{"id":610118,"date":"2023-11-15T00:00:00","date_gmt":"2023-11-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/15\/fawry-contact-financial-gb-corp-rameda-report-3q-2023-results\/"},"modified":"2023-11-15T00:00:00","modified_gmt":"2023-11-15T00:00:00","slug":"fawry-contact-financial-gb-corp-rameda-report-3q-2023-results","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/15\/fawry-contact-financial-gb-corp-rameda-report-3q-2023-results\/","title":{"rendered":"Fawry, Contact Financial, GB Corp + Rameda report 3Q 2023 results"},"content":{"rendered":"

FAWRY REPORTS RECORD REVENUES-<\/strong><\/p>\n

Another strong quarter for Fawry:<\/strong>EGX-listed e-payments giant Fawry more than doubled its adjusted net income to EGP 222.1 mn in 3Q 2023 as the company enjoyed strong growth across all of its segments, according to the company\u2019s earnings release (pdf)<\/a>. Revenues rose 42% y-o-y to a record EGP 873.2 mn, driven primarily by the company\u2019s banking segment, which saw revenues rise more than two-thirds to EGP 329.3 mn.<\/p>\n

Growth in payments, microlending + supply chain solutions:<\/strong> Its payments segment generated EGP 349.4 mn in revenues, up 19% y-o-y. Revenues from its supply chain business surged more than 90% to EGP 65.4 mn while microlending brought in EGP 92.7 mn, up 39% y-o-y.<\/p>\n

More transactions, more value:<\/strong> Fawry\u2019s transaction throughput surged 70% to EGP 243.1 bn during the first nine months of the year. Transaction volumes climbed to almost 1.2 bn, up more than 20% from 9M 2022.<\/p>\n

Another record year?<\/strong> \u201cI am confident that we will close a record-breaking year in terms of top-line performance and profitability margins,\u201d said CEO Ashraf Sabry. <\/p>\n

CONTACT FINANCIAL INCOME UP-<\/strong><\/p>\n

Contact Financial has had a strong 2023 so far: <\/strong>Non-banking financial services (NBFS) pioneer Contact Financial saw its normalized net income rise 34% y-o-y to EGP 542 mn in the first nine months of 2023 on the back of growth in its financing and ins. divisions, the company said in its earnings release (<\/a>pdf<\/a>)<\/a> yesterday. Income was up 58% to EGP 158 mn in 3Q 2023.<\/p>\n

Auto loans, consumer finance drive lending growth:<\/strong> Net income in Contact\u2019s financing <\/strong>division<\/strong> climbed 33% y-o-y in 9M 2023, fuelled by strong growth in the company\u2019s lending portfolio. New financing rose 45% to EGP 12.1 bn during the period, led by auto loans and consumer financing. New financing in auto loans almost doubled in the year to date as supply of vehicles has improved somewhat and car prices rose. New financing in the company\u2019s consumer finance<\/strong> segment rose 59% y-o-y backed by Contact\u2019s expanding merchant network, product diversification, and market reach. <\/p>\n

Ins. segments continued to expand:<\/strong> Contact reported a 27% y-o-y increase in earnings from its ins. Division in the January-September period, driven by high demand for Sarwa Life\u2019s medical ins. product and SME life and health ins. offerings. <\/p>\n

A RECORD QUARTER FOR<\/strong> GB CORP-<\/strong><\/p>\n

GB Corp earnings hit all-time high:<\/strong> GB Corp\u2019s net income rose 20% y-o-y to reach a record EGP 662.4 mn in 3Q 2023, driven by strong consumer demand after a prolonged period of supply shortages, according to its latest earnings release (pdf)<\/a>. The company\u2019s top line climbed to almost EGP 8.8 bn during the three-month period, up 22% on the same period last year.<\/p>\n

Market conditions well-handled: <\/strong>The company\u2019s automotive assembly and distribution unitGB Auto, which contributed 85% of the company\u2019s revenues, reported a 48% y-o-y in its top line despite thorny market conditions including import restrictions and limited FX availability. Revenues from passenger cars rose 66% y-o-y to EGP 3.5 bn as the group was able to price up, offsetting a 14% slump in sales volumes. Meanwhile, the group\u2019s NBFS arm GB Capital reported 14% y-o-y growth in revenues to EGP 1.2 bn on the back of portfolio growth at its leasing and consumer finance and arms.<\/p>\n

What they said<\/strong>: \u201cDespite the headwinds in the automotive market, GB Auto was able to deliver positive results during the period on the back of enhanced performance across its lines of businesses,\u201d CEO Nader Ghabbour said. \u201cWe were able to offset the slowdown in volumes [of the passenger car] with enhanced pricing and an improved product mix, leading to stronger margins and increased profitability.\u201d<\/p>\n

RAMEDA<\/strong> INCOME RISES IN 3Q-<\/strong><\/p>\n

Rameda earnings up on higher prices, export growth:<\/strong> Rameda Pharma\u2019s net income climbed 8% y-o-y to EGP 78.0 mn in 3Q 2023 on the back of higher overseas demand and price hikes, according to the company\u2019s earnings release (pdf)<\/a>. The pharma manufacturer reported 43% growth in revenues to EGP 545.7 mn for the three-month period, supported by a 17% increase in sales volumes. Net income dipped 1% to EGP 197.0 mn in the first nine months of the year.<\/p>\n

Repricing offsets fall in local sales volumes:<\/strong> Revenue from local sales rose 29% to almost EGP 400 mn during 3Q after the company hiked prices by an average 32% y-o-y. Higher prices helped to offset a 5% decline in sales volumes. Local sales accounted for almost three-quarters of the company\u2019s revenue. <\/p>\n

