Egypt’s Sarwa Capital first-half net income rises 24%

Sarwa Capital Holding’s, key provider of consumer and structured finance solutions in Egypt, first-half net income rose 24 percent to 183 million Egyptian pounds ($11 million) from 148 million last year.

The company’s consolidated earnings before taxes also increased by 30 percent.

“We are pleased to announce our interim results for the first half of 2019, a period marked by a number of key milestones and developments for the business. During the second quarter, we launched our insurance businesses, began factoring services, expanded our commercial vehicle financing operation, engaged in a number of important partnerships, and received the first Sukuk issuer license in the market,” according to a statement issued by Sarwa.

“With some of the headwinds affecting our underlying markets abating and demand recovering, we see growth potential ahead, enhanced by our expanding insurance operations and ongoing investments in technology with digital capabilities that will propel the business forward,” the statement said.

Sarwa is a pioneer in consumer and structured financial services in Egypt. Operating since 2001, Sarwa adopts innovative approaches in extending its services, offering quality services with simple procedures and reaching a wide client base through its various subsidiaries, affiliates and partners.

The company offers market leading services including new and used car financing through Contact Auto Credit, home finishing finance through Contact Mortgages, consumer goods financing through get Go Credit Services, SME asset finance through Plus Leasing, insurance products through Sarwa Insurance and Sarwa Life Insurance, in addition to an array of corporate financing services including securitisation, structured debt and debt investment management.

Sarwa is authorised and regulated by the Financial Regulatory Authority (FRA).

Source: Ahram Online