This came in the company’s consolidated financial results for the three-month period ending March 2023. The company cited Contact’s Consumer Finance, Auto, Commercial Trucks, and Working Capital products, as the main driver behind the strong year-on-year growth. This was supported by the solid expansion in new financing, the division’s operating income expanded 28% year-on-year to reach EGP 462m in 1Q-2023. The results showed that financing net income fell by 14% while insurance net income rose by 35%, with consolidated normalized net income recording EGP 178m, representing a 3% year-on-year expansion. Accordingly, insurance operating income was up 43% year-on-year to EGP 81m, with the segment’s net income recording EGP 25m in 1Q-2023, up 35% year-on-year.

Source: Daily News Egypt May 30, 2023 17:49 UTC