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Egypt’s EFG Hermes Holding profits down 5% in 2020

Hermes Holding

The consolidated financial statements of the EFG Hermes Holding recorded a decline of 5.3% in profits during 2020 year on year.

In a statement, Hermes Holding stated that it recorded a gain of EGP 1.3 billion during the past year, compared to EGP1.37 billion in 2019, after taking into account minority interest.

Hermes Holding

The company attributed the decline in profits to the higher tax charges during the year which included high deferred tax losses for the unrealized gains on investments and the reversal of FY19 deferred tax gain by the Holding company.

The financial statements showed that the profits of the non-controlling interests reached 35.32 million pounds in 2020, compared to 19.06 million pounds in 2019.

The company’s total revenues increased during 2020, to reach EGP6.76 billion, compared to revenues of about EGP6.73 billion in the previous year.

Hermes added that the non-consolidated financial statements recorded profits of about EGP126.77 million during 2020, compared to EGP616 million in 2019.

The company announced in its statement that its board of directors approved the independent and consolidated financial statements for 2020, in addition to the board of directors ’report on them, and the auditor’s report.

The board of directors also proposed distributing bonus shares to the company’s shareholders for 2020, by one share for every five shares.

The company had recorded net profits, from the beginning of January to the end of September 2020, at about EGP849.8 million, compared to EGP1.04 billion for the same period of 2019.

Hermes also recorded a decline in its total revenues during the first nine months of last year, to reach EGP4.71 billion at the end of September, compared to EGP4.93 billion in the period from January to September of last year.

In terms of single-name lists, the company had transformed from losses to profitability during the period from January to September, to achieve gains of 178.07 million pounds, compared to losses of 140.24 million pounds in the same period of 2019.

Read more: Egyptian Gas Company’s Profits Halved In 2020

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