Egypt: MCDR's profits hit $32mln in 2024; revenues jump 34%
Cairo - Misr for Central Clearing, Depository and Registry (MCDR) recorded net profits amounting to EGP 1.69 billion in 2024, according to the financial results.
The strong performance was backed by a 34% year-on-year (YoY) surge in revenue from operations, amounting to an increase of EGP 153.70 million at the end of December 2024.
Additionally, the returns on investments hiked by 78% YoY to EGP 685 million.
Hesham Mabrouk, Managing Director of MCDR, stated: "Financial results for 2024 clearly attest to the success of the institutional development programs implemented by the company, whether through updating technological infrastructure, strengthening governance, or engaging with regulatory reforms.'
'These results are particularly significant as they represent the highest annual profits since the company's establishment, reflecting the strength of its financial performance and reaffirming its position as a leading entity in the Egyptian financial market,' Mabrouk added.
He indicated: 'The company piloted the 'Egypt Clear' application for dividend disbursement, demonstrating our commitment to providing innovative digital solutions that enhance service efficiency and support our digital transformation and financial inclusion strategies."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
26 minutes ago
- Zawya
Tanzania hosts continental push for inclusive internet governance
More than 1,000 delegates from across the continent and beyond gathered in Dar es Salaam from 29 to 31 May for the 14th Africa Internet Governance Forum (AfIGF), a platform committed to shaping inclusive and locally driven digital policies in Africa. Held under the theme 'Empowering Africa's digital future,' the forum took place at the Julius Nyerere International Convention Centre. It was convened by the United Nations Economic Commission for Africa (ECA) and the African Union, in partnership with the Government of the United Republic of Tanzania. From ministers and parliamentarians to youth leaders, private sector innovators and community voices, participants discussed how Africa can strengthen its role in global digital governance and bridge structural divides in internet access and infrastructure. The opening ceremony was presided over by Tanzania's Minister of Communication and Information Technology, Jerry William Silaa, who delivered the keynote address on behalf of President Samia Suluhu Hassan. He outlined the country's digital transformation efforts, highlighting initiatives such as the Digital Economy Strategy 2024, Jamii Namba (digital ID), Jamii Malipo (interoperable payments), and Jamii Exchange (data sharing framework). 'Tanzania is ready to collaborate with the international community in ensuring that the goals of the World Summit on Information Society, Africa Internet Governance Forum, the 2030 Sustainable Development Goals and those agreed in the Global Digital Compact are achieved,' said Mr Silaa. The Tanzanian minister said hosting the forum was 'clear evidence and continuation of our commitment to bring development not only to our citizens but to the African community and the world at large.' Mactar Seck, chief of the Emerging Technologies and Digital Transformation Section at ECA, said Africa has made important progress in connectivity, growing from just 2.1 per cent in 2005 to 38 per cent today, and now leads globally in mobile money transactions. Still, 62 per cent of the population remains offline, and only a small portion of online content is produced in African languages. Mr Seck called for more investment in digital public infrastructure, stronger local content production, harmonized regulation and better digital skills development, while emphasizing the need to center the voices of youth, women and communities in digital policy. Youth IGF Tanzania coordinator Millennium Malamla urged leaders to treat young people not just as future decision-makers but as active partners shaping the continent's direction. She highlighted the importance of building innovation ecosystems, expanding access to technology and embedding youth leadership into planning and governance. Christine Grau, representing the European Union, reaffirmed the EU-AU partnership on digital cooperation. She noted that the EU is investing in Africa's digital backbone through the Global Gateway Initiative, including fibre and satellite infrastructure, to promote open and rights-based digital spaces. Among those contributing to the dialogue were Chengetai Masango, head of the UN Internet Governance Forum Secretariat, and Michel Toto, UNESCO's country representative in Tanzania. Both underscored the need for inclusive governance frameworks that reflect the continent's diversity and priorities. Over three days, the forum featured ministerial roundtables and expert workshops on artificial intelligence, cybersecurity, data governance, universal connectivity, and digital public infrastructure. It also marked the launch of Tanzania's AI readiness assessment report and commemorated the 20th anniversary of the global IGF process. The gathering concluded with the adoption of the Dar es Salaam Declaration, which reaffirms Africa's shared commitment to closing digital divides and shaping global digital policy through the Global Digital Compact and the upcoming Internet Governance Forum in Norway. Distributed by APO Group on behalf of United Nations Economic Commission for Africa (ECA).
