Cairo -  e-finance for Digital and Financial Investments posted a 56.40% year-on-year (YoY) surge in consolidated net profit after the non-controlling interest (NCI) to EGP 1.25 billion in 2023 from EGP 803.90 million.

Total consolidated revenues jumped 47.50% YoY to EGP 3.89 billion last year from EGP 2.64 billion, according to the annual financial results.

e-finance’s total assets reached EGP 7.63 billion at the end of 2023, versus EGP 5.93 billion a year earlier.

Fourth quarter Results

During the fourth quarter (Q4) of 2023, the company suffered a 9.20% YoY decline in consolidated net profit after NCI to EGP 110.30 million from EGP 121.50 million.

Total consolidated revenues, however, soared 60.60% YoY to EGP 1.13 billion in Q4-2023 from EGP 706.20 million in the same quarter the year before.

Standalone Profits

The company’s standalone net profit after tax soared to EGP 804.01 million last year from EGP 496.66 million in 2022.

Standalone revenue recorded EGP 808 million in the 12-month period that ended on 31 December 2023, an annual surge from EGP 547.90 million in the comparative period a year earlier.

The basic earnings per share (EPS) leapt to EGP 0.36 last year from EGP 0.22 in 2022.

Cash Dividends

e-finance’s board of directors has approved the disbursement of cash dividends amounting to EGP 0.19 per share in addition to the dividends that were distributed for the first half (H1) of 2023.

Ibrahim Sarhan, Chairman of e-finance for Digital and Financial Investments, said: “The group’s consistent strong performance underscores its ability to meet operational, financial, and strategic objectives amidst an ever-changing macroeconomic landscape.”

“On the operational front, we have successfully positioned e-finance as a pivotal digital transformation enabler for financial services in support of Egypt’s financial inclusion agenda. In 2023, we were committed to bolstering information security within digital banking amidst a backdrop of increasing cyber threats plaguing the region,” Sarhan highlighted.

During the first nine months (9M) of 2023, e-finance logged EGP 1.14 billion in net profit attributable to the shareholders, an annual leap from EGP 682.45 million.

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