EFG Hermes’ consolidated profits jump 44% in 1st half of 2019

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CAIRO – 8 August 2019: EFG Hermes reocrded consolidated profits of LE 686.56 million during the first half of 2019, compared to LE 477.17 million including minority rights during the same half of 2018, marking a 44 percent increase.

EFG Hermes’ finacnial indicators revealed accomplishing revenues of LE 1.7 billion during the first six months of 2019, up from LE 1.17 billion during the same months of 2018.

During the second quarter of 2019, the company’s profits surged to LE 306.5 million, compared to LE 213.5 million during the same quarter of 2018.

As per standalone results, the company recorded profits of LE 64.7 million during the first six months of 2019, compared to LE 101.49 million during the same period of 2018.

The Company reached profits of LE 381.34 million during the first quarter of 2019, compared to LE 266.49 million in the same quarter of 2018.

EFG Hermes operates within the Diversified Financials sector focusing on Investment Banking and Brokerage. It has subsidiaries operating across the Carribian, Northern Africa and Middle East.


Source : egypttoday.com



Cameroon PM denounces “debt trap” allegation against Chinese loans

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Cameroonian Prime Minister Joseph Dion Ngute denounced here Wednesday the “debt trap” allegation against Chinese loans by some western media outlets.

“Cameroon is a sovereign country … It is no other person’s business. We do exactly what we have to do to develop our country,” Ngute told Xinhua while visiting the construction site of a China-funded water plant.

“We are not going to listen to all kinds of snide remarks by people who think they know better. We have a country we have to develop and that is our responsibility. We take it seriously,” he added.

The project, located on the outskirts of Cameroon’s capital Yaounde, was launched in late 2016 and is expected to be completed in late 2019.

Once put into service, the plant, with a capacity of 300,000 cubic meters of water per day, will generate enough clean drinking water from the 600-km-long Sanaga River and meet the demand of 2.5 million people in the capital and others in surrounding areas.

“This is one of the most important projects Cameroon is carrying out right now,” Ngute said.

“This will significantly reduce, if not stop, the problem of insufficient water in the capital city Yaounde. Our citizens will be able to drink clean water that will be constantly supplied,” said Cameroon’s Minister of Water and Energy Gaston Eloundou Essomba, who accompanied Ngute during the visit.