Cairo – Mubasher: The Egyptian Financial Group Hermes Holding (EFG Hermes) reported a 74% year-on-year plunge in its consolidated profits during the first quarter of 2020.
The investment bank’s net profits dwindled to EGP 98.92 million in the first three months of the year, compared to EGP 380 million in the year-ago period, according to a bourse disclosure on Thursday.
On the other hand, revenues increased to EGP 1.867 billion in Q1-20 from EGP 1.76 billion in Q1-19.
As for standalone business, EFG Hermes suffered net losses of EGP 225.88 million in the January-March period, up from EGP 143.23 million in the corresponding period a year earlier.
It is noteworthy to mention that for the full-year 2019, the company’s net profits rose to EGP 1.4 billion from EGP 1.05 billion in 2018, including minority shareholders’ rights.
