The group’s factoring activities, under EFG Hermes Corp-Solutions, increased its revenues by 72 per cent YoY to EGP31m in Q1 2023. The group’s NBFI platform, revenues gained 15 per cent YoY to EGP689m in 1Q23, primarily driven by valU, which booked solid revenue growth of 78 per cent YoY to EGP254m due to securitisation gains coupled with increased sales following an expansion in the consumer finance platform’s merchant network. Performance from core operations came strong in Q1 2023, particularly from the sell-side, which saw its revenues rising 69 per cent YoY to EGP837m and was driven by a stellar 238 per cent YoY surge in investment banking revenue to EGP216m and a 44 per cent YoY increase in brokerage revenues to EGP621m. The investment bank delivered over a three-fold increase in revenue to EGP3bn in Q1 2023 versus EGP901m in Q1 2022. These included the landmark IPOs of Abraaj Energy Services on the Muscat Stock Exchange and ADNOC Gas on the Abu Dhabi Securities Exchange - the largest listings on their respective stock exchange - further cementing our position as the region’s investment bank of choice.”
“Our investment banking division executed a strong pipeline of deals, concluding two equity and seven debt transactions worth an aggregate of $2.9bn. EFG Hermes Holdings’ net profit after tax and minority interest climbed 157 per cent YoY to EGP885m in Q1 2023.ĮFG Hermes Holding’s group CEO, Karim Awad, said: “Our core operational platforms supported our performance for the period, especially on the sell-side of the house.
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