EGP 21.1 billion is Contact’s financing portfolio by the end of 2024
%18 ارتفاعا في الدخل التشغيلي و736 مليون جنيه صافي أرباح
Contact Financial Holding Company announced today its consolidated financial results for the fiscal year 2024, as the company recorded consolidated operating income of EGP 2.5 billion, achieving a growth of 18% year-on-year, while adjusted net profit increased by 6% year-on-year to record EGP 736 million by the end of the year. The company’s financing portfolio also increased to EGP 21.1 billion, reflecting its keenness to meet the growing needs of the market by providing flexible and innovative financing solutions.
In the finance sector, the company achieved strong performance, as the sector’s operating income increased by 14% year-on-year to reach EGP 2 billion, overcoming the economic challenges facing the Egyptian market.
The remarkable recovery during the second half of the year helped boost demand for various financing sector products, especially auto financing and consumer financing, in addition to the strong performance in the real estate financing and working capital financing sectors, while the sector’s operating income in the last quarter of 2024 rose to EGP 647 million, achieving a remarkable growth of 71% compared to the same period of the previous year.
The insurance sector continued to achieve record results, as total insurance premiums increased by an annual rate of 53% to record EGP 2.3 billion during 2024, driven by the strong performance of both Tharwa Insurance and Tharwa Life Insurance. This growth contributed to an annual increase in both operating income and net profit for the sector by 37% and 56% respectively during the year, to reach operating income of EGP 478 million, while net profits reached EGP 154 million by the end of the year.
This strong performance was reflected in the results of the last quarter of 2024, as total insurance premiums increased to EGP 526 million, achieving a growth of 63% compared to the same period of the previous year. This outstanding performance was supported by providing an integrated package of insurance services that meet the needs of customers, in addition to the increasing expansion in the market.
On the digital front, Contact continued its remarkable progress in the field of financial technology, as the company’s applications witnessed increasing demand, especially the “ContactNow” application, which is the first comprehensive digital financial platform in the Egyptian market. The application also enhanced its payment system through partnerships that provide users with various payment options, including cash or installment payment services, which led to an increase in the total value of transactions executed through the application at an annual rate of 38% during 2024, reflecting the increasing customer confidence in the digital solutions provided by Contact.
As for the ContactCars.com platform, it continued its remarkable growth, as the total number of monthly users increased to 1.2 million users, which strengthens its position as a leading destination for car seekers in the Egyptian market.
During 2024, the platform witnessed the launch of the “Atlabha” product, which allows customers to purchase the cars they want at the best price and in the shortest time. In addition, the car auction product for companies was launched, with the aim of facilitating car sales between dealers, which led to an increase in paid dealer registrations by an annual percentage of 27% during the last quarter of 2024.
Saeed Zaatar, CEO of Contact Financial Holding, said that the company concluded 2024 with strong results that reflect its strength and stability, supported by its flexible business model that has repeatedly proven its ability to adapt to economic fluctuations. Thanks to our clear vision, our conscious management, and our continuous focus on innovation and service development, we have succeeded in achieving sustainable growth that reflects the efficiency of our operational strategies and our team’s commitment to excellence.
He pointed out that the strong performance of the financing sector during 2024 is due to the remarkable recovery witnessed by the sector during the second half of the year, which was reflected in the increase in the volume of new financing, expressing his pride in the record results achieved by the insurance sector, which contributed to enhancing the group’s financial performance, in addition to investing in digital transformation to enhance operational efficiency and improve the user experience. This year has witnessed significant steps in this regard, most notably the development of the “ContactNow” application, which enhances our leadership in the market and gives us the confidence to continue our path of success.
