Contact Financial Holding, Egypt’s premier non-bank financial services provider, announced Tuesday its consolidated financial results for the quarter and year ending 31 December 2023. The Group showcased robust year-on-year growth, with operating income increasing by 20% in financing and 79% in insurance. Bottom-line results were equally impressive, with financing net income up by 30% and insurance net income surging by 84%.
The consolidated normalised net income ascended by 14% year-on-year to EGP 693 million, underscoring the Group’s resilience and strategic growth amidst a challenging economic landscape.
Reflecting on the year’s performance, management expressed satisfaction, stating, “Ending the year on a positive note, we delivered robust financial and operational results. Our success is a testament to our effective strategies that have not only navigated the tough macroeconomic conditions but also laid the groundwork for sustained growth.”
A closer examination of the results reveals substantial growth in the Auto and Truck segments, benefiting from notable price increases and market recovery. Notably, auto sales in Egypt rose for the second consecutive month in December, with a positive outlook for 2024 as import restrictions ease and foreign exchange availability improve. The Consumer Financing segment remains a key growth catalyst, bolstered by an expanding merchant network, diverse product offerings, and increased market penetration.
