The Clap
Contact Financial Holding released its standalone Q1-24 financial statements.
The Breakdown:
Net Operating Income dropped to a loss of EGP 4.2 million, compared to a profit of EGP 79.7 million in the previous comparable period.
- The massive drop was mainly driven by “proportions and underwriting income” dropping to EGP 2.5 million from EGP 85.6 million
Net Income subsequently dropped a profit of EGP 80 million to a loss of EGP 4 million
The Company:
Contact Financial Holding (previously Sarwa Capital Holding) is a large EGX-listed non-banking financial services player with a diverse set of offerings. Notable brands include Contact, the first specialized consumer finance company in Egypt, founded in 2001; Sarwa insurance, offering personal and commercial insurance, Sarwa Life, offering life and medical insurance; Finally, contactcars.com, a dominant automotive portal in Egypt.
