Egypt's EFG Hermes reports Q1 revenue down 34% from previous FX gains

The revenue of Egyptian financial services firm EFG Holding decreased by 34% annually in the first quarter due to a gain in foreign currency in the same period in 2024.

The quarter saw revenue fall to 5.6 billion Egyptian Pounds ($112,45 million), and net profit before tax and minority interest fell 34% to 1,2 billion pounds.

Egypt devalued in March 2024 its currency from 30 Egyptian pounds to 50 Egyptian Pounds, as part of an $8 billion financial assistance programme with the International Monetary Fund.

Chief Financial Officer Mohamed AbdelKhabir said, "We had a great quarter in terms of operations."

All of our business lines are performing well. EFG Hermes is doing well. "We've closed some very important deals in the investment banking sector."

In January, the Saudi technology company Nice One Beauty Digital Marketing made its initial public offering. In February, ADNOC Gas in the UAE offered a 4% share for $2.84 billion.

AbdelKhabir stated that the company gained from the devaluation last year of the Egyptian Pound because they had foreign currency from their operations abroad.

(source: Reuters)