The Clap
eFinance’s (EFIH) profits jumped 72% during H1 2022 YoY, reaching EGP 479.7 million, while revenues jumped 39.5%, reaching EGP 1.3 billion.
The Deets
The high growth in revenues recorded by eFinance’s subsidiaries played a part in the increased revenues, but eFinance contributed the bigger piece of the pie with EGP 1.1 billion in revenues.
eFinance justified the large profits due to the large increase in revenues in addition to gaining EGP 44.1 million from the group’s investments in H1 2022 due to increased interest rates.
Future Plans
Ibrahim Sarhan, Managing Director of eFinance, stated that the company is aiming to expand its existing digital channels, by entereing a strategic partnership with the Agricultural Bank of Egypt to automate 50 branches of the bank.
Related News
The Saudi Public Investment Fund recently became the main shareholder in eFinance, after acquiring a 25% stake in the company.
eFinance profits up during H1 2022 ↗️
