Cairo – Mubasher: Al Tawfeek for Financial Lease (AT Lease) is looking to generate around EGP 70 million in net profit by the end of this year.

The Egyptian leasing firm is expected to achieve a net profit of EGP 34 million during the first half of 2018, Al Tawfeek said in a filing to the Egyptian Exchange (EGX) on Monday.

The company also projected sealing EGP 638 million leasing contracts at the end of June, in addition to EGP 1.5 billion under-study contracts.

The EGX-listed firm will get an EGP 100 million financing from Attijariwafa Bank, according to the filing.

Moreover, the firm expected the return on capital to rise to 35% by the end of this year.

AT Lease aims to seal new financial lease contracts worth EGP 1.2 billion in 2018, the statement showed.

AT Lease is also planning to launch a special sector for the small- and medium-sized enterprises (SMEs), considering the possibility to collaborate with lenders to execute this initiative.

The financial leasing services provider had previously posted an EGP 16.32 million in consolidated profits during the three-month period ended March, versus EGP 15.6 million in Q1-17, including minority shareholders’ rights.