The Clap:
Financial services group CI Capital Holding reported 939 million in net profits and saw a sizable jump in revenues during the first quarter of the year.
Revenues:
The company’s revenues are up 79% YoY in the three months ending in March year to almost EGP 2.9 billion.
Finance portfolio:
The firm expanded its finance portfolio at a 4% clip during the quarter, reaching EGP 20.7 billion.
Net profit:
CI Capital saw its net income rise 194% YoY to EGP 939 million during the quarter.
A GCC expansion is in the offing:
The company’s board of directors also approved a corporate expansion into the UAE and Saudi markets. CI will reportedly launch in both countries reportedly within nine months, Asharq Business wrote, citing sources it says are familiar with the plan.