Zawya
27 minutes ago
- Zawya
The Energy News Network (ENN): The New Independent Voice for Emerging Market Energy
The Energy News Network (ENN), a new independent platform dedicated to the stories behind energy in emerging markets, is now live. Covering corporate and public sector leaders, utilities, ministries, and regulators across Africa and beyond, ENN will track the policy shifts, investments, and diplomatic moves shaping the energy sector's evolution. Visit: Africa's energy demand is growing at twice the global average yet, with more than 600 million people still unable to access electricity, the continent needs some $25bn annually in energy investments to achieve universal access by 2030. ENN will delve into how the region can meet these ambitious targets, spotlighting the people, projects and policies defining the future of energy access, innovation, and impact. The platform features incisive editorial, expert opinion, and compelling human stories centred on Africa's 21st-century energy narrative. From renewables to mining, and from finance to frontier energy access, ENN provides independent, in-depth coverage of a sector critical to the continent's future. Current feature stories include: Exploring how Mission 300 is tackling Africa's energy access crisis and scaling clean energy solutions. A deep dive into Zambia's current energy challenges and opportunities. A profile of William Amuna, the new board chair of the Electricity Company of Ghana. Visit: Simon Gosling, founder of ENN, says: 'We're committed to telling the stories that matter most, combining expert insight with sharp analysis to shine a light on the forces shaping energy in emerging markets. Our goal is to bridge expertise with on-the-ground realities, giving voice to the people, projects, and policies driving energy transformation across Africa and beyond in the 21 st century.' Distributed by APO Group on behalf of EnergyNet Ltd..
Zawya
an hour ago
- Zawya
Nigeria: Makinde has increased Oyo economic growth index by over 4% — AfCTA
The African Continental Free Trade Area (AfCFTA) has disclosed that Governor Seyi Makinde of Oyo state has been able to grow the economy of the state by over four per cent in the past six years. Secretary General of AfCFTA, Wamkele Mene disclosed this during his visit to Ibadan, Oyo state at the weekend. He submitted that the Oyo economic growth index bested that of the average Country on the continent. 'We see the average growth rate across the continent being 3 or 3.5 per cent. To scale up above that is a testament to your leadership. 'I think it helps that you came from the private sector, you have a sense of getting things done,' he said. On the purpose of his visit, Mene said, 'We discussed this visit a few months ago when the governor and his team visited the secretariat. It was the first time that we hosted a governor. 'The purpose of us coming here is first to consolidate the collaboration between the AfCFTA and Oyo State. Second, it is for us to be aware of what investment opportunities are available in the state. 'It is very important for us to be aware. Just last week or the week before, we were in South Korea. 'We have a Memorandum of Collaboration with Korean International Trade Agency and all of the large Korean corporations are members. We meet about twice a year and the question they always ask us is where should we invest? 'There are big companies that have no presence anywhere in Africa. What we have been telling them is that they have to invest in Africa. 'This is a very important visit because it gives us a very strong investment case to make when we meet with those that are seeking to invest. 'Another reason this meeting is important is that yesterday, we had to give a report to President William Ruto on African Union climate change and we mobilized all of our development finance institutions. 'The President tasked me to bring them to the table so that we can jointly identify opportunities to invest in green infrastructure, agro-processing etc. 'We came out of that meeting with a long list of bankable projects and investment portfolio that will be spread across the continent. 'We are well positioned to support the establishment of a green industrial technology sector, we have the capability for solar or renewable energy', those kinds of projects would be supported through this syndicated financing that we are agreeing to with the development financing institutions that I have mentioned.' In his address, Makinde has assured intending local and foreign investors of adequate legislation that would enable their businesses to thrive The governor said, 'I know that political risk is something that most investors don't want to deal with. While I am here, I believe we have the opportunity to lock things up for the next 25 to 30 years and back it up by law. We have a legislative arm that is on the same page with the executive in terms of how to develop our state.' Speaking on the comparative advantage of the state, Governor Makinde said, 'Oyo State is central in the geography of Nigeria and that of West Africa. We share a common border with the Republic of Benin, which means we have access to the West African sub-region in terms of developing the market. 'We are upgrading our airport in Ibadan to international standard. Why we took that decision is not far-fetched. In Africa, you have three major airlines that go everywhere. 'The largest is Ethiopian Airline, followed by Kenyan Airline and the Rwandan Air. Oyo State is bigger than Rwanda but they have an airline that goes everywhere. Nigeria is in the centre geographically. So, how come we are connecting through Ethiopia, Kenya, Rwanda or Morocco? Wherever you are going, you first go Far West or Far East and then you try to connect elsewhere. 'We felt because of the geography and in terms of how much is spent on fuel and trying to connect, if we develop a Kigali-type of airport here in Ibadan, we may be able to attract people who don't have too much time to waste connecting. 'The air side will be ready in September; the terminal itself will be ready in the second quarter of next year. 'We have a land that is arable; you can literally grow anything here. In terms of agribusiness, we have a competitive advantage. We also have competitive advantage in terms of solid minerals. 'This is a major lithium belt. We believe that we can also develop that quickly.' The governor also said that the state plans to turn the Rasidi Ladoja Circular Road axis into a world-class environment, a city that would be planned to international standards right from the outset. He said, 'We just set up a new authority in Oyo State through which we are trying to have new towns and cities developed to international standards, a first world environment. The Circular Road is a 110-km road round the city of Ibadan and we have another 4,000 hectares into a new city, which we believe will be up to international standards. We have the opportunity to plan it right from the scratch. 'The first segment of the Circular Road will be ready before the end of the year. It will be ready for concessioning as well with all the real estate around it.' Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
