The Cairo-based investment bank EFG-Hermes declared net profits of $12.12 million in the first 9 months of 2000, down 12 percent from the same period last year. Total revenues rose 51 percent to $45 million and operating revenues increased by 48.5 percent to $39.2 million, while general and administrative expenses jumped 58 percent to $19 million.
The firm attributed the revenue increase to significant private placement transactions and the execution of Egypt’s largest ever equity offering for Orascom Telecom. Income from fees, commissions and managing investments increased 48.6 percent to $39.15 million. The rise in overall revenues was mainly attributed to significant commissions on private equity transactions. Brokerage activity, including private equity placements, accounted for 73.9 percent of overall income, followed by investment banking (16.7 percent), asset management (7.1 percent) and private equity management (2.3 percent). --( Lebanon Invest )
