GB Corp and e-Finance are out with their earnings for 2023: e-Finance celebrated a record year, while GB Corp’s release showed it had a solid year after taking into account its 2022 MNT-Halan stake sale.

E-FINANCE REVENUES AND BOTTOMLINE UP IN 2023-

A record high year for e-Finance: State-owned fintech player e-Finance saw its net income after non-controlling interest rise 56% y-o-y to a record-high EGP 1.3 bn in 2023, according to its latest earnings release (pdf). Revenues jumped 48% y–o–y to EGP 3.9 bn in 2023, which the company attributes to “broad-based expansion across the group’s subsidiaries.”

On a quarterly basis: Revenues rose 61% y-o-y to EGP 1.1 bn in 4Q 2023. Meanwhile, netincome after NCI fell 9% to record EGP 110.3 mn.

Driving the trend: Subsidiary e-Finance Digital Operations contributed the lion’s share of the group’s revenues for the year, making up 90% of the total count. The subsidiary saw its revenues increase 46% y-o-y to EGP 3.5 bn in 2023 “on the back of solid results in its cloud hosting services, its transaction revenue, as well as its build and operate services.”

What they said: “With strategic decisions, our extensive network of partnerships, andinnovative solutions, we are well positioned to capture opportunities and drive growth. I am confident that e-finance will not only maintain its robust performance but also create increased value for the group and its shareholders in the coming year,” Chairman Ibrahim Sarhan said.

GB CORP’s 2023 REVENUES, INCOME DOWN AFTER 2022 MNT-HALAN SALE-

GB Corp net revenues dipped 5% y-o-y to EGP 28.3 bn last year, while thecompany’s net income fell some 81% y-o-y to EGP 1.9 bn, which it attributed to “the capital gain from the sale of a 7.5% stake in MNT-Halan ” realized in the last quarter of 2022, according to its earnings release (pdf).

Always read the small print: Excluding these gains in 2022, GB Corp’s topline rose 12% y-o-y during 2023, while its bottomline was up 6% y-o-y.

On a quarterly basis: The EGX-listed company’s revenues were up 27% y-o-y in 4Q 2023 torecord EGP 8.8 bn, while its net income for the quarter was down 93% y-o-y to EGP 620 mn.

The details: The company’s automotive assembly and distribution unit GB Auto — whichcontributed 84% of the company’s revenues — saw its revenues up 10% y-o-y in 2023 to EGP 23.9 bn, “underpinned by robust consumer demand and price-mix tailwinds, against a backdrop of supply shortages,” the company said. Revenues from passenger cars rose 127% y-o-y during 4Q 2023 and 3% y-o-y in the year as a whole, mainly driven by “improved pricing and an enhanced product mix supported by GB Auto’s local assembly business.”

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