Cairo – Mubasher: The consolidated net profits after tax of EFG Holding EGP 4.17 billion in the first nine months (9M) of 2024, compared to EGP 2.09 billion in 9M-23.
Revenues hit EGP 18.57 billion as of 30 September 2024, up year-on-year (YoY) from EGP 10.49 billion, according to the financial results.
Earnings per share (EPS) amounted to EGP 2.29 in 9M-24, higher than EGP 1.15 in the year-ago period.
Standalone Results
The EGX-listed group registered EGP 982.51 million in standalone net profit during January-September 2024, compared to EGP 652.07 million in 9M-23.
Non-consolidated EPS increased to EGP 0.68 in 9M-24 from EGP 0.45 a year earlier, while the revenues hiked to EGP 3.57 billion from EGP 2.01 billion.
Financials for Q3-24
In the third quarter (Q3) of 2024, EFG Holding posted net profits valued at EGP 998.89 million, higher than EGP 606.66 million in Q3-23.
The revenues climbed by 68% to EGP 4.97 billion in Q3-24 from EGP 2.95 billion in Q3-23, while the EPS grew to EGP 0.48 from EGP 0.27.
As for the standalone business, the company turned profitable at EGP 102.76 million in July-September 2024, compared to net losses valued at EGP 172.86 million a year earlier.
Karim Awad, Group CEO of EFG Holding, commented: “Our ability to achieve outstanding growth amidst a challenging economic landscape results from our ability to execute a solid strategy that allows us to expand our business in compelling markets such as Saudi Arabia.”
“We are extremely proud of the strong performance that we have witnessed this quarter at EFG Hermes, EFG Finance, and our newly rebranded commercial bank, Bank NXT,” Awad noted.
In the first half (H1) of 2024, the consolidated net profits of EFG Holding reached EGP 3.17 billion, while the standalone net profits stood at EGP 879.74 million.
