CI Capital’s net income rose 31% y-o-y to EGP 1.04 bn in 2023 driven by strong growth across all of its business lines, the company said in a press release (pdf). Revenues increased 68% y-o-y to EGP 6.6 bn in the same period, while its loan portfolio expanded 4% y-o-y to EGP 18.3 bn.

Solid performance among its NBFS: Net income for CI Capital’s leasing arm Corplease grew 36% y-o-y to EGP 701 mn in 2023 — Corplease issued EGP 3 bn in securitized bonds over 2023 — while its microfinance arm Reefy’s net income rose 30% y-o-y to EGP 434 mn for the year.

The group’s investment bank recorded 88% y-o-y growth in revenues to EGP 964 mn in 2023, thanks to a strong turnout from its brokerage, asset management and investment banking divisions.

What they said: “CI Capital’s record performance was fueled by strong growth across all business lines despite multifaceted challenges, including interest rate hikes, elevated inflation levels, and a slowdown in transaction activities and foreign institutional interest,” said CEO Hesham Gohar.

ORASCOM DEVELOPMENT EGYPT REPORTS RECORD SALES-

ODE bottom line surges on record sales:EGX-listed Orascom Development Egypt (ODE) saw its net income rise 64% y-o-y to EGP 3.1 bn in 2023 on the back of record sales and “strong performance across the recurring income portfolio,” the company said in its earnings release (pdf). The property developer saw its revenues grow 49% y-o-y to an all time high of EGP 15.3 bn.

A good year for the hotel side of the business, real estate sales: Revenues for ODE’s hotels jumped 95% y-o-y to exceed EGP 3 bn over 2023. Net real estate sales came in at EGP 19.4 bn — the highest in the company’s history — and a 75% increase from 2022.

Optimism ahead: ODE plans to “accelerate profitable growth, create a more agile and cost-effective business, and generate additional shareholder value” over 2024, the statement said.

RAYA HOLDING’S INCOME RISES-

Raya Holding saw its net income after minority climb 27% y-o-y to reach EGP 441 mn in 2023 in part thanks to the currency depreciation, which worked in favor of the group’s export-oriented businesses such as its IT wing Raya IT, business process outsourcing wing RCX, and F&B supplier Raya Foods, according to its latest earningsrelease (pdf).

Revenues were up 53% y-o-y to EGP 31.3 bn in 2023, and were fuelled by a robust 87% revenue growth from its suppliers and installations and 43% growth in revenues from device and goods distribution. Revenues were helped by an increased proportion of foreign currency-denominated revenues, which rose to 24% of Raya’s overall top line.

The breakdown: Raya’s trade and distribution business unit generated 44% of Raya’s total revenues for the year. The second biggest contributor was the firm’s IT sector with 22%, followed by NBFS with 15%.

What they said: “In 2023, despite the notable macroeconomic hurdles such as elevated interest rates, inflationary pressures, and geopolitical tensions, Raya Holding managed to attain substantial advancements in revenue, profits, and cash flow,” the release said. “The company adopted strategic measures to optimize revenue in foreign currencies, broaden its export base, and enhance revenue streams from its overseas subsidiaries.”

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