{"id":177200,"date":"2021-03-17T20:43:24","date_gmt":"2021-03-17T18:43:24","guid":{"rendered":"http:\/\/www.arabtelegraph.com\/?p=177200"},"modified":"2024-11-28T23:13:52","modified_gmt":"2024-11-28T21:13:52","slug":"efg-hermes-delivers-robust-results-despite-a-challenging-operating-environment-with-group-revenues-up-12-y-o-y-to-egp-5-5-billion-in-fy20","status":"publish","type":"post","link":"https:\/\/www.arabtelegraph.com\/?p=177200","title":{"rendered":"EFG Hermes delivers robust results despite a challenging operating environment, with Group revenues up 12% Y-o-Y to EGP 5.5 billion in FY20"},"content":{"rendered":"\n<p dir=\"ltr\"><em><strong>The Group\u2019s resilient performance was driven by solid results stemming from the Investment Bank and the NBFI platform<\/strong><\/em><\/p>\n\n\n\n<p dir=\"ltr\"><strong>(Cairo, Egypt) \u2014 EFG<\/strong> Hermes, the leading financial services corporation in Frontier Emerging Markets (FEM), reported today its full year results for 2020, with revenues climbing 12% Y-o-Y to successfully surpass the EGP 5.0 billion mark and reach EGP 5.5 billion despite the impact COVID-19 had on global economies and capital markets. <\/p>\n\n\n\n<p dir=\"ltr\">The Group\u2019s solid results were propped up by\nits buy-side business, where revenues grew 33% Y-o-Y to EGP 881 million in\nFY20. EFG Hermes Asset Management delivered a 28% Y-o-Y increase in revenues to\nEGP 413 million due to higher incentive fees booked by FIM in FY20 while the\nPrivate Equity business generated revenues of EGP 468 million, up 37% Y-o-Y on\nthe back of the Vortex Solar exit in FY20. <\/p>\n\n\n\n<p dir=\"ltr\">\u201c2020 was a year unlike any other, not just\nfor us at EFG Hermes but for business the world over. Despite its challenges,\nhowever, I am proud to report that the year was marked by numerous\naccomplishments that served to highlight our perseverance,\u201d said EFG Hermes\nHolding Group CEO Karim Awad. \u201cOur results are not only a testament to the\nresilience of our business model and the agility of our operations, but to the\ncommitment of our individual teams who have time and again proven that they can\nadapt to the most challenging of situations, achieve operational excellence,\nmaintain our market leadership, and position the Group to emerge even stronger.\u201d<\/p>\n\n\n\n<p dir=\"ltr\">The NBFI platform contributed positively to\nthe Group\u2019s overall results, with revenues climbing 13% Y-o-Y to EGP 1.4\nbillion as a result of year-on-year growth across all its businesses. The\nresults were largely driven by the Group\u2019s consumer finance business, \u2018valU\u2019, which\ndelivered stellar results, where revenues more than quadrupled to EGP 111\nmillion in FY20. The Group\u2019s Leasing and Factoring businesses, which merged to\nform EFG Hermes Corp-Solutions in 2020, reported revenue increases of 17% Y-o-Y\nand 178% Y-o-Y to EGP 184 million and EGP 25 million, respectively in FY20. Tanmeyah\nrevenues inched up 3% Y-o-Y to EGP 1.1 billion as its portfolio remained\nlargely flat in FY20. <\/p>\n\n\n\n<p dir=\"ltr\">COVID-19 heavily impacted global capital\nmarket sentiment, thereby dampening the performance of the Group\u2019s sell-side\nbusiness, where revenues declined by 19% Y-o-Y to EGP 1.2 billion in FY20. With\nthe ECM space bearing the brunt of the pandemic, the Investment Banking\ndivision recorded a 28% Y-o-Y decline in revenues to EGP 237 million in FY20, while\nBrokerage recorded a revenue decline of 17% Y-o-Y to EGP 1.0 billion on the\nback of lower activity across MENA and Frontier markets in FY20.