CI Capital records EGP 560m revenues in 1Q 2021

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CI Capital Holding reported, on Thursday, its consolidated results for the first quarter (Q1) of 2021. 

The company’s revenues recorded EGP 560m, while its normalised net profit after minority, excluding one-off expenses, reached EGP 133m, up 8% year-over-year (y-o-y) and 48% y-o-y, respectively. 

CI Capital’s total financing portfolio in this period stood at EGP 10.8bn.

Hesham Gohar, CI Capital’s Group CEO, commented on the 1Q 2021 performance, “We are excited to kick start the year with such a settler set of results, despite unprecedented challenging market conditions, which demonstrates the Group’s resilient and solid balance sheet.”

“Our financing businesses successfully expanded their financing portfolios by a notable 17% y-o-y to a combined EGP 10.8bn, generating a net interest income of EGP 205m and yielding a blended NIM of 7.8%. On a reported basis, the Group recorded a net loss after minority of EGP 17m, primarily on recognition of one-off expenses of EGP 150m during the quarter,” he added.

Reefy, the Group’s microfinance arm, sustained its solid performance delivering record high KPIs across all fronts, fueled by aggressive rollout of new branches. Outstanding portfolio reached EGP 1.2bn with loan disbursements up a remarkable 23% y-o-y to EGP 494m, the highest the company has ever granted in a single quarter, served by network of 104 active branches.

Gohar continued, “Our advisory arm concluded the IPO of Taaleem Management Service in March, marking the first sizable IPO on the EGX over the past16 months, which witnessed strong appetite from institutional and retail investors and was 3.7x oversubscribed.”

“As market recovery continues to unfold, we are confident that we are on the right track and well positioned to outgrow the market as we continue to capitalize on our well diversified business model and healthy balance sheet,” he concluded.

The post CI Capital records EGP 560m revenues in 1Q 2021 appeared first on Daily News Egypt.

Source: egyptianstreets