CAIRO, EGYPT – CI Capital on Monday announced its financial results for FY23, with revenues increasing 68 percent year-on-year (y-o-y) to reach US$134 million (EGP 6.6 billion), while net profits after tax and minority interest recorded US$21 million (EGP 1.04 billion), a 31 percent y-o-y increase.
The Group’s total on-balance sheet financing portfolio ended the year at US$373 million (EGP 18.3 billion), a 4 percent increase y-o-y, after securitizing US$81 million (EGP4 billion) of its portfolio during the year.
“CI Capital’s record performance was fueled by strong growth across all business lines despite multifaceted challenges, including interest rate hikes, elevated inflation levels, and a slowdown in deal activity,” said CI Capital’s Group CEO, Hesham Gohar.
“Achieving record results – whether on the top or bottom lines – is a testament to CI Capital’s scale, diversified business model, strong liquidity, and the dedication of its team,” he said.
“Despite securitizing US$81 million (EGP4 billion) of our portfolio, we were able to still achieve growth in our NBFS portfolio across our various lending platforms. Our merchant banking platform continues to build value, driven by investments in the educational and healthcare services space,” he added.
“CI Capital concluded the year as Egypt’s leading asset manager and a leading adviser across ECM, M&A and DCM, in addition to outperforming our market peers in terms of cost-to-income ratios and return on average equity,” Gohar said.
Corplease, the group’s leasing arm, completed its 13th securitization transaction, valued at US$65 million (EGP 3.2 billion) in Q4 2023, while its total outstanding portfolio reached US$267 million (EGP 13.1 billion) by the end of 2023.
Corplease recorded a 70 percent y-o-y increase in revenues to reach US$74 million (EGP 3.67 billion), while net profit after tax increased 36 percent y-o-y to record US$14 million (EGP 701 million) for 2023.
Despite a more competitive landscape, Reefy Microfinance Enterprise Services continued on its growth trajectory.
Reefy extended EGP 4.3 billion in new loans (up 30 percent y-o-y) while expanding its branch network with an additional 30 new branches, reaching a total of 162 branches across 21 governorates.
Total outstanding portfolio was EGP 3.3 billion (up 33 percent y-o-y) at the end of 2023, after completing the company’s inaugural securitization bond valued at EGP 813 million.
Reefy achieved a net profit after tax of EGP 434 million, a 30 percent y-o-y increase.
CI Mortgage Finance concluded FY23 with a 99 percent y-o-y in its outstanding portfolio, reporting EGP 1.35 billion by the end of 2023.
The company extended EGP 844 million in new loans during the year, a 53 percent y-o-y increase. CI Mortgage’s total revenues gained 159 percent y-o-y to reach EGP 238 million.