Business

Egyptian “e-finance” plans to expand abroad with Saudi PIF

The Egyptian “e-Finance for Financial and Digital Investments” seeks to expand abroad with the Saudi PIF (Public Investment Fund) , during the second or third quarter of this year, according to Ibrahim Sarhan, Chairman and Managing Director of the company, in an interview with “Economy East” magazine.

 

The Saudi sovereign fund acquired about 25% of the shares of “e-finance” in 2022. The company was established in 2005, and it specializes in developing and managing the technological infrastructure for financial and digital transactions and is responsible for the Egyptian government’s financial network.

 

Sarhan added, during the interview with “East Economy”, that his company made “a promotional tour in Dubai last week, and we will tour Saudi Arabia with the Public Investment Fund, and we will expand abroad between the second and third quarters of this year.”

Electronic payment system solutions

 

“e-finance” provides electronic payment system solutions to a number of ministries and government agencies, including the Ministry of Social Solidarity, Petroleum, Finance, Tourism, Justice, Communications and Information Technology, Planning and Economic Development, Military Production and Investment, Interior, as well as the Customs Authority and the National Organization for Social Insurance, and other government and private agencies.

 

Sarhan revealed that his company is allocating new investments worth two billion pounds during 2023 in companies affiliated with “e-finance”.

 

Business results

The company’s consolidated annual profits rose 55% to 803.9 million pounds in 2022, achieving the highest level in its history, driven by a 35% increase in revenues, on an annual basis, to 2.65 billion pounds, also recording the highest number ever.

 

The company’s annual profit and revenue growth was supported by revenues from cloud computing services and technology operating electronic markets.

 

On a quarterly basis, “e-finance” profits fell 13% to 121.5 million pounds in the fourth quarter of 2022, despite revenues growing 6.4% to 706.2 million pounds.

 

The decline in quarterly profits is due to pressures resulting from the difficulties faced by the subsidiary, “e-Cards”, in providing dollars and card chips, in addition to refunding part of the recorded revenues after canceling one of the contracts, according to Sarhan.

 

The company recommended a distribution of 0.23 pounds per share for 2022 profits, compared to 0.10 pounds last year, and the company needs the shareholders’ approval to implement the recommendation.

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