The Clap
EFG Hermes’ (HRHO) profits decreased by 15%, reaching EGP 344 million YoY in Q2 2022, while revenues increased by 28.5% to reach EGP 2.05 billion.
The Deets
The biggest driver of profit slowdown was the 11% decrease in its investments, reaching EGP 989 million YoY in Q2 2022.
The company’s operating expenses also increased by 42%, reaching EGP 1.38 billion.
The operating expenses are the costs of running the company and keeping the business going.
Against Expectations
Analysts expected profits to range from EGP 390 – 450 million in Q2 2022.
It’s worth mentioning that the Arab Investment Bank, a subsidiary of EFG, recorded a 28% increase in its revenues to reach EGP 564 million in Q2 2022.
EFG Hermes profits dip, contrary to expectations 📉
