The financing portfolio of Contact Financial Holding jumped to about EGP 18.1bn during the first half (1H) of this year, compared to EGP 12.4bn in 1H 2022, a growth rate of about 46%.
The company’s net profits grew during the first six months of this year to about EGP 287m, a growth rate of 21%, compared to a combined profit of EGP 238m during the first half of last year.
The company witnessed the growth of the total volume of new financing by an annual rate of 55% to EGP 7.9bn during the first half of 2023, supported by the strong performance of consumer financing products and financing cars and trucks.
Saeed Zaatar, CEO of Contact Holding, said: “With the first six months of the year now behind us, we are confident that despite the macroeconomic challenges that are likely to accompany us throughout the remainder of 2023, Contact remains well on track to deliver on both its shorter- and longer-term targets.
In the consumer financing division, we see growth for the second half of the year being supported by our increasingly diversified product portfolio coupled with new product launches. On this front, during the first half of the year, the division launched another set of products, introducing financing services for social events, motorcycles, and watercraft.
These are just a sample of the multiple new products currently in our pipeline which we will look to bring online as the year progresses. In parallel, we will continue to expand and enhance our digital capabilities in order to deliver a best-in-class product offering and experience to our steadily-expanding user base. On this front, we are excited to be adding new saving and investment tools to our ContactNow app later in the year, further complementing an already rich offering.
We are also looking forward to capturing the full potential offered by our Lending as a Service (LAAS) initiative, a recent addition to our digital solutions portfolio which saw Contact once again emerge as an innovator in the Egyptian market. In parallel, we remain on the lookout for attractive investment opportunities to provide new services to our customers and secure new growth avenues for the company.
On the regional front, we are keen to make further progress on the ramp up of our Kenyan affiliate, Almasi, which will not only enable us to capitalize on the significant upside offered by the Kenyan market but will also act as a base from which to pursue further regional expansion in the coming years,” management concluded.
