Cairo – Mubasher: EFG Holding posted consolidated net profits amounting to EGP 3.17 billion in the first half (H1) of 2024, versus EGP 1.49 billion in H1-23.
Net revenues reached EGP 13.59 billion in H1-24, up year-on-year (YoY) from EGP 7.53 billion, according to the financial statements.
During the first six months (6M) of 2024, the basic earnings per share (EPS) climbed to EGP 1.80 from EGP 0.88 in H1-23.
Standalone Financials
The group recorded an annual rise in standalone net profit after tax to EGP 879.74 million during January-June 2024 compared to EGP 824.94 million.
Non-consolidated revenues grew to EGP 2.72 billion in H1-24 from EGP 1.81 billion in H1-23, while the basic and diluted EPS rose to EGP 0.60 from EGP 0.57.
Results for Q2
The EGX-listed company achieved consolidated profits valued at EGP 1.05 billion in the second quarter (Q2) of 2024, higher than EGP 553.74 million in Q2-23.
Basic EPS jumped to EGP 0.54 in Q2-24 from EGP 0.28 a year earlier, while the net revenues hiked by 63% to EGP 5.40 billion from EGP 3.08 billion.
In April-June 2024, the firm turned to standalone net losses of EGP 564.58 million, against net profits worth EGP 290.60 million in Q2-23.
Karim Awad, Group CEO of EFG Holding, commented: “In an era of unprecedented economic and geopolitical turbulence, marked by widespread inflation, currency devaluation, and volatile global markets, we not only navigated these challenges but also emerged stronger.”
He added: “This strong performance is evident from the financial results across EFG Hermes, EFG Finance, and aiBANK, particularly EFG Hermes’ Investment Banking division, which shattered previous revenue records, complemented by the solid contributions from our other core businesses.”
In Q1-24, the consolidated net profits after tax hiked YoY to EGP 2.11 billion from EGP 920.12 million.
