Cairo – Mubasher: The consolidated net profit after tax attributable to the owners of Egyptian Financial Group Hermes Holding (EFG Hermes) reached EGP 884.56 million in the first quarter (Q1) of 2023.
The registered net profits were higher than EGP 343.71 million in Q1-22, according to the income statements.
Revenues hit EGP 4.44 billion in the January-March 2023 period, an annual leap from EGP 1.93 billion.
Meanwhile, the total assets amounted to EGP 115.12 billion in Q1-23, versus EGP 105.50 billion as of 31 December 2022.
Standalone Income Statements
EFG Hermes posted a year-on-year (YoY) drop in standalone net profits after tax to EGP 534.34 million as of 31 March 2023 from EGP 2.71 billion
Earnings per share (EPS) plummeted to EGP 0.46 in Q1-23 from EGP 2.33 in Q1-22, while the revenues fell to EGP 1.09 billion from EGP 2.95 billion.
Capital Raise
The extraordinary general meeting (EGM) approved to increase the authorised capital to EGP 30 billion from EGP 6 billion.
The shareholders also agreed to raise the issued and paid-in capital from EGP 5.83 billion to EGP 7.29 billion by transferring EGP 1.45 billion from the retained earnings account as of 31 December 2022. The hike amount will be distributed over 291.92 million shares by granting one bonus share for every four owned shares.
Rebranding
During the same meeting that was held on 22 May, the EGM greenlighted the proposal to change the company’s name from EFG Hermes Holding to EFG Holding.
Last year, the EGX-listed firm achieved consolidated net profits after tax worth EGP 2.19 billion, higher than EGP 1.67 billion, including non-controlling interest.
