Interview: Contact Financial set to grow despite Egypt’s supply turmoil

Interview: Contact Financial set to grow despite Egypt’s supply turmoil

Despite difficult economic conditions, Hazem Moussa, the chairman of Contact Financial Holding, a leading non-bank financial services provider based in Egypt, said the company is bracing for further expansion nationwide and growth across different product categories.

“We have invested in our capability infrastructure over the last few years, and that will continue over the next few years across all divisions,” Moussa told Zawya. “Our balance sheet has grown to a size that will allow us to increase outreach and penetration, roll out more products and serve the needs of customers across the board.”

Founded in 2001, Contact provides a wide range of financial services, including consumer and corporate financing, through a large network of subsidiaries and partners. The publicly traded company also offers insurance and debt capital services.

In H1 2022, the company recorded an 18-percent increase in its net income to EGP 258 million, compared with EGP 218 million during the same period in 2021. The total new financing extended in the first half of 2022 rose by 52 percent y-o-y, reaching EGP 5.1 billion, primarily driven by Contact’s consumer finance, working capital, commercial trucks and mortgage products.

Weathering Disrupted Supply

Since March, the Central Bank of Egypt has imposed a set of import