<\/p>\n\n\n\n<p dir=\"ltr\">EFG Hermes\u2019 Capital Markets &amp; Treasury\noperations reaped the rewards of recovering regional capital markets and the\nsubsequent revaluation of seed capital and investments and delivered a top line\nexpansion of 36% Y-o-Y to EGP 1.9 billion in FY20. <\/p>\n\n\n\n<p dir=\"ltr\">\u201cWith dampened equity capital market activity\npressuring performance on our sell side business, we were still able to\nmaintain our market positions across our brokerage operations, leading the\nranks in Egypt, Kuwait, Dubai and Kenya. Meanwhile our Investment Banking\ndivision managed to secure a total of 24 transactions in 2020 worth an\naggregate value of USD 1.7 billion \u2013 the highest number of transactions in a\nsingle year. We continued to leverage our expansive footprint and access to a\ncomprehensive network of investors to grow our Asset Management operations, and\nour strategic exit from Vortex Solar significantly buoyed to our top line\nperformance. At our NBFI platform, we reaped the rewards of the merger of our\nfactoring and leasing operations under EFG Hermes Corp-Solutions and recorded double-digit\ngrowth across both lines of business,\u201d Awad added.<\/p>\n\n\n\n<p dir=\"ltr\">The Group\u2019s operating expenses recorded an\nincrease of 17% Y-o-Y to EGP 3.6 billion on the back of an increase in employee\nexpenses as EFG Hermes continued to expand its team, other operating expenses,\nas well as an increase in provisions and impairment charges over the course of\nthe year. Despite the increases, expenses as a percentage of revenues came in\nwell below the 50% level and stood at 42% in FY20.&nbsp; <\/p>\n\n\n\n<p dir=\"ltr\">The Group recorded a gross operating profit\n(before provisions) of EGP 2.2 billion, reflecting an increase of 16% Y-o-Y, as\nwell as a 4% Y-o-Y increase to EGP 1.9 billion in net operating profits in\nFY20. The results stand as a testament to EFG Hermes\u2019 ability to deliver strong\nprofitability despite unprecedented market conditions. <\/p>\n\n\n\n<p dir=\"ltr\">EFG Hermes\u2019 bottom-line recorded a decline of\n5% Y-o-Y to EGP 1.3 billion on the back of higher tax charges over the course\nof the year, which included deferred taxes for unrealized gains on investments\nas well as the reversal of FY19 deferred tax gains at the holding level in FY20.<\/p>\n\n\n\n<p dir=\"ltr\">\u201cIt is clear to me this year more than any\nyears previous that our product diversification strategy has and will continue\nto bear fruit. Looking ahead, we\u2019re optimistic about the Group\u2019s outlook, having\nalready witnessed the positive impacts of recovering capital markets on our\noperations in the new year, which help us deliver on our commitment to\nmaximizing value for all our stakeholders, be that in terms of returns,\nemployee engagement, or community development,\u201d Awad concluded.&nbsp; <\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" width=\"513\" height=\"781\" src=\"https:\/\/www.arabtelegraph.com\/wp-content\/uploads\/2021\/03\/a02f1970-fe65-4c71-ae41-79f50ee87429-1.jpg\" alt=\"\" class=\"wp-image-177198\" srcset=\"https:\/\/www.arabtelegraph.com\/wp-content\/uploads\/2021\/03\/a02f1970-fe65-4c71-ae41-79f50ee87429-1.jpg 513w, https:\/\/www.arabtelegraph.com\/wp-content\/uploads\/2021\/03\/a02f1970-fe65-4c71-ae41-79f50ee87429-1-197x300.jpg 197w\" sizes=\"(max-width: 513px) 100vw, 513px\" \/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">EFG Hermes\u2019\u00a0FY2020 financial results and management\u2019s commentary on           them are now available <\/h2>\n\n\n\n<p dir=\"ltr\"><strong>About\nEFG Hermes<\/strong><\/p>\n\n\n\n<p dir=\"ltr\"><strong>With a current footprint spanning thirteen countries across four continents, EFG Hermes started in Egypt and has grown over 35 years of success to become a leading financial services