{"id":581233,"date":"2023-02-22T00:00:00","date_gmt":"2023-02-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/22\/e-finance-earnings-rise-83-in-2022\/"},"modified":"2023-02-22T00:00:00","modified_gmt":"2023-02-22T00:00:00","slug":"e-finance-earnings-rise-83-in-2022","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/22\/e-finance-earnings-rise-83-in-2022\/","title":{"rendered":"e-Finance earnings rise 83% in 2022"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">e-Finance had a strong 2022: <\/span><span style=\"\">e-Finance\u2019s adjusted net income rose 83% to E<\/span><span style=\"\">GP <\/span><span style=\"\">948.6 mn in 2022, according to the company\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/2\/E-Finance-Earnings-21-2-2023-EN.pdf\" style=\"\">earnings release (pdf)<\/a><\/span><span style=\"\">. Revenues came in at EGP 2.6 bn, up 35% y-o-y. In 4Q, the state-owned tech company\u2019s adjusted net income jumped 67% y-o-y to EGP 232.7 mn on a 6% increase in revenues.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Digital operations and eAswaaq led revenue growth last year: <\/span><span style=\"\">Growth was driven primarily by the company\u2019s flagship business, <\/span><span style=\"\">e-finance Digital Operations, which generated EGP 2.4 bn in revenues during the year, up 56% from 2021. Meanwhile, revenues at the company\u2019s e-commerce subsidiary eAswaaq grew sixfold to EGP 141.<\/span><span style=\"\">3<\/span><span style=\"\"> mn, driven by the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/08\/11\/e-aswaaqs-online-ticketing-system-for-tourist-sites-is-now-online-77651\/\" style=\"\">rollout<\/a><\/span><span style=\"font-weight:400;\"> of its digital ticketing service at 32 tourist sites. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Not doing so well: <\/span><span style=\"\">Revenues at eCards fell 65% during the year,<\/span><span style=\"\"> due to fluctuations in revenue stream for its smart solutions services as well as <\/span><span style=\"font-weight:400;\">\u201can unfavorable FX environment and the impact of global supply chain issues on SIM availability.\u201d eKhales posted a 28% decline in revenues owing to a base effect caused by one-time POS sales made in 2021.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Shareholders in line for a bigger payout:<\/span><span style=\"\"> The board has proposed paying out a dividend of <\/span><span style=\"\">EGP 0.23 per share to shareholders<\/span><span style=\"\">, according to an <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"\" style=\"\">EGX disclosure (pdf)<\/a><\/span><span style=\"\">. This is more than double the<\/span><span style=\"\"> EGP 0.10 dividends<\/span><span style=\"font-weight:400;\"> distributed last year. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">e-Finance is planning Saudi-backed expansion:<\/span><span style=\"\"> <\/span><span style=\"\">e-Finance intends to expand into new <\/span><span style=\"\">markets during 2Q or 3Q this year by leveraging the Saudi sovereign wealth fund\u2019s recent investment in the company, Chairman Ibrahim Sarhan told Asharq Business yesterday (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3ShW0dY\" style=\"\">watch, runtime: 8:15<\/a><\/span><span style=\"\">). The company completed a roadshow in Dubai last week and will soon visit Saudi Arabia to talk with investors alongside the Public Investment Fund, he said. The PIF last year <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/08\/11\/the-saudis-have-arrived-77636\/\" style=\"\">invested EGP 7.5 bn<\/a><\/span><span style=\"font-weight:400;\"> to acquire a 25% stake in the firm, money that will enable the company to \u201cstrengthen the group\u2019s offering and operational footprint in Egypt as well as beyond its borders across the Middle East and Africa,\u201d Sarhan said in the earnings release <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">And fresh capex: <\/span><span style=\"\">The company plans to invest EGP 2 bn this year in its subsidiaries, Sarhan <\/span><span style=\"\">told Asharq.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>e-Finance had a strong 2022: e-Finance\u2019s adjusted net income rose 83% to EGP 948.6 mn in 2022, according to the company\u2019s earnings release (pdf). Revenues came in at EGP 2.6 bn, up 35% y-o-y. In 4Q, the state-owned tech company\u2019s adjusted net income jumped 67% y-o-y to EGP 232.7 mn on a 6% increase in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":581234,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7208],"tags":[339,409,72,183,219],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581233","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-e-finance","tag-earnings-watch","tag-enterpriseam","tag-fintech","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"33b2e9c4-f68a-4398-8bfa-e6a3fe105673","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/E-Finance-Building-1600-px.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[581222],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.7853ab3f-0369-4cec-99d2-9cf8469ef487.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>e-Finance earnings rise 83% in 2022 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/22\/e-finance-earnings-rise-83-in-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"e-Finance earnings rise 83% in 2022\" \/>\n<meta property=\"og:description\" content=\"e-Finance had a strong 2022: e-Finance\u2019s adjusted net income rose 83% to EGP 948.6 mn in 2022, according to the company\u2019s earnings release (pdf). 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WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1364.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":583561,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/12\/earnings-watch-ci-capital-raya-holding\/","url_meta":{"origin":581233,"position":2},"title":"Earnings watch: CI Capital + Raya Holding","author":"enterpriseam admin","date":"12 March 2023","format":false,"excerpt":"EARNINGS WATCH-CI Capital reported EGP 796 mn in net income after tax and minority interest in 2022, rising 17% y-o-y. the company said in an earnings release (pdf). The group saw record revenues of EGP 3.9 bn during the year, up 9% y-o-y on a non-adjusted basis and up 37%\u2026","rel":"","context":"In &quot;GO WITH THE FLOW&quot;","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":603584,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/16\/so-many-earnings-2\/","url_meta":{"origin":581233,"position":3},"title":"So many earnings\u2026","author":"enterpriseam admin","date":"16 August 2023","format":false,"excerpt":"The earnings dump continues: The end-of-earnings-season rush continued yesterday, with a number of EGX-listed companies releasing their 2Q \/ 1H 2023 financials. Edita, E-Finance, Contact Financial and Orascom Development Egypt all reported strong results despite the ongoing economic challenges. Drugmaker Rameda\u2019s turned in a strong revenue performance, but like many\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/755.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":616249,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/03\/e-finance-gb-corp-report-2023-results\/","url_meta":{"origin":581233,"position":4},"title":"E-Finance, GB Corp report 2023 results","author":"enterpriseam admin","date":"3 March 2024","format":false,"excerpt":"Subsidiary e-Finance Digital Operations contributed the lion\u2019s share of the group\u2019s revenues for the year, making up 90% of the total count","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/60.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":551187,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/earnings-watch-telecom-egypt-orascom-financial-holding-b-investments-report-1q2022-results\/","url_meta":{"origin":581233,"position":5},"title":"Earnings watch: Telecom Egypt, Orascom Financial Holding, B Investments report 1Q2022 results","author":"enterpriseam admin","date":"31 May 2022","format":false,"excerpt":"EARNINGS WATCH-Telecom Egypt\u2019s 1Q2022 net income declined 36% y-o-y to EGP 1.40 bn, according to the company\u2019s earnings release (pdf). The telecom company\u2019s normalized net income \u2014 which excludes Vodafone Egypt\u2019s one-offs, the effect of the rising FX rate, provisions, and impairments \u2014 came in at EGP 1.7 bn, staying\u2026","rel":"","context":"In &quot;GO WITH THE FLOW&quot;","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581233","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=581233"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581233\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/581222"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/581234"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=581233"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=581233"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=581233"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=581233"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=581233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}