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June 29, 2022


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Connect capital achieves consolidated net profit of EGP 692 million during 2023

The Consolidated Financial Statements of connect financial holding company revealed, during 2023, the company’s profits increased by 37.7%, year-on-year.
The company’s net financing and fraud revenues during the past year amounted to about 1.74 billion pounds, compared to 1.45 billion pounds in 2022.
It showed a combined net profit of 692,207,913 pounds compared to the company’s Net Profit of 510,713,106 pounds during the period from 01/01/2022 to 31/12/2022

As for the independent financial statements, Net Profit after tax amounted to EGP 329.12 million in 2023, compared to EGP 327.61 million profit in 2022.
Contact Financial Holding Company achieved a profit of 463.31 million pounds during the period from January to the end of September 2023, compared to a profit of 350.45 million pounds in the comparative period of 2022, taking into account minority rights.

The operating income of the finance and insurance sectors increased by 20% and 79% year-on-year respectively during the year
The company’s net income from managed portfolios during the nine months amounted to EGP 821.77 million, compared to EGP 513.84 million during the comparative period of 2022.
The company’s net income from dividend increased during the period to EGP 399.27 million, compared to EGP 362.45 million during the same period last year.
At the level of non-consolidated business, the company turned to profitability to record EGP 157.24 million in profits, compared to EGP 7.41 million in losses during the comparative period of 2022.

In the finance sector, the company saw the total volume of new financing grow by 46% year-on-year to 16.6 billion in 2023, driven by the strong performance of consumer finance and car finance products. As a result, the operating income of the sector increased by 20% year-on-year to EGP 1.7 billion during 2023
At the regional level, the company is moving forward in the development of its business in Kenya through its subsidiary company “Almasi”, where the company has succeeded in concluding financing contracts worth 1.9 billion Kenyan shillings since its launch, noting that” Almasi ” represents a pivotal pillar of the company, as it will allow it to expand its business in the Kenyan market, as well as the markets of the region in general during the coming years.

Commenting on the business results, Saeed zaatar, CEO of connect Financial Holding, said: “the results are the culmination of the efforts of our team and our evolving strategy, despite the economic challenges witnessed in the region, the company has achieved strong performance in all its sectors, where the net profit of the finance and insurance sectors increased by 30% and 84%, respectively, and the net profit reached 692 million pounds, which represents a growth of 36%.

“This growth is not a coincidence, but is due to our constant focus on innovation and the development of diversified financial solutions that meet the changing needs of our customers . For example, the ContactNow application has witnessed a significant growth in the number of registrations and instant funding requests, which indicates our success in meeting the growing demand for digital financial services, “he added.

“In addition to enhancing the digital experience, we have also managed to achieve outstanding results in the finance sector, with significant growth in the automotive and consumer finance sectors, and I am pleased to witness the record results achieved by the insurance sector, which reflects the growing customer confidence in our products and services,”he added.

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