Egypt / Non-Banking Financials / Q2 2021 results
12M PT: EGP14.8 (+28%)
set on 22 Dec 2020
Investment Rating: overweight | Risk Rating: Medium
Solid operational and financial KPIs: EFG Hermes Holding [HRHO] reported a net profit of EGP406mn (+24% y/y, +39% q/q) in Q2 2021. Results clearly show HRHO standing on concrete grounds with financials growing backed by solid operations. Net revenues surged to EGP1.6bn (+21% y/y, +28% q/q) in Q2 2021 with the investment banking (IB) platform contributing 70%. ROAE continues to improve gradually with TTM ROAE nudging up to 12%. We expect further ROAE improvement once aiBank’s acquisition is finalized and financials are consolidated
Sherif El Etr
Equity Analyst
T +202 3300 5720