Contact Financial Holding Reports Robust 71% Profit Surge In Q3 2024
Date
11/18/2024 3:18:14 AM
(MENAFN- Daily News Egypt) Contact financial Holding, Egypt's leading non-bank financial services provider, has announced its consolidated financial results for the third quarter of 2024, showing a substantial year-on-year profit increase of 71%. This strong growth underscores Contact's effective operational strategy, focused on innovation and responsiveness to market demand.
In Q3 2024, Contact's consolidated operating income rose to EGP 692 million, representing a 36% year-on-year increase, while the total financing portfolio expanded to EGP 20.8 billion. This growth reflects Contact's commitment to providing diversified financial solutions and meeting the evolving needs of the Egyptian market. Significant drivers of this growth included higher demand across segments like personal and auto finance, as well as continued strong performance in mortgage and working capital financing.
The insurance division saw impressive growth, with gross written premiums (GWPs) increasing by 50% to EGP 1.8 billion for the first nine months of 2024. This growth was driven by the outstanding performance of Sarwa Life and Sarwa Insurance, which expanded their product offerings and market reach, bolstering Contact's income streams and reinforcing its market position.
On the digital side, Contact has continued to lead in fintech innovation with the growth of its“ContactNow” app, the first all-in-one digital financial platform in Egypt. Since the start of 2024, the app has seen 234,000 new downloads, totalling 1.1 million since its launch, and added 150,000 new customers.“ContactNow” offers a comprehensive suite of financial services, including bill payments and instalment plans, enhancing user engagement and fulfilling customer needs seamlessly.
In the automotive market, Contact's“ContactCars” platform reported an 80% increase in user traffic, reaching 1.3 million monthly users. Paid dealer registrations rose by 52%, establishing ContactCars as a leading platform for vehicle transactions in Egypt. The recent addition of the“Otlobha” service allows users to secure competitive car prices quickly, enhancing customer satisfaction and expanding the platform's user base.
Commenting on the results, CEO Said Zater said:“Our Q3 results reflect Contact's resilience and our ability to innovate in a dynamic market. The recent opening of our Dubai branch is a milestone in our regional expansion strategy, aimed at delivering convenient financial services to Egyptians residing in the UAE. We are committed to further advancing our digital platforms and broadening our financing and insurance product portfolio to drive sustainable growth and profitability.”
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