EFIG Announced today its standalone and consolidated results for the quarter ended 31 March 2023. EFIG's consolidated revenues grew 37.3% y-o-y to EGP 768.0 million on the back of strong results delivered by e-finance Digital Operations, eAswaaq, and eKhales, in 1Q2023. The Group’s profitability also improved during the period, booking an EBITDA increase of 51.7% y-o-y to EGP 331.9 million and a margin expansion of 4.1 percentage points to 43.2% in 1Q2023. Parallel to this, net profit after non-controlling interests (NCI) increased by 40.7% y-o-y to EGP 281.9 million, yielding a year-on-year net profit margin expansion of 91 basis points to 36.7% in 1Q2023. e-finance Digital Operations continued to benefit from the growing value generated from its cloud hosting services coupled with a significant increase in revenue generated from variable-fee transactions during the period. The Group’s positive performance amidst challenging market conditions was further supported by stellar triple digit revenue growth at eAswaaq and double-digit revenue growth at eKhales during the period. The Group’s flagship subsidiary, e-finance for Digital Operations contributed the majority of the Group’s revenue in 1Q2023, which stood at a contribution of 93% at the end of the quarter. The subsidiary recorded a top-line increase of 42.4% y-o-y to EGP 714.6 million after inter-company eliminations in 1Q2023 as it continued to reap the rewards of its growing cloud hosting services. Cloud revenues grew by a stellar 151.3% y-o-y to EGP 207.6 million during the period. Parallel to this, the subsidiary’s solid performance was further supported by a 53.4% y-o-y increase in transaction-based revenue, which came on the back of a 27.1% y-o-y increase in fixed-fee revenue and a 78.2% y-o-y increase in variable-fee revenue in 1Q2023. Solid results from the subsidiary’s transaction-based and cloud hosting revenue streams offset the 11.3% y-o-y decline in build & operate revenue in 1Q2023. Revenue at eCards declined by 28.8% y-o-y to EGP 24.7 million after inter-company eliminations in 1Q2023 due to a 24.0% y-o-y fall in card production revenue. This reflects management’s decision to lower card production revenues due to an unfavorable FX environment and the impact of global supply chain constraints on chip availability. It is worthy to note that the subsidiary’s card management services booked strong revenue growth and eCards’ management anticipates increased value generation from this revenue stream going forward. eKhales booked a 21.7% y-o-y increase in post-elimination revenue to EGP 10.9 million in 1Q2023.

eFinance, EFIG's subsidiary, has partnered with LogRhythm to rapidly detect and mitigate threats in Egypt’s digital payment security ecosystem with LogRhythm SIEM. eFinance’s flagship Government Financial Network processes an annual aggregate of around 500 million transactions for 1.6 trillion Egyptian Pounds (EGP) between government payments and collections.  Due to the critical nature of its service, it implemented LogRhythm security information and event management (SIEM) to enhance its cybersecurity posture with a solution it could rely on to rapidly detect and mitigate threats, support its financial and hosting services and ultimately help it safely provide its integrated digital payment platforms in Egypt.    LogRhythm came up with a tailored approach for eFinance to reduce MTTD and MTTR to threats. “It’s clear to see that LogRhythm’s people and culture set it apart from its competitors. LogRhythm doesn’t just provide a solution, it provides continuous support to help us achieve the strongest possible security posture,” said Mahmoud Dorgham, InfoSec Head at eFinance.  “Not many SIEM solutions on the market support our need to scale. LogRhythm SIEM provides us with a flexible, scalable, and reliable solution that can evolve to match the ever-changing threat environment,” Dorgham added. “Their integration capabilities, and its user-friendly interface and dashboards allow our analysts to drill down on emerging security risks in real time.”  By deploying LogRhythm SIEM, eFinance gained the tools to establish a fully functional security operations center (SOC) with a unified security solution that could grow with its business.

EFIG won the Large Cap IR Award for 2022 during the EGX Awards Ceremony 2023, which was held at the National Museum of Egyptian Civilization.This award is the result of the Group's strategy and commitment toward our investors & continuation of our strong launch as the largest offering in the history of the Egyptian Stock exchange.