Contact Financial Holding has reported an impressive 71% year-on-year profit increase for the third quarter of 2024, marking a significant milestone in the company’s growth. The company, a leader in Egypt’s non-bank financial services sector, saw its operating income rise to EGP 692 million, reflecting a 36% increase compared to the previous year. Additionally, the company’s total financing portfolio expanded to EGP 20.8 billion, a clear indication of its robust performance and market position
The primary drivers behind this surge in profits include increased demand in various financial segments such as personal and auto finance, as well as notable growth in mortgage and working capital financing. This diversified approach has helped Contact Financial cater to the evolving financial needs of the Egyptian market
Moreover, Contact’s insurance division, which includes Sarwa Life and Sarwa Insurance, experienced strong growth. The division’s gross written premiums (GWPs) surged by 50%, reaching EGP 1.8 billion by the end of the third quarter of 2024
On the digital front, Contact Financial has continued to innovate with its fintech solutions. The “ContactNow” app, Egypt’s first all-in-one digital financial platform, saw substantial growth, recording 234,000 new downloads since the beginning of 2024. This brought the total number of users to over 1.1 million. The app’s user engagement also grew significantly, with 150,000 new customers onboarding in just a few months
In addition, the company’s platform for automotive transactions, “ContactCars.com,” witnessed an 80% increase in user traffic, further reinforcing its market dominance in Egypt’s vehicle sales sector
This remarkable performance highlights Contact Financial Holding’s ability to adapt to market demands and innovate across various financial sectors, positioning itself as a key player in Egypt’s growing economy.
