Paul Antaki, Chairperson of Premium Card for credit services, told Daily News Egypt that he is establishing a holding company that includes Premium Corporate Services under its umbrella.
The new holding company will also offer new services that will soon be launched to individuals. Antaki said the establishment procedures have been moving slowly due to the ongoing effects of the coronavirus.
He added that the company was planning to launch Premium for Individuals, but it could be postponed for some time due to the crisis.
Antaki said the company will not achieve its estimated target growth volume of 30% in the current year due to declining sales. He placed the slowdown squarely on store closures that have taken place for a longer period of time than normal. Antaki added that collections are ongoing because the company does not load interest on its customers.
He stressed that the company has the ability to withstand the fallout from the coronavirus in the worst-case scenarios, as it has sufficient liquidity until the end of the year. This could see the continuation of the crisis until the end of 2020.
Antaki said that if the crisis ends in June, it is possible to maintain the same target growth rates and compensate sales during the second half of the year. If the crisis continues until September, which is more likely to happen, the last quarter will not be sufficient to compensate for the declines in the previous period.