Cairo – Mubasher: Al Tawfeek for Financial Lease (AT Lease) has started its factoring operations in October with the signing of the first recourse factoring agreement, the CEO and Managing Director, Tarek Fahmi, said.

This move is part of the company’s future plans for expanding into non-banking financial services in light of the law no. 176 of 2018 which regulates both financial leasing and factoring activities, AT Lease said in a bourse disclosure on Wednesday.

These services will help diversify the company’s revenue streams and boost asset turnover.

During the first six months of 2020, the company achieved net profits of EGP 35.74 million, slightly up from EGP 34.104 million in the year-ago period.