EFG Hermes, one of the leading financial services corporation in frontier emerging markets (FEM) has reported its full year results for 2020, with revenues climbing 12 per cent Year on Year (Y-o-Y) to surpass the Egyptian pound (EGP) 5.0 billion mark and reach EGP 5.5 billion despite the impact COVID-19 had on global economies and capital markets.
The group’s results were propped up by its buy-side business, where revenues grew 33 per cent Y-o-Y to EGP 881 million in FY’20. EFG Hermes Asset Management delivered a 28 per cent Y-o-Y increase in revenues to EGP 413 million due to higher incentive fees booked by FIM in FY20 while the Private Equity business generated revenues of EGP 468 million, up 37 per cent Y-o-Y on the back of the Vortex Solar exit in FY’20. “2020 was a year unlike any other, not just for us at EFG Hermes but for business the world over.
Despite its challenges, however, I am proud to report that the year was marked by numerous accomplishments that served to highlight our perseverance,” said EFG Hermes Holding Group CEO Karim Awad. “Our results are not only a testament to the resilience of our business model and the agility of our operations, but to the commitment of our individual teams who have time and again proven that they can adapt to the most challenging of situations, achieve operational excellence, maintain our market leadership, and position the Group to emerge even stronger.” The NBFI platform contributed positively to the Group’s overall results, with revenues climbing 13 per cent Yo- Y to EGP 1.4 billion as a result of year-on-year growth across all its businesses.