Contact Financial announces FY-2022 results

Contact Financial announces FY-2022 results

- Contact ended FY-2022 on a strong note, delivering solid financial and operational full-year growth in a challenging operating environment faced throughout the last twelve months; normalized net income[1] for 4Q-2022 stood at EGP 205 million, representing an impressive 38% year-on-year expansion

Cairo: Contact Financial Holding SAE (CNFN.CA), Egypt’s largest non-bank financial services provider, announced today its consolidated financial results for the twelve-month period ending 31 December 2022, reporting strong year-on-year operating income growth across its financing and insurance divisions of 33% and 44%, respectively. Meanwhile, consolidated net income recorded EGP 511 million in FY-2022, up a solid 10% from last year’s figure[GS1] , while normalized net income reached EGP 609 million, up 21% year-on-year from FY-2021

FY-2022 Key Financial and Operational Highlights[2]

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FY-2021

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Change

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Financing Division

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Total Portfolio (EGP bn)

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10.31

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14.84

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44%

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Financing Operating Income (EGP mn)

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1,088

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1,445

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33%

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Financing Net Income (EGP mn)

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442

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480

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9%

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Insurance Division

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Gross Written Premiums (EGP mn)

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517

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948

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83%

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Insurance Operating Income (EGP mn)

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136

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195

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44%

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Insurance Net Income (EGP mn)

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36

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54

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50%

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Consolidated Results

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Total Operating Income (EGP mn)

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1,228

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1,643

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34%

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Net Income (EGP mn)

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465

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