Egypt's EFG Hermes says Q1 revenue fell 34% after previous FX gain
21/05/2025 17:07
Corrects company name in headline to EFG Holding CAIRO, May 21 (Reuters) - Egyptian financial services company EFG Holding's HRHO.CA revenue declined by an annualised 34% in the first quarter, due to an exceptional foreign currency gain in the same period of 2024, the company said on Wednesday. Revenue fell to 5.6 billion Egyptian pounds ($112.45 million), while net profit after taxes and minority interests fell 34% to 1.2 billion pounds in the quarter. Egypt in March 2024 devalued its currency to around 50 Egyptian pounds to the dollar from the previous 30 pounds, part of a $8 billion financial support programme agreed with the International Monetary Fund. "We've had a good quarter operationally," Chief Financial Officer Mohamed AbdelKhabir told Reuters. "All of our business lines are doing well. EFG Hermes, the investment bank, is doing quite well. We've closed a couple of very important deals on the investment banking side." These were an initial public offering in January of Saudi technology company Nice One Beauty Digital Marketing 4193.SE and an $2.84 billion offering in February of a 4% stake in the UAE's ADNOC Gas ADNOCGAS.AD. AbdelKhabir said the company had gained last year from the devaluation of the Egyptian pound because they had foreign exchange from operations abroad. ($1 = 49.8000 Egyptian pounds) (Reporting by Patrick Werr Editing by Alexandra Hudson) ((patrick.werr@thomsonreuters.com;))