Thndr Claps » EGY Claps » Earnings 📈 » EFG Hermes profits dip, contrary to expectations 📉
The ClapEFG 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 DeetsThe 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 ExpectationsAnalysts 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.
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