Sodic recorded a 9% y-o-y increase in net income to EGP 175 mn in 2Q2019, the company said in an earnings statement (pdf) on Thursday. Revenues for the quarter doubled y-o-y to EGP 1 bn as net contracted\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":[]},{"id":592978,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/13\/earnings-watch-efg-hermes-suez-cement-tourah-cement-raya-contact-center-at-lease\/","url_meta":{"origin":564239,"position":5},"title":"Earnings watch: EFG Hermes, Suez Cement, Tourah Cement, Raya Contact Center, AT Lease","author":"enterpriseam admin","date":"13 November 2019","format":false,"excerpt":"EARNINGS WATCH- EFG Hermes\u2019s net profit after tax and minority interest rose 34% to EGP 358 mn in 3Q2019, compared to EGP 279 mn in 3Q2018, according to the company\u2019s earnings release (pdf). Revenues grew 25% to reach EGP 1.2 bn during the quarter. On a nine-month basis, the regional\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\/2019\/7\/efg-hermes-1600px.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\/564239","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=564239"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564239\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/564229"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/564240"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=564239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=564239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=564239"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=564239"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=564239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}