{"id":639743,"date":"2024-08-14T00:00:00","date_gmt":"2024-08-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/14\/tmg-holding-contact-financial-fawry-report-earnings\/"},"modified":"2024-08-14T00:00:00","modified_gmt":"2024-08-14T00:00:00","slug":"tmg-holding-contact-financial-fawry-report-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/14\/tmg-holding-contact-financial-fawry-report-earnings\/","title":{"rendered":"TMG Holding, Contact Financial, Fawry report earnings"},"content":{"rendered":"

A whole lotta earnings: <\/strong>Yesterday saw a fresh batch of 1H earnings published \u2014 we have earnings from Talaat Moustafa Group Holding, Contact Financial, and Fawry.<\/p>\n

\n

FAWRY\u2019S NET INCOME MORE THAN DOUBLE-<\/p>\n

Fawry\u2019s net income jumps 122%: <\/strong>EGX-listed fintech giant Fawry saw its bottom line jump 122.1% y-o-y to EGP 628.8 mn in 1H 2024, according to its latest earnings<\/a>release<\/a>(pdf)<\/a>. The company\u2019s top line grew 59.2% y-o-y during the period to record EGP 2.3 bn \u201cdriven by the expansion and diversification of the company\u2019s business offerings, which alongside effective cost control measures resulted in robust profitability margins.\u201d <\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

Growth across all segments: <\/strong>Fawry\u2019s banking services segment saw its revenues jump 70.2% y-o-y to EGP 932.1 mn, contributing 41% of the firm\u2019s revenues for the six-month period. It was followed by the alternative digital payments segment, which saw its revenues grow 31.3% y-o-y to EGP 765.1 mn. Financial services came in third, recording EGP 377.7 in revenues, a 113% y-o-y growth, while revenues from supply chain solutions surged 66.8% y-o-y to EGP 160.1 mn. <\/p>\n

Looking at 2Q: <\/strong>The firm saw its revenues growth 57.7% y-o-y during the second quarter of the year to sit at EGP 1.2 bn. Net income during the quarter rose 101.3% y-o-y to EGP 321.7 mn. <\/p>\n

Looking ahead: <\/strong>\u201cAs we progress into 2024, our strategic focus remains sharply centered on innovation and the expansion of services to meet the diverse needs of our customer base. Concurrently, we have placed a strong emphasis on increasing our reach to Egypt's unbanked and underserved populations,\u201d said CEO Ashraf Sabry. <\/p>\n

\n

TMG HOLDING REPORTS \u201cUNPRECEDENTED\u201d RESULTS- <\/p>\n

An unprecedented half for TMG: <\/strong>Real estate player Talaat Moustafa Group Holding saw its revenue grow 59% y-o-y during the first half of the year to record EGP 17 bn, according to the company\u2019s report on its earnings<\/a>(pdf)<\/a>. Net income saw a \u201cremarkable\u201d 308% y-o-y growth to EGP 6.4 bn during the six-month period. <\/p>\n

Driving the growth: <\/strong>\u201cThis surge was driven by significant double and triple-digit increases in hospitality income,\u201d the release said, citing the landmark agreement<\/a> that saw the real estate giant acquire a majority stake<\/a> in a group of seven historic hotels. The company also pointed to growth in \u201cother recurring income segments, the development segment, and foreign currency gains.\u201d<\/p>\n

Property sales were also on the rise: <\/strong>TMG Holdings\u2019 property sales hit a \u201crecord-high\u201d EGP 391 bn during the first seven months of the year thanks to two \u201crecord-breaking\u201d projects \u2014 its first foray into the Saudi market the mixed-use Benan City project<\/a> and its first venture into the North Coast the EGP 1 tn SouthMed project. The group\u2019s sales were up 6.5x in comparison to the EGP 60 bn recorded during the same period last year. <\/p>\n

\n

CONTACT FINANCIAL SEES DIP IN REVENUES, INCOME -<\/p>\n

Contact Financial\u2019s bottom line dipped: <\/strong>Non-banking financial services firm Contact Financial\u2019s normalized net income dipped 44% y-o-y to EGP 216 mn during 1H 2024, the company said in its latest earnings release (pdf)<\/a>. <\/p>\n

In detail: <\/strong>Net income at the NBFI\u2019s financing division fell 62% y-o-y to EGP 109 mn during the six-month period on the back of the company\u2019s \u201cdecision to delay part of its portfolio transfer activities, a revenue line that has historically contributed significantly to the division\u2019s profitability, in light of the current interest rate environment.\u201d Additionally, unfavorable interest rate environment and fluctuating consumer products prices were behind decreases at Contact\u2019s Auto and Consumer Finance segments, pushing new financing down 40% y-o-y to EGP 4.8 bn. <\/p>\n

