{"id":577312,"date":"2022-11-17T04:06:17","date_gmt":"2022-11-17T04:06:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/17\/efg-hermes-juhayna-release-3q-9m-2022-numbers\/"},"modified":"2022-11-17T04:06:17","modified_gmt":"2022-11-17T04:06:17","slug":"efg-hermes-juhayna-release-3q-9m-2022-numbers","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/17\/efg-hermes-juhayna-release-3q-9m-2022-numbers\/","title":{"rendered":"EFG Hermes + Juhayna release 3Q \/ 9M 2022 numbers"},"content":{"rendered":"

EFG Hermes\u2019 net income before tax and minority interest surged 70% y-o-y to EGP 650 mn in 3Q 2022 <\/strong>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 company said in its earnings release (pdf)<\/a>. Net profit after tax and minority interest slid 5% on higher taxes and minority interest, largely on the consolidation of aiBank, it said.<\/p>\n

REMEMBER- <\/strong>Our friends at EFG Hermes acquired a stake<\/a> in aiBank last year when acquired 51% of its shares in a transaction that also saw the Sovereign Fund of Egypt invest. EFG Hermes and the SFE have pulled aiBank, formerly owned by the National Investment Bank, out of the red: It has now reported positive earnings for three consecutive quarters. The bank\u2019s net income rose 6% to EGP 113 mn in 3Q 2022.<\/p>\n

EFG Hermes\u2019 investment bank operations produced another strong performance across the board<\/strong>, with the company\u2019s investment banking, brokerage, private equity, asset management, and holding and treasury activities segments all posting y-o-y revenue growth on higher fees and strong GCC business.<\/p>\n

Group CEO Karim Awad sounded an optimistic note heading into the final weeks 2022<\/strong>, saying in a statement<\/a> that EFG Hermes is \u201cperfectly positioned to end the year on an excellent note\u201d at aiBank, its NBFI platform and at the investment bank.<\/p>\n

JUHAYNA PROFITS DIP IN 3Q-<\/strong><\/p>\n

Dairyfoods giant Juhayna\u2019s net income eased 11% y-o-y to EGP 155 mn in 3Q 2022<\/strong> on the back of a surge in inflation, global supply chain disruptions and the devaluation of the EGP, according to its earnings release (pdf)<\/a>. The company\u2019s top line rose 23% from a year earlier to EGP 3 bn, driven by a surge in revenues from its concentrates segment and a 34% increase in dairy revenues.<\/p>\n

What they said<\/strong>: \u201cIt has been a challenging nine months, as we have been facing many<\/p>\n

challenges on global and local fronts\u2026 Locally, we have been experiencing double-digit inflation and a 24% decline in the value of the EGP in 9M 2022, relative to the USD,\u201d Juhanya\u2019s CEO Niels Thomsen said. \u201cDespite this, we have succeeded to extensively grow our core segments, gain market share, and gradually pass on price increases of over 20% during 9M22,\u201d Thomsen added.<\/p>\n

JUFO has finished paying out its record EGP 329 mn dividend<\/strong>, with Thomsen noting that doing so underscores both the business\u2019 ability to generate cash and management\u2019s confidence in the future of the company.<\/p>\n","protected":false},"excerpt":{"rendered":"

EFG Hermes\u2019 net income before tax and minority interest surged 70% y-o-y to EGP 650 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 company said in its earnings […]<\/p>\n","protected":false},"author":1,"featured_media":577313,"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":[204,302,409,84,72,1027],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-banking","tag-earnings","tag-earnings-watch","tag-efg-hermes","tag-enterpriseam","tag-juhayna","wpautop","entry"],"acf":{"mongo_id":"f2b144d2-7be3-4685-baa7-12991ed2009f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/280.jpg","photo_position":"above","related_issue":[577299],"teaser":"","voice_url":""},"yoast_head":"\nEFG 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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":617419,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/21\/efg-holding-posts-a-record-egp-14-7-bn-revenues-in-2023\/","url_meta":{"origin":577312,"position":1},"title":"EFG Holding posts a record EGP 14.7 bn revenues in 2023","author":"enterpriseam admin","date":"21 March 2024","format":false,"excerpt":"Growth was underpinned by robust growth across EFG Hermes, aiBank, and Valu","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS 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The bank had reported a EGP 1 mn loss in the same period in 2021 but entered the black this year on\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":597668,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/efg-holding-net-income-rises-20-y-o-y-in-2q-2023\/","url_meta":{"origin":577312,"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":647638,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/16\/earnings-watch-efg-hermes-telecom-egypt\/","url_meta":{"origin":577312,"position":5},"title":"Earnings Watch: EFG Hermes, Telecom Egypt","author":"enterpriseam admin","date":"16 May 2017","format":false,"excerpt":"EARNINGS WATCH- EFG Hermes recorded a net profit after tax and minority interest from continued operations of EGP 236 mn in 1Q2017. Total operating revenue increased by 106% y-o-y to EGP 825 mn during the quarter. \u201cOur revenue growth reflects both the robust health of our traditional agency business and\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\/577312","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=577312"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577312\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/577299"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/577313"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=577312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=577312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=577312"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=577312"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=577312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}