Financing portfolio of Contact Holding jumped to $618mln in 1Q 2022

Financing portfolio of Contact Holding jumped to $618mln in 1Q 2022

Furthermore, the total insurance premiums of Tharwa Insurance and Tharwa Life Insurance more than doubled to EGP 252m.

This is due to the two companies launching new products and increasing sales among the customer base of the various activities of the company.

The consolidated net profit of Contact Holding also jumped to EGP 154m, with an annual growth rate of 40%, compared to EGP 109m.

Management said that the indicators of business results achieved by the company during the year reflect the efficiency of the investment strategy adopted by the company.

It also pointed out that insurance activity witnessed the launch of many new products, with sales among the customer base of the various activities of the company developing, making the best out of the improvement in market conditions and the increase in demand for insurance products throughout the year, as demand increased at a rapid pace.

Moreover, it explained that growth came despite the macroeconomic challenges present in the current quarter, especially in light of the continued disruption of supply chains, high inflation rates, and the economic repercussions of the Russian-Ukrainian War that affected economic activities at the local and international levels.

Furthermore, car financing witnessed a growth in the volume of new financing at