logo
Egypt: EFG Holding posts 33.7% YoY lower consolidated net profits in Q1 2025

Egypt: EFG Holding posts 33.7% YoY lower consolidated net profits in Q1 2025

Zawya22-05-2025

Arab Finance: EFG Holding logged 33.69% lower consolidated net profits attributable to the owners of the company at EGP 1.204 billion in the first quarter (Q1) of 2025, versus EGP 1.816 billion in Q1 2024, according to the financial statements.
Earnings per share (EPS) dropped to EGP 0.83 in Q1 2025 from EGP 1.24 a year earlier, while the interest income hiked to EGP 6.582 billion from EGP 4.387 billion.
As for the standalone business, the net profits hit EGP 2.160 billion in the first three months of 2025, compared to EGP 1.444 billion at the end of March 2024.
Non-consolidated revenues surged to EGP 2.892 billion from EGP 2.552 billion, while the EPS climbed to EGP 1.48 from EGP 0.99.
Karim Awad, Group CEO of EFG Holding, commented: 'The year-on-year decline in revenues and net profit is predominantly attributable to the exceptional FX gains and unrealized investment revaluations recorded in Q1 2024 following the large EGP devaluation that saw the EGP lose more than half of its value against the US Dollar in March 2024.'
'When adjusted for these extraordinary items, our performance this quarter demonstrates solid operational growth across all lines of business and a clear trajectory of growth,' Awad elaborated.
He added: 'Our Asset Management platform continues to grow, with AUMs on the rise, while our Investment Banking division executed landmark transactions during the quarter, including our leading role in the IPO of Nice One in KSA and the ADNOC Gas secondary offering in the UAE—further cementing our position as the advisory house of choice in the region.'
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Oil prices jump 4% on rising Middle East tension
Oil prices jump 4% on rising Middle East tension

The National

timean hour ago

  • The National

Oil prices jump 4% on rising Middle East tension

Oil prices rose more than 4 per cent on Wednesday as the US was preparing to evacuate non-essential staff from its embassy in Baghdad amid rising regional tension. Brent crude futures rose $1.96, or 3.02 per cent, to $66.82 per barrel. West Texas Intermediate crude gained $2.93, or 4.51 per cent, to $67.90 per barrel at 4pm ET. 'It's so fragile. If you see any aberration like that, it doesn't surprise me at all you see volatility in oil prices,' said Peter Andersen, founder of Andersen Capital Management in Boston. The US State Department said it was preparing to evacuate non-essential staff in its embassy in Iraq, Opec's second-largest producer of crude oil behind Saudi Arabia. Non-essential staff members and family members were also authorised to leave Bahrain and Kuwait, according to reports. Tension in the region flared up on Wednesday as efforts between the US and Iran to reach a nuclear deal appeared to stall. In an interview with the New York Post published on Wednesday, President Donald Trump said he was getting 'less confident' about the prospects of a deal being reached. Mr Trump had previously expressed hope that the two sides could reach a deal, and a sixth round of talks were scheduled to take place in Oman on Thursday. 'Something happened to them, but I am much less confident of a deal being made,' he told the Post. Mr Trump added Tehran will not have a 'new nuclear weapon' regardless if a deal is reached. Matthew Bey, a senior global analyst at the Rane Network in Austin, said Mr Trump's comments are 'only reinforcing fears that nuclear talks may soon fall apart'. 'The likelihood of a US-Iran nuclear deal, even a temporary one, has declined in recent days as the White House has hardened its demand on Iran having to give up the right to enrich uranium and Iran has demonstrated little willingness to do so,' Mr Bey told The National in an email. Iran's Minister of Defence Aziz Nasirzadeh had also said on Wednesday that Tehran will strike US bases in the Middle East if nuclear talks fail and conflict arises. Major indexes on Wall Street wavered aftedr developments in the region, as investors continued to assess the prospects of a US-China trade truce and tame inflation data. The Dow Jones Industrial Average was virtually flat, losing 1.1 points at the closing bell. The S&P 500 and Nasdaq Composite both closed 0.27 and 0.50 per cent lower, respectively. 'Given such uncertainty in the markets right now we tend to defer being negative when we can't understand this stuff. There's a handshake deal, but it's a long way off from an actual deal,' Mr Andersen said.

Lebanon looks to visitors from Gulf as it pushes to increase tourism
Lebanon looks to visitors from Gulf as it pushes to increase tourism

