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CI Capital Holding's revenues in first half of 2019 rise 34.9% y-o-y

CI Capital Holding's revenues in first half of 2019 rise 34.9% y-o-y

ArabFinance:  CI Capital Holding for Financial Investments (CICH), Egypt’s leading diversified financial services group, announced today its consolidated financial results for the first half period ending 30 of June 2019. H1 2019

Consolidated Financial and Operational Highlights

- Total revenues recorded EGP 1.1 billion, up 34.9% year-on-year (y-o-y)

- Net operating profit reached EGP 343.9 million, up 30.6% y-o-y

- Net profit before tax of EGP 308.8 million, up 30.4% y-o-y

- Net profit after tax and minority interest of EGP 207.7 million, up 38.8% y-o-y

- Revenue from leasing activities up 68.9% y-o-y to reach EGP 768.2 million with a total outstanding leasing portfolio of EGP 8.1 billion at the end of H1 2019, a y-o-y growth of 53.4%

- Micro-finance revenues and net profit up 16.8% and 19.0% y-o-y to reach EGP 163.5 million and EGP 56.7 million respectively. Total microfinance loans outstanding reached EGP 660 million at the end of H1 2019

- Assets under management (AUMs) reached EGP 9.1 billion, up 10% y-o-y

- Brokerage market share reached 9.7%2 in H1 2019, ranking 2nd among all brokerage houses

- Investment banking advisory revenues recorded EGP 33.7 million

Commenting on the H1 2019 performance, Chairman & Group CEO, Mahmoud Attalla stated:

“We’re pleased to announce the results for the first half of 2019 as we continue to pursue our strategic initiatives in our existing business and other growth opportunities that serve a broader array of clients. We continue to see positive momentum in Egypt’s macroeconomic outlook as a result of fiscal reforms, ambitious infrastructure projects, as well as an anticipated monetary easing expected to take place starting later during the year.

During the first half of 2019, the group continued to deliver robust growth in its financing business3 portfolio which grew 47% y-o-y to reach EGP 9.3 billion and was a key driver to achieve solid revenue growth of 35% year on year to reach EGP 1.1 billion. The investment bank’s performance was negatively impacted by subdued stock market conditions which we expect will improve upon commencing of the monetary easing cycle. The growth in revenues coupled with tight controls on cost has led to a net profit after tax and minority interest of EGP 207.7 million growing 39% y-o-y.

During the first half of 2019, we have embarked on two new initiatives to expand our financing business offering, namely, mortgage and consumer finance. Good progress has been made on both initiatives including the hiring of their respective management teams and we are working towards commercial launch before year end.”

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