CAIRO: Investment bank EFG-Hermes has announced consolidated audited financial figures for 2007 third quarter. During the three month period, total consolidated revenues more than doubled over that of the same period last year to reach LE 549 million. This brings total consolidated revenue for the first nine months of 2007 to LE 1.53 billion compared to LE 1.2 billion for the full year 2006.
According to audited figures released by the firm, net profit after tax and minority interest increased 1.25 times over the full year 2006 level to reach LE 879.3 million, 36 percent of which was booked during this year’s third quarter.
Net operating profit for the first nine months recorded LE 556.6 million, close to half of which were achieved during the third quarter, representing an 88 percent increase over the net profit of the same period last year. Taking into the account the additional non recurring expenses of LE 23.5 million paid by the firm in bonuses in the first quarter of 2007 that relate to the fiscal year 2006, the adjusted net operating profit for the first nine months in 2007 is LE 580.1 million, reflecting a 62.5 percent margin.
“We are extremely optimistic that the success we have achieved throughout the first three quarters of the year will carry over to the next year, says Yasser El Mallawany, Chairman and CEO of EFG-Hermes. “We are in the midst of a rigorous regional expansion plan and are looking to build upon our success by ensuring that across the region we are equipped with the best possible talent, the key element of EFG-Hermes’ current and future agenda.
