{"id":620270,"date":"2024-05-19T00:00:00","date_gmt":"2024-05-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/19\/e-finance-contact-financial-report-1q-earnings\/"},"modified":"2024-05-19T00:00:00","modified_gmt":"2024-05-19T00:00:00","slug":"e-finance-contact-financial-report-1q-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/19\/e-finance-contact-financial-report-1q-earnings\/","title":{"rendered":"e-Finance, Contact Financial report 1Q earnings"},"content":{"rendered":"

E-Finance starts the year \u201con a high note:\u201d<\/strong> State-owned fintech giant e-Finance\u2019s net income after non-controlling interest rose 64% y-o-y in 1Q 2024 to EGP 462.5 mn, according to its latest earnin<\/a>gs release (pdf)<\/a>. Revenue rose 49.6% y-o-y to EGP 1.1 bn, driven by a strong performance across the company\u2019s subsidiaries, especially its flagship Digital Operations<\/p>\n

Driving the trend:<\/strong> e-Finance\u2019s Digital Operations contributed the lion\u2019s share (89%) of the group\u2019s revenues for the quarter. The subsidiary saw its top line increase of 43.8% y-o-y to a little over EGP 1 bn, on strong results \u201cacross its cloud hosting services, its transaction revenue, and its build & operate services.\u201d<\/p>\n

Acquisitions in the works:<\/strong> \u201cOur investment strategy remains focused on expanding our presence in the payments sector. Toward this objective, we are in the final stages of two strategic investments in strategic companies. Upon completion, these investments are poised to offer additional avenues for delivering value-added services to our clients, solidifying our leading position in Egypt's digital payments landscape,\u201d the chairman Ibrahim Sarhan said.<\/p>\n

ICYMI-<\/strong> e-Finance has been in talks<\/a> to acquire two retail-focused digital payments companies, the first of which was approved by the board in November 2023.<\/p>\n

MACRO CHALLENGES WEIGH ON CONTACT\u2019S EARNINGS- <\/p>\n

Contact Financial\u2019s bottom line drops in 1Q 2024: <\/strong>Non-banking financial services firm Contact Financial\u2019s normalized net income dipped 68% y-o-y in 1Q 2024 to EGP 57.4 mn, according to the company\u2019s earnings release (pdf)<\/a>. The drop came on the back of macroeconomic headwinds, which weighed on the company\u2019s financing division.<\/p>\n

In detail:<\/strong> Net income at the NBFI\u2019s financing division fell 83% y-o-y to EGP 20 mn on the back of the company\u2019s decision to delay a part of its portfolio transfer activities \u2014 a significant source of revenue \u2014 due to an unfavorable interest rate environment. Additionally, interest rates and product price instability triggered a slowdown of issuances at Contact\u2019s Auto and Consumer Finance segments, driving down new financing 38% y-o-y to EGP 2.6 bn.<\/p>\n

The ins. division fared better:<\/strong> Net income at the ins. division rose 45% y-o-y to EGP 36 mn thanks to robust results at Sarwa Life and Sarwa Ins., whose total gross written premiums grew 59% y-o-y to a combined EGP 696 mn during the quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"

e-Finance Digital Operations made up 89% of the company\u2019s total revenues for the quarter<\/p>\n","protected":false},"author":1,"featured_media":620271,"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":[933,339,409,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-620270","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-contact-financial","tag-e-finance","tag-earnings-watch","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"284150ac-2acf-46b4-af54-50c746ed7605","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/1364.jpg","photo_position":"above","homepage_title":"","full_issue_title":"e-Finance, Contact Financial report 1Q earnings","related_issue":[620253],"teaser":"e-Finance Digital Operations made up 89% of the company\u2019s total revenues for the quarter","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.dea29192-e51d-4551-95b1-fda52603219a.mp3"},"yoast_head":"\ne-Finance, Contact Financial report 1Q earnings - 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Revenues at the EGX-listed fintech firm rose 21% during the quarter to record EGP 559.5 mn.The breakdown: Topline growth was driven by e-Finance\u2019s digital operations subsidiary, where revenues grew 23% to\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546738,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/26\/earnings-efg-hermes-contact-financial-elsewedy-electric-report-strong-1q-2022-results\/","url_meta":{"origin":620270,"position":2},"title":"Earnings: EFG Hermes, Contact Financial, Elsewedy Electric report strong 1Q 2022 results","author":"enterpriseam admin","date":"26 May 2022","format":false,"excerpt":"EFG Hermes\u2019 net income rose 18% y-o-y to EGP 345 mn in 1Q 2022, the bank said in its earning release (pdf) yesterday. Revenues were up 55% y-o-y to EGP 1.9 bn. Revenue growth was underpinned by a strong quarter for EFG\u2019s core businesses despite a challenging operating environment. Top\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\/5\/354.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":588092,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/06\/ci-capital-doubles-income-revenues-during-1q-2023\/","url_meta":{"origin":620270,"position":3},"title":"CI Capital doubles income, revenues during 1Q 2023","author":"enterpriseam admin","date":"6 June 2023","format":false,"excerpt":"Investment bank and NBFS arms all see strong 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\/6\/192.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":665296,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/05\/15\/e-finance-fawry-orascom-development-and-more-report-1q-earnings\/","url_meta":{"origin":620270,"position":4},"title":"E-finance, Fawry, Orascom Development and more report 1Q earnings","author":"enterpriseam admin","date":"15 May 2025","format":false,"excerpt":"E-finance saw its net income after non-controlling interest rise 30.2% y-o-y in 1Q 2025","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\/2025\/2\/2641.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548636,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/16\/enough-earnings-for-you\/","url_meta":{"origin":620270,"position":5},"title":"Enough earnings for you?","author":"enterpriseam admin","date":"16 August 2022","format":false,"excerpt":"Yesterday was an earnings extravaganza, ladies and gentlemen. Among those reporting were (in alphabetical order): Contact Financial Holding\u2019s net income dipped 4% y-o-y to EGP 104.4 mn in 2Q 2022 amid challenging economic conditions, according to the company\u2019s financial statements (pdf).The company recorded solid growth in its financing and ins.\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\/8\/278.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\/620270","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=620270"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/620270\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/620253"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/620271"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=620270"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=620270"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=620270"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=620270"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=620270"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}