CI Capital achieves record-breaking 1Q24 results: EGP 2.9bn revenues, EGP 939m in profits

Daily News Egypt
4 Min Read

CI Capital announced Tuesday its financial results for 1Q24. Revenues increased by 79% year-on-year, reaching approximately EGP 2.9bn, while net profit after tax and minority interest recorded an impressive EGP 939m—a remarkable 194% year-on-year increase. The Group’s total on-balance sheet financing portfolio also grew, reaching EGP 20.7bn, up 4% year-on-year.

Mahmoud Attalla, the Group’s Executive Vice Chairman and Managing Director, emphasised CI Capital’s position as a leading diversified financial services group. Notably, CI Capital’s microfinance subsidiary, Reefy, secured a spot among the top 100 fastest-growing companies in Africa for the second consecutive year. Additionally, CI Capital Asset Management gained recognition beyond its home market, being listed by Forbes Middle East as one of the top 30 asset managers in the region. The investment banking franchise also continued to earn international acclaim from prestigious organisations.

Hesham Gohar, CI Capital’s Group CEO, highlighted the solid performance in 1Q24. The robust revenue growth of 79% year-on-year, reaching approximately EGP 2.9bn, and the remarkable net profit after tax and minority growth of 194% year-on-year, reaching EGP 939m, were supported by strong top-line growth across all business verticals. Effective treasury and liquidity management further contributed to CI Capital’s success.

Furthermore, the Group maintained its market-leading position, boasting an outstanding lending portfolio of EGP 20.7bn. CI Capital consistently outperformed its peers in terms of return on equity (RoE), exceeding 30%.

Corplease, the Group’s leasing arm, closed the quarter with a total outstanding portfolio of EGP 15bn. Revenues surged by 68% year-on-year, reaching approximately EGP 1.6bn, while net profit after tax stood at EGP 650m in 1Q24—a significant 237% year-on-year increase.

Reefy Microfinance Enterprise Services continued its impressive performance, achieving net profit after tax of EGP 106m in 1Q24. Reefy expanded its branch network to 162 branches across 21 governorates, and its total outstanding portfolio reached EGP 3.4bn, reflecting a 26% year-on-year growth.

CI Mortgage Finance experienced a remarkable 98% year-on-year increase in its outstanding portfolio, reaching EGP 1.34bn. During the quarter, CI Mortgage Finance extended EGP 272m in new loans—a substantial 144% year-on-year increase. Revenues surged by 177% year-on-year, reaching EGP 99m, while net profit after tax reached EGP 12m—a remarkable 288% year-on-year growth.

CI Capital’s Investment Bank achieved impressive results, with revenues soaring by 104% year-on-year to reach EGP 528m. CI Capital Brokerage also performed exceptionally well, with total revenues growing by 178% year-on-year to reach EGP 424m. CI Capital Asset Management reported a 42% year-on-year revenue increase, reaching EGP 80m. The division’s total assets under management reached an all-time high of EGP 69.5bn, reflecting a 22% year-on-year growth. Additionally, the investment banking division successfully concluded four transactions.

Looking ahead, Gohar expressed CI Capital’s ambition to diversify its product offerings and expand its geographic footprint. The Group has secured board approval for CI Capital’s expansion into the Gulf Cooperation Council (GCC) by establishing an on-the-ground presence for the investment bank in Saudi Arabia and the United Arab Emirates—two crucial markets with robust growth, deepening capital markets, and significant investor appetite.

 

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