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Egyptian pound banknotes sit on a table on March 6, 2024 in Cairo, after Egypt's central bank announced it will allow the exchange rate to be set by the market. Egypt's central bank announced on March 6 it will allow the exchange rate to be set by the market, causing the pound to lose more than a third of its value within minutes. Shortly after 12:00 pm (1000 GMT), the Egyptian pound was trading at a record high of 49.15 pounds to the US dollar, after more than a year of a stabilised official exchange rate of around 30.9. (Photo by Khaled DESOUKI / AFP)
Al Ahly for Development and Investment’s (AFDI) consolidated net profits after tax and non-controlling interest soared 280.5% year on year (YoY) to EGP 50.926 million in the first quarter (Q1) of 2024, compared to EGP 13.383 million, according to a filing.
Revenues came in at EGP 92.937 million in the January-March period, up from EGP 32.827 million over the same period in 2023.
In terms of standalone business, the firm logged EGP 12.473 million in net losses after tax in the first half (H1) of 2024, versus EGP 12.259 million in net profits in H1 2023.
Meanwhile, standalone revenues fell to EGP 994,706 from EGP 25.979 million.
Al Ahly for Development is an Egypt-based company engaged in the provision of investment services within the Egyptian and regional capital markets.
The company offers its services through six segments of non-banking operations, corporate finance, investment banking, research and analysis, capital markets, and asset management.
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