Cairo – Mubasher: The consolidated net profits after tax attributable to the owners of e-finance for Digital and Financial Investments hit EGP 281.94 million in the first quarter (Q1) of 2023.
The generated net profits were higher by 40.70% year-on-year (YoY) than EGP 200.32 million, according to the income statements.
Revenues amounted to EGP 767.96 million in the January-March 2023 period, an annual hike of 37.30% from EGP 599.51 million.
The basic earnings per share (EPS) increased to EGP 0.12 in Q1-23 from EGP 0.07 as of 31 March 2022.
Standalone Business
During the first three months (3M) of 2023, the EGX-listed firm posted standalone net profits after tax valued at EGP 327.94 million, higher than EGP 213 million in the year-ago period.
Non-consolidated revenues climbed to EGP 308.46 million in Q1-23 from EGP 217.63 million in Q1-22, while the basic EPS went up to EGP 0.15 from EGP 0.10.
Ibrahim Sarhan, Chairman of e-finance, noted: “e-finance entered 2023 on a stronger footing and booked solid performances on various fronts as we continued to reap the rewards of the group’s dynamic and resilient business model as well as its comprehensive and innovative offering.”
“e-finance’s performance for the period came amidst a challenging macroeconomic environment, showcasing our commitment to excellence and well-established ability over the years to deliver on our strategic, operational, and financial goals despite the odds presented to us,” Sarhan highlighted.
Entry to Saudi Market
In a bourse disclosure, the company’s board members greenlighted, on 17 May 2023, plans to develop a branch in Saudi Arabia.
Sarhan commented: “Moreover, we have also taken our first steps to branch out beyond our home borders of Egypt and deliver on our investment strategy, expansionary goals, and revenue diversification efforts.”
“We successfully signed an [memorandum of understanding] MoU with “Thiqah Business Services” an innovative and leading digital transformation player for public and private sectors in Saudi Arabia,” he added.
The Chairman stated: “This partnership has allowed us to build e-finance’s initial inroads into the Kingdom, where we are aiming to expand our operations and establish a branch in the city of Riyadh during the second half (H2) of 2023 and utilise our new foothold in Saudi as a springboard for further expansion in the MENA and Africa region.”
Last year, e-finance recorded a 54.70% leap in consolidated net profits after tax attributable to the shareholders to EGP 803.92 million, compared to EGP 519.73 million in 2021.
