Cairo – Mubasher: CI Capital Holding for Financial Investments reported consolidated revenues of EGP 3.88 billion in 2022, up 9% year-on-year (YoY) on a non-adjusted basis from EGP 3.65 billion.
The generated revenues are the highest in the group’s history, according to a press release.
Meanwhile, the net profit after tax and minority interest jumped by 17% to EGP 796.09 million as of 31 December 2022 from EGP 681.18 million in 2021.
Additionally, the EGX-listed firm’s total on-balance sheet lending portfolio climbed by 67% YoY to EGP 18.50 billion in 2022.
Hesham Gohar, Group CEO of CI Capital, highlighted: “CI Capital ended a challenging year with a solid set of financial results across all lines of business.”
“In addition to achieving growth across all subsidiaries within the group’s market-leading NBFS platform, the Investment Bank at CI Capital’s also delivered record growth across its lines of business, despite multifaceted challenges,” Gohar added.
Non-bank Financial Services (NBFS)
Corplease, the leasing arm of CI Capital, maintained its leadership position in the Egyptian leasing market with a market share of new bookings reaching 18.30%. This is attributed to a 25% YoY surge in new lease booking to EGP 7.20 billion in 2022.
The company’s total outstanding portfolio hiked by 70% in 2022 to EGP 14.80 billion, whereas the net profit after tax increased by 19% YoY to EGP 515 million.
Reefy Microfinance Enterprise Services delivered remarkable results on all fronts in 2022, recording a 41% YoY leap in new loan disbursements to EGP 3.30 billion.
The strong operational performance led to impressive growth in the bottom line, reaching EGP 333 million in 2022, an annual surge of 66% from EGP 200 million.
Total outstanding loans rose by 48% YoY to EGP 2.50 billion in the 12-month period that ended on 31 December 2022.
Furthermore, the company increased its client base to nearly 164,000 clients and scaled up its branch network by 27 new branches, which made the total number hit 132 branches across 20 governorates.
CI Mortgage Finance, CI Capital’s mortgage arm, delivered resilient growth across multiple fronts, achieving a 98% surge in its loan portfolio to EGP 677 million in 2022, versus EGP 342 million in 2021.
Total loan disbursements widened by 110% YoY to EGP 550 million in 2022, while net profit grew 10 times on an annual basis to EGP 15.40 million.
Securities Brokerage continued to expand its market share which hit 13.80% during the January-December 2022 period, registering a 35% YoY jump in total revenues to EGP 334 million. It was backed by a surge in equity commissions and margin lending, as well as commissions from its fixed-income brokerage business.
Assets Under Management (AUM)
CI Capital ended 2022 as one of the leading asset managers in Egypt and the region, with total assets under management (AUM) worth EGP 53.50 billion and a market share of mutual funds of 32.30%.
Transactions
The Investment Banking advisory business witnessed another solid year due to high-profile transactions across the equity capital market (ECM), debt capital market (DCM), and merger and acquisition (M&A) space.
In this regard, the group’s advisory arm successfully concluded eight transactions in 2022 at a combined deal size of EGP 15 billion and EGP 85 million in revenues.
Gohar indicated: “With a larger workforce of Egypt’s top financial services professionals, an expanded service offering, and transformational strategy leading the group into its next chapter of growth.”
“CI Capital is well-positioned to take on new challenges, expand regionally and further solidify its leadership position as Egypt’s leading diversified financial services group, with the support of its principal shareholder, Banque Misr” the CEO concluded.
Standalone Financial Results
As for the standalone business, the net profits after tax declined to EGP 149.43 million in 2022 from EGP 254.92 million in 2021, while the operating revenues retreated to EGP 5.94 million from EGP 6.61 million.
Dividends Halt
The board members of CI Capital decided not to disburse cash dividends for 2022. the announcement came during their meeting that was held on 9 March 2023.
In the first nine months (9M) of 2022, CI Capital witnessed a 57.30% YoY plunge in consolidated net profit to EGP 520.01 million from EGP 1.22 billion, including minority shareholders’ rights.
