Earnings. Earnings. Fintech player E-finance and non-banking financial services firm Contact Financial Holding are both out with their 2024 earnings.

E-FINANCE SEES INCOME, REVENUES RISE-

E-finance posts strong growth for 2024: State-owned fintech giant E-finance saw its adjusted net income increase 36% y-o-y during 2024 to reach EGP 2.1 bn, according to the company’s latest earnings release (pdf). The company’s topline expanded 34% y-o-y to EGP 5.2 bn in the same period,

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On a quarterly basis: E-finance saw its adjusted net income rise 77% y-o-y to 676.4 mn in 4Q 2024, with revenues rising 56% y-o-y to reach EGP 1.8 bn.

E-finance’s flagship business E-finance Digital Operations contributed 87% of the company’s total revenues in 2024, with the subsidiary’s topline rising 29.3% y-o-y to EGP 4.6 bn on the back of strong results across its transaction, cloud hosting, and build and operate revenues. Revenues also saw solid growth across E-finance’s other subsidiaries, including eKhalas, eNovate, eNable, and eAswaaq.

What they said: “As we head into the new year, I am confident that we are well positioned to capitalize on the current market recovery and deliver strong top- and bottom-line growth over the coming period as inflation and interest rates normalize,” Chairman Ibrahim Sarhan said.

ALSO- Board greenlights capital increase: The company’s board approved a bonus share distribution, granting 0.5 shares for each original share financed by existing reserves, according to an EGX statement (pdf). The move will increase the company’s issued and paid-up capital to EGP 1.7 bn from EGP 1.2 bn.

CONTACT FINANCIAL REPORTS 2024 EARNINGS-

Contact Financial posts solid financial performance for 2024: Non-banking financial services firm Contact Financial Holding saw its normalized net income in 2024 grow 6% y-o-y to EGP 736 mn, according to its latest earnings release (pdf).

The breakdown: The company’s ins. division saw its net income increase 56% y-o-y to EGP 154 mn, as the company continued to reap the fruits of its strategic investments.” Meanwhile, the financing division saw its net income dip 15% y-o-y in 2024 to EGP 533 mn — “The challenging first half of the year weighed on the division’s overall FY-2024 performance. However, it is worth noting that compared to 1H-2024, all business segments expanded strongly in the second half of the year,” according to the company’s management.

What they said: “We are pleased with the Group’s strong performance during FY 2024, a year which saw us once again prove the resilience of our business model and the attractiveness of our value proposition. Following a challenging start to the year due to ongoing difficulties in our home market of Egypt, we recorded a strong turnaround as market conditions stabilized,” the company’s management said.

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