CAIRO - Egyptian financial services company EFG Holding's revenue declined by an annualised 34% in the first quarter, due to an exceptional foreign currency gain in the same period of 2024, the company said on Wednesday.

Revenue fell to 5.6 billion Egyptian pounds ($112.45 million), while net profit after taxes and minority interests fell 34% to 1.2 billion pounds in the quarter.

Egypt in March 2024 devalued its currency to around 50 Egyptian pounds to the dollar from the previous 30 pounds, part of a $8 billion financial support programme agreed with the International Monetary Fund.

"We've had a good quarter operationally," Chief Financial Officer Mohamed AbdelKhabir told Reuters.

"All of our business lines are doing well. EFG Hermes, the investment bank, is doing quite well. We've closed a couple of very important deals on the investment banking side."

These were an initial public offering in January of Saudi technology company Nice One Beauty Digital Marketing and an $2.84 billion offering in February of a 4% stake in the UAE's ADNOC Gas.

AbdelKhabir said the company had gained last year from the devaluation of the Egyptian pound because they had foreign exchange from operations abroad.

($1 = 49.8000 Egyptian pounds)

(Reporting by Patrick Werr Editing by Alexandra Hudson)