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Zawya
5 days ago
- Business
- Zawya
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. (
Zawya
19-06-2025
- Business
- Zawya
Contact Financial Holding Reports robust 306% YoY net income surge in financing and insurance divisions in 1Q-25
Contact Financial Holding's Insurance Division Shines in 1Q-25: Net Income Jumps 767% YoY to EGP 43mn Cairo, Contact Financial Holding ( Egypt's leading non-bank financial services provider, announced today its consolidated financial results for 1Q25. The Group delivered a strong start to the year, boasting a solid 30% y-o-y increase in consolidated operating income, to reach EGP 475 mn, while net income surged by 306% y-o-y closing the first quarter at EGP 59 mn. '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, 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 43mn.' commented Contact Financial Holding management. The financing division achieved strong results, with operating income growing by 14% y-o-y to EGP 372mn, Additionally, the division's net profit rose to EGP 27 mn, marking an impressive 33% y-o-y increase compared to the same period last year. Meanwhile, the insurance division continued to deliver record-breaking results. Insurance revenue surged by 73% y-o-y to reach EGP 619mn during Q1 2025, while gross written premiums (GWPs) grew by 54% y-o-y to EGP 1.07 bn, maintaining exceptional performance supported by strong results across both Sarwa Life and Sarwa Insurance. This growth contributed to a 242% y-o-y increase in the division's operating income to EGP 109mn, while net income from the insurance division recorded a remarkable 767% y-o-y surge, nearly 9x fold, to 43mn. Contact made strong strides in fintech, with ContactNow app, Egypt's first comprehensive digital financial platform. This momentum reflects the growing demand for Contact's digital financial solutions. A newly launched purchase journey now empowers customers with access to a broad range of financing products, enabling them to apply for loans directly through the app. Flexible payment options, both cash and installments, are also available, supported by strategic partnerships aimed at streamlining the overall user experience.
