Egypt: E-finance reports $86mln in revenues during FY2022

Egypt: E-finance reports $86mln in revenues during FY2022

Egypt - e-finance’s consolidated revenues increased by 34.7% y-o-y to EGP 2.644bn in FY2022.

Revenue growth came on the back of a solid performance from e-finance’s digital operations, which supported the Group in delivering strong results at year-end despite the challenging market conditions.

The subsidiary’s performance was primarily driven by its cloud hosting services, which delivered stellar results in FY2022, as well as strong revenue growth generated from the subsidiary’s variable-fee transactions.

Additionally, the Group’s performance was further supported by a significant expansion in eAswaaq’s top-line during the period. On a quarterly basis, the Group recorded a revenue increase of 6.4% y-o-y to EGP 706.2m in 4Q2022.

e-finance’s net profit after NCI grew by 54.7% y-o-y to EGP 803.9m, yielding a year-on-year NPM margin expansion of 3.9 % to 30.4% in FY2022.

Commenting on the Group’s performance for the quarter, e-finance Chairperson Ibrahim Sarhan said: “The past year has seen challenging macroeconomic conditions and headwinds that not only hindered the Egyptian market but impacted regional and global economies as a whole in 2022. Over and above the global supply chain constraints and inflationary pressures that resulted from the Russia-Ukraine conflict, Egypt witnessed increased inflationary and FX pressure due to the devaluation of its local currency