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Egypt's e-finance reports higher profits in H1-21, 2020

Egypt's e-finance reports higher profits in H1-21, 2020
The revenues surged to EGP 904.36 million in H1-21

Cairo – Mubasher: Egypt's e-finance For Digital and Financial Investments logged consolidated net profits of EGP 275.56 million in the first half (H1) of 2021, up by 80.7% year-on-year (YoY) from EGP 152.45 million in the prior-year period, including minority shareholders' rights. 

The profits attributable to the parent company's shareholders increased to EGP 278.83 million in the January-June period from EGP 152.58 million in the year-ago period, while the losses attributable to minority interests widened to EGP 3.65 million from EGP 128,777, the company said in a statement to the Egyptian Exchange (EGX) on Wednesday.

The revenues surged to EGP 904.36 million in H1-21, compared to EGP 500.58 million in H1-20. 

As for standalone business, the e-payment firm suffered net losses of EGP 17.88 million in the six-month period ended 30 June, against net profits of EGP 146.60 million in the corresponding period a year earlier. 

Annual financial results 

Over the course of 2020, the company recorded consolidated net profits of EGP 352.3 million, up by 30.2% from EGP 270.57 million a year earlier, including minority shareholders' rights. 

The profits attributable to the parent company's shareholders rose to EGP 353.88 million last year, compared to EGP 271.17 million in 2019, while the losses attributable to minority interests widened to EGP 1.57 million from EGP 593,745.

The revenues went up to EGP 1.23 billion in 2020, compared to EGP 983.97 million in 2019. 

At the level of standalone financial results for 2020, the company posted net profits of EGP 344.75 million, up from EGP 272.55 million in 2019.