Cairo-based financial services company, EFG Hermes Holding, led by prominent banking executive Karim Awad, has achieved remarkable financial success with a record-breaking profit exceeding $30 million in the first quarter of its 2023 fiscal year.
The company’s recently published financial statement revealed a staggering surge of 110.5 percent in profits, soaring from EGP445.05 million ($14.4 million) in Q1 2022 to EGP936.95 million ($30.3 million) in Q1 2023.
This robust growth can be attributed to the outstanding performance of EFG Hermes’ investment bank segment, which reported exceptional results, skyrocketing by 237 percent to EGP3.0 billion ($97.1 million) during the same period.
The company’s revenues more than doubled, experiencing an impressive 129 percent increase, reaching EGP4.5 billion ($145.6 million) in Q1 2023.
The extraordinary financial performance was primarily driven by robust treasury operations, higher revenues from regional operations (particularly when translated to reporting currency), and increased unrealized gains on seed capital.
EFG Hermes Holding, a financial services conglomerate operating in the Middle East, North Africa, Sub-Saharan Africa, and South Asia, under the leadership of Awad, continues to assert its dominance in securities brokerage, asset management, investment banking, private equity, and research.
Following the release of its Q1 results, investor interest in its shares has been reignited, leading to a 2.19 percent increase in the group’s stock price, closing at EGP18.63 ($0.603) at the end of today’s trading session.
With its soaring share price, EFG Hermes Holding has become one of the largest listed entities on the Egyptian Exchange, boasting a market capitalization of EGP21.75 billion ($704 million).
The group’s impressive financial performance under Awad underscores its position as a leading financial institution in the region, highlighting its ability to capitalize on market opportunities and deliver exceptional results for its investors.