Egypt

HRHO: 2Q22 – Weaker than expected quarterly profits on high opex and lower NBFI growth

  • Sequential growth of revenues from aibank and IB platform was wiped out by a decline in NBFIs revenues and high OPEX

  • Annual decline in profits was caused by a decline in IB revenues, weaker growth of NBFIs and a surge in OPEX

  • The company is currently trading at P/E22 7.8x and P/B22 0.7x

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Dalia Bonna @ Al Ahly Pharos Securities Brokerage
August 21st, 2022
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