Egypt's Contact Financial Holding Q1 net income jumps 306%
Egypt's Contact Financial Holding on Tuesday reported a 306% year-on-year surge in its first-quarter net income to EGP 59m, driven by strong performance in its insurance division.
The non-bank financial services provider said its consolidated operating income for the first quarter of 2025 rose by 30% year-on-year to EGP 475m.
'Contact's strong first-quarter results reflect the impact of our strategic pivot toward higher-margin products and the resilience of our business model, supported by gradually improving economic conditions,' Contact Financial Holding management said in a statement. 'The Group net income surged by an impressive 306% y-o-y increase, coupled with the exceptional performance from our insurance division, which recorded a 767% increase in net income to reach EGP 43m.'
The company's insurance division saw its net income rise by 767% year-on-year to EGP 43m. Operating income for the division increased by 242% to EGP 109m, while insurance revenue grew by 73% to EGP 619m. Gross written premiums were up 54% to EGP 1.07bn, which the company attributed to results across its Sarwa Life and Sarwa Insurance businesses.
In the financing division, operating income grew 14% year-on-year to EGP 372m. The division's net profit increased by 33% from the same period last year, reaching EGP 27m.
Contact also noted developments in its financial technology operations through its ContactNow app, which it described as a comprehensive digital financial platform. The company said a new feature enables customers to apply for loans directly through the app, with flexible payment options available in both cash and instalments. These features are supported by strategic partnerships aimed at improving the user experience.
© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
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