The National

time2 hours ago

  • The National

Lebanon looks to visitors from Gulf as it pushes to increase tourism

Lebanon is looking forward to a boost in tourism from Gulf countries as its new leadership works to rebuild ties after years of estrangement. The UAE and Kuwait have lifted bans on their citizens travelling to Lebanon after recent visits by President Joseph Aoun, who has also travelled to Saudi Arabia and Qatar after taking office in January. 'Lebanon is moving in the right direction, getting back to the Arab fold – and that's a Lebanese demand before anything else,' Fouad Dandan, Lebanon's ambassador to the UAE, told The National. Gulf tourists and investors − particularly from Saudi Arabia, Kuwait and the UAE − were significant contributors to the economy for decades before relations soured over the increasing influence of Iran over the country through Hezbollah. However, the Lebanese armed group and political party has been considerably weakened after a year-long war with Israel that led to them signing a peace deal last November. Preparations for an increase in arrivals are already under way, with an additional terminal to be built at Beirut's international airport. Plans for a new airport are also in the works, with Prime Minister Nawaf Salam announcing last month that the master plan would be unveiled shortly and the project thrown open to foreign investors. To be called the Rene Mouawad Airport, the new airport in Qlayaat 'could play a strategic role in facilitating cargo movement and affordable travel', Mr Salam told a conference in Beirut on Tuesday. At the same time, flag carrier Middle East Airlines is looking at setting up a low-cost carrier to serve destinations in the Middle East and Europe. The budget airline would be a wholly owned subsidiary of the wider MEA group but fully independent, Mohamad El Hout, chairman of MEA, told The National. He said MEA had seen 'significant growth in passenger traffic' this month, and was forecasting year-on-year growth of 10 per cent to 15 per cent in the second half of 2025. Given its history of conflict, Lebanon's security forces have also been rallied to encourage more foreign visitors. 'Preparations are under way to welcome tourists, though the state is working with a limited budget. Efforts have been made to improve visitors' experience. The road from the airport to Beirut has been repaired, and political banners and posters were removed months ago,' a senior security official involved in the operations told The National. 'What's new is the increased police presence near airport routes, especially at night. Police staffing has recently expanded to accommodate these new duties, and additional checkpoints are now active, with clear instructions to search suspicious vehicles and fine violators.' In the long run, drawing more visitors to its beaches, mountains and nightlife could play a key role in Lebanon's efforts to rebuild an economy hit by mismanagement, corruption and war, with the tourism sector estimated to account for 20 per cent of GDP. 'Eid Al Adha gives a glimpse of how this summer will look,' Jean Abboud, president of the Association of Travel and Tourist Agents in Lebanon, told The National. 'We're seeing new nationalities this year: Emiratis, Kuwaitis and Qataris. Gulf tourists tend to spend more time and money in the country. 'In May, airport traffic rose 11 per cent compared to the same period last year. The momentum is encouraging.'

Sheikh Hamdan meets UAE space sector startups as country emerges as out-of-this-world hub
Sheikh Hamdan meets UAE space sector startups as country emerges as out-of-this-world hub

Arabian Business

time3 hours ago

  • Arabian Business

Sheikh Hamdan meets UAE space sector startups as country emerges as out-of-this-world hub

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of the Supreme Space Council, met with representatives of leading space sector startups operating in the UAE. The meeting is part of. Sheikh Hamdan's keenness to advance the national space ecosystem and further promote its role as a global leader in the space industry. Sheikh Hamdan underscored the importance of strong partnerships and strategic collaboration between the public and private sectors as a foundation for developing an advanced and innovative space ecosystem. UAE space sector He highlighted that continuous innovation and long-term investment in future technologies are essential to this progress. Sheikh Hamdan also expressed confidence in the capabilities of UAE-based companies and entrepreneurs, noting their crucial role in driving the growth of the local space industry and strengthening the country's position as a leading global hub in this strategic field. Sheikh Hamdan also highlighted the space sector as a vital driver of the future and sustainable economic growth. He stressed the UAE's ongoing efforts to build a supportive environment that fosters the growth of national companies and unlock new opportunities for investment and innovation, boosting the country's global competitiveness and leadership in space. The private sector is leading the space scene in the UAE, reaffirming the maturity of national investments that have been established over the past three decades A number of the UAE based companies took part in the meeting, representing a wide range of specialisations, including: Locally developed Internet of Things (IoT) solutions Artificial intelligence and remote sensing Commercial space ecosystem development Edge computing for robotics applications High-resolution Earth observation via microsatellites AI systems Robotics Interactive simulation technologies Reusable space launch systems Participants shared insights into their current projects, long-term strategies, and future investment plans in support of the national economy. Discussions focused on strengthening public-private collaboration, expanding operations both locally and internationally, and exploring promising opportunities within the UAE's growing space sector—highlighting the private sector's central role in shaping a globally competitive and integrated space industry. UAE startups play crucial role in developing space sector Company representatives reaffirmed their commitment to the UAE's space ambitions and outlined plans to expand their operations within the country. They praised the UAE's flexible regulatory framework and advanced infrastructure as key enablers of sustained investment. Attendees also welcomed initiatives such as the Space Economic Zones Programme, which they said play a vital role in enabling collaboration and fostering long-term, sustainable growth across the space ecosystem. The meeting was attended by: Dr. Ahmad Belhoul Al Falasi, Minister of Sports, Secretary-General of the Supreme Space Council, and Chairman of the Board of Directors of the UAE Space Agency Khalid Al Awadi, founder of Rimal Ibrahim Al Obaidly, founder of Ardhiyat Al Ibdaa Information Solutions David Critchley, CEO of 4EI Dr. Hamdullah Mohib, CEO of Marlan Space Alex Lapir, CEO of Aliensense Abdulhalim Jallad, co-founder of Oryx Space

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store