{"id":324983,"date":"2022-03-24T13:50:45","date_gmt":"2022-03-24T13:50:45","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=324983"},"modified":"2022-03-28T13:23:27","modified_gmt":"2022-03-28T13:23:27","slug":"efg-hermes-revenues-surpass-egp-6bn-in-2021-for-1st-time","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2022\/03\/24\/efg-hermes-revenues-surpass-egp-6bn-in-2021-for-1st-time\/","title":{"rendered":"EFG Hermes\u2019 revenues surpass EGP 6bn in 2021 for 1st time"},"content":{"rendered":"

\u00a0Egyptian Financial Group Hermes Holding (EFG Hermes) reported a year-on-year (YoY) surge of 12% in revenues to EGP 6.1 billion in 2021, exceeding the EGP 6 billion mark for the first time.<\/span><\/p>\n

Meanwhile, net profit after tax and minority interest recorded EGP 1.5bn, another 12% Y-o-Y gain. <\/span><\/p>\n

The robust financial performance was supported by several lines of business across the Group, coupled with the consolidation of aiBANK (November and December figures) following the completion of a 51% acquisition of the bank\u2019s shares in 4Q21. aiBANK revenue helped buoy performance, contributing EGP 306m to the Group\u2019s top line in FY21. <\/span><\/p>\n

EFG Hermes Holding\u2019s Group CEO Karim Awad <\/b>said:<\/b> \u201cI am extremely pleased with our performance this year. We\u2019ve continued to gain ground by capitalizing on compelling opportunities and hitting milestones operationally across all our lines of business despite prevailing market headwinds. Our Non-Bank Financial Institutions (NBFI) platform delivered yet another year of solid results: leading microfinance player Tanmeyah continued to make up the lion\u2019s share of revenue while our BNPL powerhouse valU saw total transactions more than double during the year. The Sell-side business also delivered outstanding results, with the Investment Banking division reporting an all-time high top line figure after having closed a record number of transactions in a single year. Together, these achievements have allowed us to maintain our standing as the leading financial services player in FEM.\u201d <\/span><\/p>\n

The Firm\u2019s sell-side revenues climbed 44% Y-o-Y to EGP 1.8bn in FY21, with each division delivering strong standalone results. It was an outstanding year for the Investment Banking division, with the team concluding a record 40 deals worth an aggregate USD 7.9bn in the ECM, DCM, and M&A spaces. As a result, revenues from the division hit EGP 494m \u2014 an over twofold increase compared to the previous year. The Brokerage division also made a marked contribution to sell-side revenues, reporting top line growth of 29% Y-o-Y to EGP 1.3bn driven by positive performance in Egypt, the UAE (specifically Abu Dhabi), as well as by Structured Products.<\/span><\/p>\n

Meanwhile at the Group\u2019s buy-side operations, revenues fell 23% Y-o-Y to EGP 636m in FY21 on the back of a 77% Y-o-Y drop in revenues from the Private Equity division. This was due to the high base effect associated with EGP 342m in one-off incentive fees booked following the exit of Vortex III last year. On a quarterly basis, the division\u2019s revenues gained 140% Y-o-Y. Nonetheless, Asset Management performed well during the year, growing revenues 45% Y-o-Y to EGP 528m, driven by Frontier Investment Management Partners\u2019 (FIM) performance fees booked in the final quarter of the year.\u00a0<\/span><\/p>\n

Revenues from the Group\u2019s Holding & Treasury Activities contracted 31% Y-o-Y to EGP 1.3bn, pressured by realized\/unrealized losses on seed capital compared to strong gains booked in the previous year. Treasury activities\u2019 revenue and foreign exchange gains supported the division\u2019s top line. <\/span><\/p>\n

The solid performance generated by the Investment Banking, Brokerage, and Asset Management divisions failed to cushion the dip in revenues from Private Equity and Holding & Treasury Activities. As a result, the Investment Bank saw its top line inch down 6% Y-o-Y to EGP 3.8bn during the year. <\/span><\/p>\n

The last year was another exceptional period for companies under the NBFI platform, with each showing strong financial and operational performance that drove the Group\u2019s overall positive results. The NBFI platform reported revenues worth EGP 2bn, climbing 41% Y-o-Y, with outstanding portfolios up a significant 39% Y-o-Y to EGP 13bn. Tanmeyah, which accounts for 72% of the platform\u2019s revenues, reported a top line of EGP 1.4bn during the year, up 31% Y-o-Y on the back of strong sales and geographical expansion across Egypt. valU also delivered a remarkable performance this year, with revenues surging 171% Y-o-Y to EGP 302m due to numerous partnerships signed with leading merchants in vital sectors as well as innovative products launched. The platform\u2019s factoring business, which falls under EFG Hermes Corp-Solutions, also gained significant ground this year, with revenues surging 117% Y-o-Y to EGP 58m as the business further capitalized on synergies with the Investment Bank. The leasing business, which also falls under EFG Hermes Corp-Solutions, reported revenues of EGP 215m, up 16% Y-o-Y. <\/span><\/p>\n

Group operating expenses grew 9% Y-o-Y to EGP 3.9bn after the consolidation of aiBANK, whose operating expenses came in at EGP 156m and accounted for 50% of the total increase. Additionally, employee expenses climbed 20% Y-o-Y to EGP 2.8bn on the back of a scale-up in the NBFI businesses and variable expenses related to the increase in revenues from core operations. Meanwhile, other G&A expenses were largely flat, mainly due to lower operating expenses at the Investment Bank and particularly lower ECL and provisions at the NBFI platform.<\/span><\/p>\n

EFG Hermes Holding\u2019s net profit after tax and minority interest came in at EGP 1.5bn, up 12% Y-o-Y largely driven by the continued upward trajectory of the NBFI platform as well as aiBANK, which contributed EGP 38m to the bottom line. <\/span><\/p>\n

\u201cToday, the world is grappling with the end of quantitative easing and continuing inflationary pressure in addition to major geopolitical headwinds. As I look back, I am confident now more than ever that our strategies over the last five years \u2014 from expansion into FEMs, to the diversification into NBFIs, and the entrance into the commercial banking space \u2014 have not only borne fruit but have given us the ability to withstand very tough and turbulent market conditions,\u201d said Awad.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0Egyptian Financial Group Hermes Holding (EFG Hermes) reported a year-on-year (YoY) surge of 12% in revenues to EGP 6.1 billion in 2021, exceeding the EGP 6 billion mark for the first time.<\/p>\n","protected":false},"author":4,"featured_media":319835,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33,21],"tags":[82],"class_list":["post-324983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-main","category-news","tag-efg-hermes"],"yoast_head":"\nEFG Hermes\u2019 revenues surpass EGP 6bn in 2021 for 1st time - egy-africa<\/title>\n<meta name=\"description\" content=\"Egyptian Financial Group Hermes Holding (EFG Hermes) reported a year-on-year (YoY) surge of 12% in revenues to EGP 6.1 billion in 2021, exceeding the EGP 6 billion mark for the first time.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/egy-africa.com\/en\/2022\/03\/24\/efg-hermes-revenues-surpass-egp-6bn-in-2021-for-1st-time\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EFG Hermes\u2019 revenues surpass EGP 6bn in 2021 for 1st time - 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