CI Capital, a premier diversified financial services group, today disclosed its FY23 financial outcomes, showcasing a 68% year-over-year revenue surge to EGP 6.6bn. Net profits after tax and minority interest climbed by 31% year-over-year, reaching EGP 1.04bn. The group’s total on-balance sheet financing portfolio concluded the year at EGP 18.3bn, marking a 4% year-over-year increment, following a EGP 4bn securitization of its portfolio.
“CI Capital’s exceptional performance this year was propelled by robust growth across all business sectors, despite complex challenges such as interest rate hikes, heightened inflation, and a deceleration in deal-making activities. Our record-breaking results, both in revenue and profit, reflect CI Capital’s expansive scale, versatile business model, solid liquidity, and our team’s unwavering commitment,” stated Hesham Gohar, CI Capital’s Group CEO.
Gohar added: “Even after securitizing EGP 4bn from our portfolio, we managed to foster growth within our NBFS portfolio across diverse lending platforms. Additionally, our merchant banking division has been enhancing value through investments in education and healthcare services. This year, CI Capital has emerged as Egypt’s top asset manager and a leading advisor in ECM, M&A, and DCM, surpassing market peers in cost-to-income ratios and return on average equity.”
Corplease, the group’s leasing subsidiary, finalized its 13th securitization transaction, valued at EGP 3.2bn in Q4’23. Its total outstanding portfolio reached EGP 13.1bn by year’s end. Corplease experienced a 70% year-over-year revenue increase, totaling EGP 3.67bn, while net profit after tax rose by 36% year-over-year to EGP 701m.
In the face of intensifying competition, Reefy Microfinance Enterprise Services maintained its upward trajectory. Reefy disbursed EGP 4.3bn in new loans, a 30% year-over-year increase, and expanded its branch network by 30, totaling 162 branches across 21 governorates. Its outstanding portfolio grew by 33% year-over-year to EGP 3.3bn, following the company’s first securitization bond issuance worth EGP 813m. Reefy’s net profit after tax climbed by 30% year-over-year to EGP 434m.
CI Mortgage Finance wrapped up FY23 with a 99% year-over-year increase in its outstanding portfolio, reporting EGP 1.35bn. The firm issued EGP 844m in new loans, a 53% year-over-year rise. CI Mortgage’s total revenues soared by 159% year-over-year to EGP 238m.
CI Capital’s Investment Bank unveiled robust results, with an 88% year-over-year revenue boost to EGP 964m. CI Capital Brokerage’s total revenues escalated by 83% year-over-year to EGP 611m. On the asset management front, CI Capital Asset Management’s revenues skyrocketed by 178% year-over-year to EGP 264m, with total assets under management peaking at an unprecedented EGP 65.7bn, a 23% year-over-year growth. The firm concluded the year as Egypt’s leading mutual fund manager by AUM and fund count, ranking among the top managers in the MENA region.
CI Capital Investment Banking generated EGP 90m in revenues, advising on 14 transactions worth over EGP 35.2bn, encompassing ECM, M&A, and DCM. The division ended the year acclaimed as Egypt’s top debt advisor and best M&A house by prominent global financial publications.
“CI Capital wrapped up a demanding year with outstanding financial and operational results across all business lines. With the Egyptian Government’s recent fiscal and monetary reforms, we anticipate further growth, positioning Egypt as a prime destination for emerging market investors in the near and distant future,” concluded Gohar.
