Reefy Microfinance, a subsidiary of CI Capital Holding Group, announced that its revenues reached EGP 1.02bn in the first nine months of 2023, up from EGP 680m in the same period last year, recording a 52% year-on-year growth.
According to a statement on its operational results, the company provided financing worth EGP 3.1bn in the first nine months of 2023, averaging EGP 34,400 per minute of work.
The company also achieved a 32% annual increase in its customer portfolio by the end of September 2023, after completing its first securitization transaction of EGP 700m in early August. The company’s customer portfolio reached EGP 2.75bn by the end of the third quarter.
Reefy operates through 162 branches across 21 governorates in Egypt. The company added 30 new branches during the first nine months of 2023, expanding its geographical coverage.
The company collected EGP 3.4bn in due installments from its customers in the first nine months of 2023, compared to EGP 2.4bn in the same period in 2022. This resulted in an average collection rate of 98.4% in September 2023, despite the challenging economic conditions of the industry, reflecting the quality of the company’s portfolio.
The company also reported a net profit margin of 31% in the first nine months of 2023, even though the interest rates increased, leading to a higher cost of financing from EGP 118m in the same period last year to EGP 308m in the first nine months of 2023, a 161% rise.
The company’s net profit after taxes grew by 31% to reach EGP 317m in the first nine months of 2023, compared to EGP 242m in the same period in 2022.