{"id":616249,"date":"2024-03-03T00:00:00","date_gmt":"2024-03-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/03\/e-finance-gb-corp-report-2023-results\/"},"modified":"2024-03-03T00:00:00","modified_gmt":"2024-03-03T00:00:00","slug":"e-finance-gb-corp-report-2023-results","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/03\/e-finance-gb-corp-report-2023-results\/","title":{"rendered":"E-Finance, GB Corp report 2023 results"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>G<\/strong><strong>B Corp and e-Finance are out with their earnings for 2023<\/strong>: e-Finance&nbsp;<span style=\"background-color: transparent;\">celebrated a record year, while GB Corp\u2019s release showed it had a solid year after taking into account its 2022 MNT-Halan stake sale.<\/span><\/p>\n<p class=\"tag-border-left\"> E-FINANCE REVENUES AND BOTTOMLINE UP IN 2023- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>A record high year for e-Finance:<\/strong> 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 <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/39.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. Revenues jumped 48% y\u2013o\u2013y to EGP 3.9 bn in 2023, which the company attributes to \u201cbroad-based expansion across the group\u2019s subsidiaries.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a quarterly basis:<\/strong> 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Driving the trend: <\/strong>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. The subsidiary saw its revenues increase 46% y-o-y to EGP 3.5 bn in 2023 \u201con the back of solid results in its cloud hosting services, its transaction revenue, as well as its build and operate services.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cWith 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,\u201d Chairman Ibrahim Sarhan said.<\/p>\n<p class=\"tag-border-left\"> GB CORP\u2019s 2023 REVENUES, INCOME DOWN AFTER 2022 MNT-HALAN SALE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>GB Corp net revenues dipped 5% y-o-y to EGP 28.3 bn last year<\/strong>, while thecompany\u2019s net income fell some 81% y-o-y to EGP 1.9 bn, which it attributed to \u201cthe capital gain from the sale of a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c95034ed-0327-4eef-8d94-7329f3f97e13\" style=\"\" rel=\"noopener\">7.5% stake in MNT-Halan<\/a> \u201d realized in the last quarter of 2022, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/45.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Always read the small print: <\/strong>Excluding these gains in 2022, GB Corp\u2019s topline rose 12% y-o-y during 2023, while its bottomline was up 6% y-o-y.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a quarterly basis:<\/strong> The EGX-listed company\u2019s 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details:<\/strong> The company\u2019s automotive assembly and distribution unit GB Auto \u2014 whichcontributed 84% of the company\u2019s revenues \u2014 saw its revenues up 10% y-o-y in 2023 to EGP 23.9 bn, \u201cunderpinned by robust consumer demand and price-mix tailwinds, against a backdrop of supply shortages,\u201d 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 \u201cimproved pricing and an enhanced product mix supported by GB Auto\u2019s local assembly business.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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<\/p>\n","protected":false},"author":1,"featured_media":616250,"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":[339,409,72,241,2471,6543],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-e-finance","tag-earnings-watch","tag-enterpriseam","tag-gb-auto","tag-gb-capital","tag-gb-corp","wpautop","entry"],"acf":{"mongo_id":"8eab0495-044f-49bf-85fd-fd8c09cab02a","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/60.jpg","photo_position":"above","homepage_title":"","full_issue_title":"E-Finance, GB Corp report 2023 results","related_issue":[616232],"teaser":"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","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.73d3d5d7-6a17-4a07-80de-cc452cbbbf48.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, GB Corp report 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\/2024\/03\/03\/e-finance-gb-corp-report-2023-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"E-Finance, GB Corp report 2023 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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":577246,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/edita-gb-auto-e-finance-ode-and-ekh-report-3q-2022-earnings\/","url_meta":{"origin":616249,"position":4},"title":"Edita, GB Auto, e-Finance, ODE and EKH report 3Q 2022 earnings","author":"enterpriseam admin","date":"15 November 2022","format":false,"excerpt":"Bold-name companies were in with buzzer-beaters as 3Q earnings season winds down. Real estate players continued to post strong results, as have food, investment, automotive, consumer finance and payments players. Here\u2019s the rundown:EDITA Edita Food Industries reported record net income and revenues in 3Q 2022 on the back of stronger\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\/2022\/11\/241.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":610118,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/15\/fawry-contact-financial-gb-corp-rameda-report-3q-2023-results\/","url_meta":{"origin":616249,"position":5},"title":"Fawry, Contact Financial, GB Corp + Rameda report 3Q 2023 results","author":"enterpriseam admin","date":"15 November 2023","format":false,"excerpt":"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\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\/11\/800.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616249","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=616249"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616249\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/616232"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/616250"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=616249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=616249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=616249"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=616249"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=616249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}