Egypt’s E-Finance 2021 net profit grows 46.9% y-o-y

Egypt’s leading fintech player, E-Finance reported on Wednesday a 46.9 percent year-on-year growth in net profit for 2021.

Net profit recorded 519.7 million Egyptian pounds ($33 million) in 2021, up from 519.7 million pounds in 2020, according to the consolidated financial statement the company sent to the Egyptian bourse earlier.

Consolidated revenues rose 59.3 percent year-on-year to 1.963 billion pounds from 1.232 billion pounds in 2020, with the primary growth contributions coming from the company’s flagship subsidiary, e‐finance Digital Operations and eCards.

“Revenue growth for the year was broad‐based, with all Group subsidiaries reporting strong top‐line increases. The lion’s share of top‐line growth in 2021 was contributed by e‐finance for Digital Operations and eCards.”

Ibrahim Sarhan, chairman of E-Finance, said the growth in revenues as the company drove “strong top‐line expansions at each of our lines of business.”

“Broad‐based revenue growth was driven both by legacy businesses and lines of business that have been newly introduced as part of our comprehensive restructuring of the Group’s operations.” Sarhan added.

Speaking about the group’s future plans, the chairman said: “we plan to further accelerate investment in technology in the months and years ahead, helping us to stay ahead of the market and to achieve our mandate as comprehensively as possible.”