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CI Capital Holding reports 12% lower profit in 2020; dividends proposed

CI Capital Holding reports 12% lower profit in 2020; dividends proposed
Revenues declined by 10% to EGP 2.36 billion last year
CI Capital Holding
CICH
1.54% 3.30 0.05

Cairo – Mubasher: CI Capital Holding For Financial Investments reported consolidated net profits of EGP 474.6 million in 2020, down by 12.4% from EGP 541.75 million a year earlier.

Non-banking financial services (NBFS) contributed 90% to net profit after tax and minority interest, while the holding company and investment bank made up the remaining 10%, according to a bourse disclosure on Thursday.

Revenues declined by 10% to EGP 2.36 billion last year, compared to EGP 2.63 billion in 2019.

On the other hand, the total financing portfolio grew by 24% year-on-year (YoY) to EGP 10.3 billion, while net interest income advanced by 13% to EGP 845 million.

Net operating profit dropped by 8% YoY to EGP 850 million last year.

Meanwhile, the outstanding lease portfolio rose by 22% to EGP 8.5 billion.

The board of directors recommended a cash dividend distribution of EGP 0.10 per share for 2020’s earnings. The proposal will be referred to the ordinary general meeting (OGM) for approval.

During the first nine months of 2020, CI Capital’s net profits reached EGP 330.77 million, down by 13% year-on-year (YoY) from EGP 381.06 million, including minority shareholders’ rights.