CI Capital Holding crosses the EGP 3bn mark in revenues during 1H23 with Net Profits recording EGP 517mn

August 22, 2023

Revenues reached a new high of EGP 3.1bn, an increase of 92% y-o-y
Net Profits after tax gained 52% y-o-y
The Group’s on-balance sheet financing portfolio reached EGP 20bn

CI Capital (CICH.CA), the leading diversified financial services group, announced today its financial results for 1H23, with revenues increasing 92% y-o-y to reach EGP 3.1bn, while net profits after tax & minority interest recorded EGP 517mn, a 52% y-o-y increase. The Group’s total on-balance sheet financing portfolio increased 27% y-o-y to reach a new high of EGP 20bn achieving no.1 rank in Egypt.

“CI Capital delivered a solid set of operational and financial results across all business lines in the first half of 2023. The Group’s on-balance sheet financing portfolio reached a new high of EGP20bn, while revenues across leasing, microfinance, and mortgage recorded strong y-o-y gains,” Stated CI Capital’s Group CEO, Hesham Gohar.

“CI Capital’s investment banking division continued to build up momentum across debt capital markets while advising on landmark ECM and M&A transactions in 1H23. CI Capital Securities Brokerage also more than doubled its revenues in 1H23 and maintained a leading rank on the market. CI Capital Asset Management maintained its top performance rating across different asset classes while growing its AUMs.” Added Gohar.

The Group’s leasing arm Corplease grew its outstanding portfolio by 26% y-o-y to reach EGP 15.6bn by the end of 1H23. Corplease recorded a 113% y-o-y increase in revenues to reach EGP 1.76bn, while net profit after tax increased 55% y-o-y to record EGP 293mn by the end of 1H23.

The Group’s microfinance arm, Reefy Microfinance Enterprise Services, continued its exceptional financial and operational results. Reefy’s outstanding portfolio reached its highest-ever level since inception with a total of EGP 2.95bn (up 48% y-o-y) and a net profit after tax reaching EGP 202mn, up 28% y-o-y. During 1H23, Reefy extended EGP 2.1bn in new loans (up 38% y-o-y) while expanding its network by adding 22 new branches, reaching a total of 154 branches serving 169,000 customers across 21 governorates.

CI Mortgage Finance, the Group’s mortgage finance platform, maintained its growth trajectory, with its outstanding portfolio growing 38% y-o-y, reaching EGP 793mn by the end of 1H23. Total revenues gained 138% y-o-y reaching EGP 88mn. The company also extended new loans worth EGP 305mn during 1H23, a 5% y-o-y increase.

Despite the ongoing challenges across equity capital markets, CI Capital’s Investment Bank posted a stellar performance, with revenues up 77% y-o-y, reaching EGP 542mn. CI Capital Investment Banking advised on multiple high-profile transactions, including one of Egypt’s largest-ever debt issuances, a landmark cross-border M&A, and a notable ECM transaction on the EGX. CI Capital Securities Brokerage concluded 1H23 with total revenues growing 131% y-o-y to reach EGP 294mn. CI Capital Asset Management reported a 287% y-o-y surge in revenues reaching EGP 105mn, while total assets under management “AUM” reached EGP 55.9bn, a significant 296% y-o-y growth.

“CI Capital continues to weather market challenges with the help of its dedicated team and resilient, diverse business model. The Company was able to reinforce its position as Egypt’s leading diversified financial services group and continue to ramp up its ambitious plans to expand beyond our home market Egypt within the next months,” Concluded Gohar.