corporation with access to emerging and frontier markets. Drawing on our proven track record and a team of more than 5,500 talented employees, we provide a wide spectrum of financial services that include investment banking, asset management, securities brokerage, research, and private equity to the entire MENA region. <\/strong><\/p>\n\n\n\n<p dir=\"ltr\">In 2015, EFG Hermes launched its NBFI Platform, EFG Hermes\nFinance, which overlooks activities in the non-banking finance field through\nEFG Hermes Corp-Solutions, which offers leasing and factoring facilities, Tanmeyah\nMicrofinance, consumer financing platform valU, PayTabs Egypt in the payment\nsolutions space, Bedaya, which offers mortgage solutions, and an insurance business.\nThis falls in line with the Firm\u2019s strategy to focus on two main pillars:\nproduct diversification and geographic expansion into non-MENA markets, which\nhas seen the firm establish a physical presence in Pakistan, Kenya, Bangladesh,\nNigeria, Vietnam<a href=\"#_ftn1\">[1]<\/a>,\nthe United Kingdom and the United States.<\/p>\n\n\n\n<p dir=\"ltr\">For further information, please contact: <\/p>\n\n\n\n<p dir=\"ltr\"><strong>EFG Hermes Media<\/strong><\/p>\n\n\n\n<p dir=\"ltr\">Learn more about us at <a href=\"http:\/\/www.efghermes.com\">www.efghermes.com<\/a> &amp; stay connected with us:<\/p>\n\n\n\n<p dir=\"ltr\">For further information, please contact: <\/p>\n\n\n\n<p dir=\"ltr\"><strong>EFG Hermes Media<\/strong><\/p>\n\n\n\n<p dir=\"ltr\"><a href=\"mailto:media@efg-hermes.com\">media@efg-hermes.com<\/a><\/p>\n\n\n\n<p dir=\"ltr\"><strong>May El Gammal<\/strong><br>\nGroup Head of Marketing &amp; Communications <\/p>\n\n\n\n<p dir=\"ltr\"><a href=\"mailto:melgammal@efg-hermes.com\">melgammal@efg-hermes.com<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><em>Note\non Forward-Looking Statements<\/em><\/strong><\/h2>\n\n\n\n<p dir=\"ltr\"><em>In\nthis press release, EFG Hermes may make forward looking statements, including,\nfor example, statements about management\u2019s expectations, strategic objectives,\ngrowth opportunities and business prospects. These forward-looking statements\nare not historical facts but instead represent only EFG Hermes\u2019 belief\nregarding future events, many of which, by their nature are inherently\nuncertain and are beyond management\u2019s control and include among others,\nfinancial market volatility; actions and initiatives taken by current and\npotential competitors; general economic conditions and the effect of current,\npending and future legislation, regulations and regulatory actions.\nAccordingly, the readers are cautioned not to place undue reliance on\nforward-looking statements, which speak only as of the date on which they are\nmade.<\/em><br><\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p dir=\"ltr\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Group\u2019s resilient performance was driven by solid results stemming from the Investment Bank and the NBFI platform (Cairo, Egypt) \u2014 EFG Hermes, the leading financial services corporation in Frontier Emerging Markets (FEM), reported today its full year results for 2020, with revenues climbing 12% Y-o-Y to successfully surpass the EGP 5.0 billion mark and &hellip;<\/p>\n","protected":false},"author":3,"featured_media":177201,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[266],"tags":[],"class_list":["post-177200","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>EFG Hermes delivers robust results despite a challenging operating environment, with Group revenues up 12% Y-o-Y to EGP 5.5 billion in FY20 - Arab Telegraph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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