News & Press Releases

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.

EFIG took its first step towards expanding its business beyond the borders of Egypt and penetrate the Arab and African markets, The Group signed an MoU with the Saudi Company “Thiqah Business Services”, which specializes in providing innovative digital transformation solutions and digital services to the public and private sectors in Saudi Arabia. This agreement will result in maximizing returns for our shareholders and securing foreign currency sources of revenue. The MoU between EFIG and the "Thiqa" comes within the framework of both parties' continuous efforts to strengthen international partnerships and benefit from each other’s expertise and experiences in the smart solutions field, in addition to improving and developing digital services in the Arab world. Ibrahim Sarhan, Chairman and CEO of EFIG, expressed his pride in signing the MoU with Thiqa, adding that the Saudi market is one of the fastest growing markets in this period and has unlimited growth potential, making it the first choice for the group to expand abroad.    The MoU was signed by Mr. Mahmoud Hosny, Chief Investment & Strategic Planning Officer of EFIG and Eng. Bader bin Abdullah Al-Omari, CEO for Commercial and Strategic Partnerships at THIQAH Business Services in the presence of Eng. Hossam EL-Goly, CEO of eFinance.

eFinance, a subsidiary of eFinance Investment Group, received the honoring of Prime Minister Dr. Mostafa Madbouly during the conference of the National Initiative for Green Smart Projects in the presence of several government ministers and leaders of international organizations in light of the company's efforts and participation in the initiative by replacing cars working with fuel with others that work with natural gas. Prime Minister Dr. Mostafa Madbouly honored Mr. Ibrahim Sarhan, Chairman and CEO of eFinance Investments Group, for its great role in the initiative during which eFinance provided many digital transformation processes and efforts to ensure the facilitation of procedures and the success of the implementation of the system in accordance with the latest digital systems and mechanisms. The ceremony took place in the presence of Dr. Hala El-Said, Minister of Planning and Economic Development, Ambassador Sameh Shoukry, Minister of Foreign Affairs, Dr. Rania Al-Mashat, Minister of International Cooperation, Dr. Yasmine Fouad, Minister of Environment, Dr. Amr Talaat, Minister of Communications, Major General Hisham Amna, Minister of Local Development, Prof. Dr. Mahmoud Mohi eldin, UN Climate Change High-Level Champion for Egypt at COP, and Dr. Maya Morsi, President of the National Council for Women in Egypt. eFinance has played a pivotal role in the construction, management and operation of the natural gas replacement system of cars since its launch, and its social, environmental and industrial dimensions have contributed mainly to reducing carbon emissions and reducing environmental pollution caused by the exhaust of old cars as well as reducing the operating costs of these cars. The Auto Replacement Initiative has so far succeeded in receiving more than 40,000 applications on the website, and more than 21,000 obsolete cars that were a major cause of environmental pollution in Egypt have been scrapped, as well as replacing those cars with environmentally friendly natural gas using ones supporting the economic and social dimension of that initiative. eFinance's efforts towards climate-supporting projects reflects full commitment to the United Nations’ recommendations for climate change, revealing the efforts of the state and its institutions in supporting climate issues over the past years within the framework of Egypt's Vision 2030, and in conjunction with the preparations for the COP27 climate summit hosted by Egypt in Sharm el-Sheikh. Mr. Ibrahim Sarhan expressed the Group's pride in this prestigious honor with a selection of Egyptian government ministers and under the patronage of His Excellency President Abdel Fattah El Sisi, which pushes us all towards more work and dedication in the service of smart green projects, which have long been the basis, goal and common denominator in all the Group's works and projects.