Ins. division saw growth: <\/strong>Net income from Contact\u2019s ins. division was up 155% y-o-y to 97 mn in 1H 2024 thanks to growth at Sarwa Life and Sarwa Ins., whose total gross written premiums grew an average of 44.5% y-o-y. <\/p>\n

On a quarterly basis: <\/strong>Contact saw its normalized net income fall 23% y-o-y to EGP 158 mn in 2Q 2024 thanks to of a fall in income from the company\u2019s financing division,<\/p>\n","protected":false},"excerpt":{"rendered":"

TMG Holding\u2019s net income saw a \u201cremarkable\u201d 308% y-o-y increase during 1H 2024<\/p>\n","protected":false},"author":1,"featured_media":639744,"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":[933,302,409,72,519,183,83,1517],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-639743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-contact-financial","tag-earnings","tag-earnings-watch","tag-enterpriseam","tag-fawry","tag-fintech","tag-real-estate","tag-talaat-moustafa-group","wpautop","entry"],"acf":{"mongo_id":"75bca066-f2e3-4908-b1ca-302adef09ac8","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/1233.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TMG Holding, Contact Financial, Fawry report earnings","related_issue":[639735],"teaser":"TMG Holding\u2019s net income saw a \u201cremarkable\u201d 308% y-o-y increase during 1H 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.372d1eaa-0856-4dce-8d1e-85aa9f33ccc2.mp3"},"yoast_head":"\nTMG Holding, Contact Financial, Fawry report earnings - 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The company\u2019s topline grew 28% y-o-y during the quarter to EGP 2.9 bn.Cheesemaker Obourland saw its bottom line increase\u2026","rel":"","context":"In "GO WITH THE FLOW"","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":675452,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/11\/13\/tmg-orascom-development-fawry-report-9m-earnings\/","url_meta":{"origin":639743,"position":1},"title":"TMG, Orascom Development, Fawry report 9M earnings","author":"enterpriseam admin","date":"13 November 2025","format":false,"excerpt":"Talaat Moustafa Group saw its net income jump 70% y-o-y in 9M","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\/11\/204.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579693,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/14\/its-earnings-season-credit-agricole-adib-telecom-egypt-abu-qir-amoc-tmg\/","url_meta":{"origin":639743,"position":2},"title":"It\u2019s earnings season: Credit Agricole, ADIB, Telecom Egypt, Abu Qir, AMOC, TMG","author":"enterpriseam admin","date":"14 November 2022","format":false,"excerpt":"EARNINGS WATCH-Credit Agricole Egypt\u2019s net income after tax rose 37.4% y-o-y in 9M 2022 to EGP 1.6 bn, according to its financial statement(pdf). The bank\u2019s net interest income rose 15% y-o-y to EGP 4.4 bn during the period.Abu Dhabi Islamic Bank Egypt\u2019s (ADIB) net income rose 49% to EGP 1.5\u2026","rel":"","context":"In "GO WITH THE FLOW"","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":560588,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/04\/tmg-holding-income-falls-11-in-2020\/","url_meta":{"origin":639743,"position":3},"title":"TMG Holding income falls 11% in 2020","author":"enterpriseam admin","date":"4 March 2021","format":false,"excerpt":"Talaat Moustafa Group\u2019s (TMG) net income declined 11% in 2020 to EGP 1.7 bn, compared to EGP 1.9 bn a year earlier, according to the company\u2019s earnings statement (pdf). This came despite revenues jumping 20% y-o-y to hit EGP 14 bn during the year.","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":670059,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/08\/13\/madinet-masr-rameda-tmg-al-baraka-bank-report-earnings\/","url_meta":{"origin":639743,"position":4},"title":"Madinet Masr, Rameda, TMG, Al Baraka Bank report earnings","author":"enterpriseam admin","date":"13 August 2025","format":false,"excerpt":"Madinet Masr saw its net income rise 76% y-o-y in 2Q 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\/2024\/5\/2070.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":603219,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/15\/gb-corp-raya-cx-ekh-holding-tmg-holding-report-1h-earnings\/","url_meta":{"origin":639743,"position":5},"title":"GB Corp, Raya CX, EKH Holding + TMG Holding report 1H earnings","author":"enterpriseam admin","date":"15 August 2023","format":false,"excerpt":"We\u2019re close to the end of 2Q earnings season","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\/721.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\/639743","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=639743"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/639743\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/639735"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/639744"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=639743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=639743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=639743"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=639743"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=639743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}