939 million pounds CI Capital Holding’s net profits during 1Q24

CI Capital (CICH.CA), the leading diversified financial services group, announced today its financial results for 1Q24, with revenues increasing 79% y-o-y to reach c.EGP 2.9bn, while net profit after tax & minority interest recorded EGP 939mn, a 194% y-o-y increase. The Group’s total on-balance sheet financing portfolio recorded EGP 20.7bn, up 4% y-o-y.

Mahmoud Attalla, the Group’s Executive Vice Chairman and MD stated, “CI Capital continues to solidify its position as the leading diversified financial services group. CI Capital’s microfinance subsidiary, Reefy, placed in the top 100 fastest-growing companies in Africa for the second consecutive year. CI Capital Asset Management extended its leadership beyond our home market, being recognized by Forbes Middle East as one of the top 30 asset managers in the Middle East, while our investment banking franchise continued to gain international recognition from prestigious organizations.”

“The Group registered solid results for 1Q24, with revenues growing 79% y-o-y, reaching c.EGP 2.9bn and net profit after tax and minority growing 194% y-o-y, reaching EGP 939mn. CI Capital’s performance was bolstered by solid top-line growth across all verticals in addition to solid treasury and liquidity management,” said CI Capital’s Group CEO, Hesham Gohar.

“Furthermore, the Group continued to cement its market-wide leading position with outstanding lending portfolio amounting to EGP 20.7bn and continued to surpass its market peers in terms of return on equity, having exceeded 30% in RoE,” Gohar added.

Corplease, the Group’s leasing arm, ended the quarter with a total outstanding portfolio of EGP 15bn. Revenues increased 68% y-o-y to reach c.EGP 1.6bn, while net profit after tax recorded EGP 650mn in 1Q24, a significant y-o-y increase of 237%.

Reefy Microfinance Enterprise Services continued to thrive in terms of operational and financial results, with net profit after tax reaching EGP 106mn in 1Q24. Reefy continued its branch network expansion to reach a total of 162 branches across 21 governorates, while its total outstanding portfolio reached EGP 3.4bn (up 26% y-o-y) by 1Q24.

CI Mortgage Finance concluded 1Q24 with a 98% y-o-y increase in its outstanding portfolio, recording EGP 1.34bn, while extending EGP 272mn in new loans during the quarter, a 144% y-o-y increase. Revenues increased by 177% y-o-y to reach EGP 99mn, while net profit after tax reached EGP 12mn, a 288% y-o-y increase.

CI Capital’s Investment Bank posted a strong set of results, with revenues up 104% y-o-y, reaching EGP 528mn. CI Capital Brokerage total revenues grew 178% y-o-y to reach EGP 424mn, CI Capital Asset Management reported a 42% y-o-y increase in revenues to reach EGP 80mn, while total assets under management reached an all-time high of EGP 69.5bn, a 22% y-o-y growth and the investment banking division concluded 4 transactions.

“With the Group’s consistent delivery of solid results, superior returns on average equity, and notable international accolades, our ambition is to continuously diversify our product offering and geographic footprint to drive our firm’s prospects and with that in mind, I am happy to announce that we have secured board approval for the expansion of CI Capital into the GCC by setting up on-the-ground presence for the investment bank in Saudi Arabia and the United Arab Emirates, two very important markets with robust growth, deepening capital markets and significant investor appetite” Gohar concluded.