{"id":584053,"date":"2023-03-26T00:00:00","date_gmt":"2023-03-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/efg-hermes-and-orascom-construction-report-higher-revenues-in-2022\/"},"modified":"2023-03-26T00:00:00","modified_gmt":"2023-03-26T00:00:00","slug":"efg-hermes-and-orascom-construction-report-higher-revenues-in-2022","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/efg-hermes-and-orascom-construction-report-higher-revenues-in-2022\/","title":{"rendered":"EFG Hermes and Orascom Construction report higher revenues in 2022"},"content":{"rendered":"

EFG Hermes Holding reported a net income after tax and minority interest of E<\/span>GP <\/span>1.8 bn in 2022<\/span>, up 18% from <\/span>2021<\/a><\/span>, the bank said in its <\/span>earnings release (<\/a><\/span>pdf<\/a><\/span>)<\/a><\/span>. Revenues surged 77% during the year to reach almost EGP 11.0 bn, underpinned by strong performance at its investment bank and NBFIs, as well as the <\/span>acquisition of aiBank<\/a><\/span>.<\/span><\/p>\n

On a quarterly basis:<\/span> Revenues more than doubled y-o-y in 4Q 2022 to EGP 4.6 bn, <\/span>supporting 63% growth in net income which reached EGP 813 mn during the three-month period.<\/span><\/p>\n

The breakdown:<\/span> Revenues at EFG Hermes\u2019 investment bank rose 58% to EGP 6.2 bn, driven <\/span>primarily by higher foreign-currency gains boosting holding and treasury revenues. Meanwhile, valU drove growth in non-bank lending, more than doubling its revenue to EGP 650 mn over the year. In total, the bank\u2019s NBFIs delivered EGP more than EGFP 2.5 bn in revenue during 2022, up 28% on the year before. Meanwhile, the incorporation of aiBank contributed EGP 2.2 bn in revenues. EFG Hermes acquired 51% of the bank in November 2021.<\/span><\/p>\n

Looking ahead: <\/span>\u201cThe investment bank leveraged a favorable investment landscape in the GCC <\/span>to strengthen its presence and advise on some of the most high-profile transactions in the region,\u201d <\/span>Group CEO Karim Awad said in an accompanying<\/span>statement (pdf)<\/a><\/span>. <\/span>\u201c<\/span>We remain confident in our ability to continue expanding our pipeline of equity, debt, and M&A transactions, with an eye to unlocking value-accretive prospects for clients and investors alike\u201d he added.<\/span><\/p>\n

ORACOM CONSTRUCTION REVENUES UP-<\/span><\/p>\n

Orascom Construction reported a 18% y-o-y increase in revenues to USD 4.2 <\/span>bn in <\/span>2022<\/span>, according to its latest <\/span>earnings release (pdf)<\/a><\/span>. Net income attributable to shareholders remained flat y-o-y at USD 113.5 mn. Net income was up 50% y-o-y during 4Q 2022 to USD 55.8 mn, while revenues for the quarter jumped 12% to more than USD 1.1 bn.<\/span><\/p>\n

The company\u2019s backlog stood at USD 5.3 bn in 2022. <\/span>Egypt made up the majority of the company\u2019s backlog as of year end, with a 68% share, followed by the US (25%) and Saudi Arabia (2.6%). <\/span><\/p>\n

\u201cWe recorded another year of healthy new awards<\/span> mostly in Egypt and the US, providing us with sufficient revenue visibility and comfort over the next year,\u201d CEO Osama Bishai said.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Investment bank and non-bank lending sees strong growth<\/p>\n","protected":false},"author":1,"featured_media":584054,"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":[204,130,409,84,72,363],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584053","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-banking","tag-construction","tag-earnings-watch","tag-efg-hermes","tag-enterpriseam","tag-orascom-construction","wpautop","entry"],"acf":{"mongo_id":"d21fc32d-bf84-4360-9fe7-9e0ede931958","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/428.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s EFG Hermes and Orascom Construction report higher revenues in 2022","related_issue":[584030],"teaser":"Investment bank and non-bank lending sees strong growth","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.bfe9bc42-c287-4297-b4a8-037cc7698ae4.mp3"},"yoast_head":"\nEFG Hermes and Orascom Construction report higher revenues in 2022 - 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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\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":579720,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/earnings-watch-ibnsina-pharma-export-development-bank\/","url_meta":{"origin":584053,"position":1},"title":"Earnings watch: Ibnsina Pharma, Export Development Bank,","author":"enterpriseam admin","date":"15 November 2022","format":false,"excerpt":"Ibnsina Pharma\u2019s net income after minority interest fell 50.6% y-o-y to EGP 119.60 mn in 9M 2022, according to the company\u2019s earnings release (pdf). Net revenue during the period inched up 0.4% y-o-y to EGP 15.81 bn.Export Development Bank of Egypt\u2019s net income rose 125.6% y-o-y to EGP 993.5 mn\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":550958,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/raya-holdings-al-baraka-bank-report-1q2022-earnings\/","url_meta":{"origin":584053,"position":2},"title":"Raya Holdings, Al Baraka Bank report 1Q2022 earnings","author":"enterpriseam admin","date":"16 May 2022","format":false,"excerpt":"EARNINGS WATCH- Raya Holding\u2019s net income rose 49.7% y-o-y to EGP 53.59 mn in 1Q2022, according to the company\u2019s quarterly financials (pdf). This came on the back of revenues rising to EGP 4.48 bn, compared with EGP 4.03 bn in the same period last year.Al Baraka Bank reported EGP 369.38\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":565094,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/17\/earnings-watch-efg-hermes\/","url_meta":{"origin":584053,"position":3},"title":"Earnings Watch: EFG Hermes","author":"enterpriseam admin","date":"17 March 2021","format":false,"excerpt":"The EGX30 fell 1.1% at today\u2019s close on turnover of EGP 997 mn (32.6% below the 90-day average). 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":545160,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/earnings-watch-emaar-misr\/","url_meta":{"origin":584053,"position":4},"title":"Earnings watch: Emaar Misr","author":"enterpriseam admin","date":"8 March 2022","format":false,"excerpt":"EARNINGS WATCH-Emaar Misr\u2019s bottom line rose around 118% y-o-y to EGP 4.12 bn in 2021, according to the company\u2019s financials (pdf). Revenues increased 137% y-o-y, reaching EGP 11.08 bn. MARKET ROUNDUP-The EGX30 fell 2.8% at today\u2019s close on turnover of EGP 1.29 bn (27.1% above the 90-day average). Local investors\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":584053,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/584053","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=584053"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/584053\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/584030"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/584054"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=584053"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=584053"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=584053"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=584053"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=584053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}