CI Capital reports 128% hike in 9-month profit as revenues accelerate
Company’s profit after taxes, minority interest, increased by 2.3 times
CI Capital Holding, Egypt’s leading diversified financial services group, announced its consolidated financial statement for the nine-month period which ended on 30 September,recording total revenues of EGP 1.8bn.
The company’s revenues from January to September marked an increase of 51% on a year over year (y-o-y) basis, while its net operating profit reached EGP 525.6m, up 140% y-o-y.
The CI Capital’s net profit before taxes recorded EGP 467.8m, up 133% y-o-y, while its net profit after tax and minority interest reached EGP 304.7m, up 128% y-o-y.
The company’s leasing activities’ revenues increased by 37% y-o-y, to reach EGP 1.2bn,with a total outstanding leasing portfolio of EGP 5.4bn until September 2018, a y-o-y growth of 25%.
Microfinance revenue and net profits climbed by 2.5 times and 3.9 times y-o-y, to reach EGP 221.7m and EGP 77.8m respectively.
Total outstanding microfinance loans of EGP 621.9m at the end of the nine-month period.
The company’s assets under management reached EGP 8.2bn, up 10% y-o-y, and its brokerage market share reached 10.4% in the first half of 2018 versus 10.0% in the nine-month period of 2017.
The company’s investment banking advisory fees increased 16% y-o-y to record EGP 59.7m.
Commenting on the nine-month performance, Hazem Badran, CI Capital’s Co-CEO, said that the company’s strategy and diversified service offerings have once again delivered a strong set of results during the third quarter (Q3) of 2018.
“I am particularly pleased with the performance of our non-banking financial services (NBFS) platform, Corplease and Reefy that continued to deliver very strong growth in revenues and profitability.The NBFS represented 74% of the group’s consolidated net profit after tax,” Badran added.
The investment bank’s performance in Q3 was negatively impacted by global turmoil which affected market trading volumes,and delayed the closure of some investment banking transactions in emerging markets. However, the asset management division delivered very strong results due to its superior performance versus peers in the local market during this period.
“I am particularly pleased with our financial results during the first nine months of the year in which revenues grew by 51% y-o-y to reach EGP 1.8bn, up from EGP 1.2bn in the comparable period of 2017. The company’s net profit after tax and minority interest increased by 2.3 times to reach EGP 305m,” he added.
“In light of our strong performance during this period, I am also confident of the group’s ability to meet its operational and financial targets for the whole year,” Badran stated.