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Reading: e-finance reports EGP 2.644bn in revenues during FY2022
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Dailynewsegypt > Blog > Business > e-finance reports EGP 2.644bn in revenues during FY2022
Business

e-finance reports EGP 2.644bn in revenues during FY2022

Daily News Egypt
Last updated: 2023/02/21 at 11:02 PM
By Daily News Egypt 3 Min Read
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e-finance reports EGP 2.644bn in revenues during FY2022
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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 over the course of the year. Despite the significant impact these factors had on economies and operating environments, the Group delivered a strong performance in FY2022.”

He added: “Growth came on the back of continued investment in our cloud hosting capabilities and capacities, allowing e-finance to serve a greater number of private and public organizations through its cloud offering. Looking ahead, e-finance is aiming to further grow its cloud hosting services and further increase the contribution from this higher-margin vertical. On this front, the Group successfully launched Egypt’s largest cloud computing platform at the Cairo ICT conference in November 2022, furthering our efforts in supporting businesses and public entities in driving and enabling the growth and scalability of their operations in the periods to come. This milestone marks the first ever licence issued by the National Telecom.

“Additionally, we have also invested in a c. $3m financing round for Nexta, an early-stage startup that has received initial approval from the Central Bank of Egypt to begin operations of its digital banking services. We are confident that these investments, which are well-aligned with the Group’s offering across its digital solutions and tech infrastructure, will allow us to further fuel growth across Egypt’s thriving fintech sector, promote financial inclusion, and generate increased value for our shareholders.”

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SAS Analytics, AI accelerate digital transformation of Egypt’s financial services
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