Exports rise:<\/strong> Rameda\u2019s export revenues tripled to EGP 61.1 mn during the quarter on the back of a strong rise in demand in its key export market, Iraq. Overseas sales volumes more than doubled to 2.3 mn. Iraq accounted for more than 90% of the company's overseas sales.<\/p>\n

Cautious optimism:<\/strong> \u201cDespite the turbulent market conditions across Egypt\u2019s landscape, I am left cautiously optimistic of the road ahead,\u201d said CEO Amr Morsy. \u201cOur results this past quarter have witnessed significant improvement, with the group delivering strong revenue growth as well as healthy margins, and stands testament to the strength of the groups operations across the pharma space.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

FAWRY REPORTS RECORD REVENUES- Another strong quarter for Fawry:EGX-listed e-payments giant Fawry more than doubled its adjusted net income to EGP 222.1 mn in 3Q 2023 as the company enjoyed strong growth across all of its segments, according to the company\u2019s earnings release (pdf). Revenues rose 42% y-o-y to a record EGP 873.2 mn, driven […]<\/p>\n","protected":false},"author":1,"featured_media":610119,"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":[144,933,409,72,519,503,183,6543,595,427,449],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-610118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-automotive","tag-contact-financial","tag-earnings-watch","tag-enterpriseam","tag-fawry","tag-financial-services","tag-fintech","tag-gb-corp","tag-non-banking-financial-services","tag-pharma","tag-rameda-pharma","wpautop","entry"],"acf":{"mongo_id":"bf81e766-ba9c-40f5-82c1-d06969c30d66","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/800.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Fawry, Contact Financial, GB Corp + Rameda report 3Q 2023 results","related_issue":[610103],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.c4572f76-5367-4895-8781-37cd2da90824.mp3"},"yoast_head":"\nFawry, Contact Financial, GB Corp + Rameda report 3Q 2023 results - 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\/11\/15\/fawry-contact-financial-gb-corp-rameda-report-3q-2023-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fawry, Contact Financial, GB Corp + Rameda report 3Q 2023 results\" \/>\n<meta property=\"og:description\" content=\"FAWRY REPORTS RECORD REVENUES- Another strong quarter for Fawry:EGX-listed e-payments giant Fawry more than doubled its adjusted net income to EGP 222.1 mn in 3Q 2023 as the company enjoyed strong growth across all of its segments, according to the company\u2019s earnings release (pdf). 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Revenues rose 31% y-o-y during the quarter to EGP 448.3 mn.On a nine-month basis, Fawry\u2019s net income is nevertheless up 25% over the same period last year at EGP\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/477.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":655307,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/17\/elsewedy-electric-fawry-telecom-egypt-rameda-and-mm-group-report-3q-earnings\/","url_meta":{"origin":610118,"position":1},"title":"Elsewedy Electric, Fawry, Telecom Egypt, Rameda, and MM Group report 3Q earnings","author":"enterpriseam admin","date":"17 November 2024","format":false,"excerpt":"Elsewedy Electric saw its net income after minority interest rise 92.2% y-o-y in 3Q 2024","rel":"","context":"In "EARNINGS WATCH"","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\/7\/663.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577282,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/16\/so-many-earnings\/","url_meta":{"origin":610118,"position":2},"title":"So. Many. Earnings.","author":"enterpriseam admin","date":"16 November 2022","format":false,"excerpt":"More robust results as we go down to the wire on earnings season: Yesterday saw another flurry of earnings releases land in our inbox, with contractors, tech, and pharma firms all posting strong results. Here\u2019s the rundown:ELSEWEDY ELECTRIC-Elsewedy Electric\u2019s revenues rose 53% to EGP 62.6 bn in 9M 2022, according\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/263.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587001,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/21\/e-finance-fawry-report-higher-profits-in-1q-2023\/","url_meta":{"origin":610118,"position":3},"title":"E-Finance, Fawry report higher profits in 1Q 2023","author":"enterpriseam admin","date":"21 May 2023","format":false,"excerpt":"Cloud hosting boom drives revenue growth","rel":"","context":"In "EARNINGS WATCH"","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\/5\/1097.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599468,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/14\/fawrys-bottom-line-nearly-quadruples-in-1h-2023-ibnsina-reports-rise-in-earnings\/","url_meta":{"origin":610118,"position":4},"title":"Fawry\u2019s bottom line nearly quadruples in 1H 2023; Ibnsina reports rise in earnings","author":"enterpriseam admin","date":"14 August 2023","format":false,"excerpt":"Fawry\u2019s banking services segment drove revenue growth, sales at Ibnsina were up on price hikes","rel":"","context":"In "EARNINGS WATCH"","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\/642.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576255,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/earnings-fawry-phd-al-ahly-for-development-and-investment-adib-misr-cement-qena\/","url_meta":{"origin":610118,"position":5},"title":"Earnings: Fawry, PHD, Al Ahly for Development and Investment, ADIB, Misr Cement (Qena)","author":"enterpriseam admin","date":"17 November 2020","format":false,"excerpt":"EARNINGS WATCH- Fawry\u2019s net profit surged 99% y-o-y in 9M2020 to EGP 119.1 mn from EGP 59.7 mn last year, according to a company earnings release (pdf). Revenues rose 45% to EGP 892.7 mn from EGP 614.9 mn last year. \u201cFawry\u2019s top line continues to grow at a rapid clip\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"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\/610118","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=610118"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/610118\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/610103"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/610119"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=610118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=610118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=610118"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=610118"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=610118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}