Contact Financial Holding announced on Sunday its consolidated financial results for 2021, recording a total funding portfolio of EGP 10.3bn.
The company also recorded a net income after minority interest of EGP 465m, representing a 32% y-o-y increase and the highest net profit figure on record.
At the financing division, increased physical and digital distribution capabilities coupled with an expanded product offering saw total new financing extended in 2021 reach a record high of EGP 7.1bn, up by 53% from last year’s figure.
This supported a 30% y-o-y rise in financing net income, which recorded EGP 442m in fiscal year (FY) 2021 versus EGP 340m last year. Meanwhile, at the insurance division, gross written premiums witnessed strong y-o-y growth across both insurance companies on the back of new product launches and increased cross-selling.
Total GWP stood at EGP 517m in FY2021, up by 82% from the previous year, with insurance operating income recording EGP 136m, up by 81%.
Commenting on the results, the management said in a statement: “Contact’s outstanding performance for the year demonstrates the success of our investment strategy, which over the last 12 months has seen us expand our direct-to-consumer reach, growing both our physical presence and digital capabilities while further developing our offering across our entire product portfolio.”
“On this front, we are proud to note that Contact currently boasts the widest range of consumer finance products in the market, effectively catering to our customers’ full financing needs.”
“At our insurance division, we rolled out multiple new products and strengthened our cross-selling capabilities, capitalising on the growing momentum and market traction observed throughout the entire year,” it added.
“Over the past twelve months, we continued to witness fast-rising demand for both our life and non-life protection products; a testament to the important growth potential of Egypt’s insurance industry. Our customer-centric strategy combined with our innovative and flexible agenda won us international recognition.”