Contact Financial Holding (CNFN.CA), Egypt’s leading non-bank financial services provider, has announced outstanding consolidated financial results for the fiscal year ending December 31, 2024. The Group recorded a total operating income of EGP 2.5bn, marking an 18% year-on-year (YoY) growth, while normalized net income climbed 6% YoY to EGP 736mn.
The total financing portfolio expanded to EGP 21.1bn, reinforcing Contact’s commitment to delivering flexible and innovative financial solutions.
Strong Growth Despite Market Challenges
Contact’s financing division posted solid results, with operating income rising 14% YoY to EGP 2bn. A strong recovery in the second half of the year fueled demand across auto finance, consumer finance, mortgage, and working capital financing. The division’s Q4 2024 operating income surged to EGP 647mn, reflecting a remarkable 71% YoY increase.
Record Performance with 56% Net Income Growth
The insurance segment achieved exceptional results, with gross written premiums (GWPs) soaring 53% YoY to EGP 2.3bn. This robust growth was driven by Sarwa Insurance and Sarwa Life Insurance, leading to a 37% YoY rise in operating income (EGP 478mn) and an impressive 56% surge in net income (EGP 154mn).
Read also:
LG Unveils “SKS” – A Bold New Identity for Its Luxury Kitchen Brand at KBIS 2025
Mass Developments & Inspire Integrated Partner to Elevate “Olin” in New Cairo
In Q4 2024, GWPs grew 63% YoY to EGP 526mn, supported by an expanding product portfolio and customer-centric solutions.
ContactNow App Fuels Digital Growth
On the digital transformation front, Contact’s ContactNow app—Egypt’s first all-in-one digital financial platformachieved a 38% YoY increase in transaction value.
By expanding its strategic partnerships, the app enhanced its payment ecosystem, offering users more payment flexibility through cash and installment options.
Strengthening Market Position
ContactCars.com continued its strong growth trajectory, reaching 1.2 million monthly active users. The platform introduced “Otlobha,” a service that allows customers to secure the best vehicle prices quickly, alongside a new B2B vehicle auction product that streamlined dealer transactions, driving a 27% increase in paid dealer subscriptions in Q4 2024.
CEO Commentary
Said Zater, CEO of Contact Financial Holding, emphasized that 2024’s strong performance reflects Contact’s resilience, agility, and strategic vision. He credited the company’s ability to navigate economic fluctuations and highlighted the financing division’s recovery, the record-breaking performance of the insurance division, and the company’s focus on digital transformation as key drivers of success.
“Our commitment to product innovation and operational efficiency has reinforced Contact’s market leadership, paving the way for continued growth in 2025,” Zater added.
For more real-time economic news, follow us on our Facebook page here:
The Economic Digest website is an online platform specifically designed to provide users with comprehensive summaries of the most important economic events occurring in global and regional markets.
