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e-Finance Group Achieves Record-Breaking Quarterly Net Profit of EGP 282 Million in Q1 2023

May 2023, eFinance Group, has announced its largest-ever quarterly net profit of EGP 282 million during the first quarter of 2023. This remarkable achievement underscores the Group’s commitment to delivering exceptional financial results and highlights its continued growth in the market.

The Group’s total revenues experienced a significant surge, growing at an annual rate of 37% during the first quarter of this year, reaching a remarkable EGP 768 million. This substantial increase can be attributed to the outstanding performance of some of its subsidiaries within the e-Finance Group: eFinance, eAswaaq, and Khales.

eAswaaq experienced the highest growth within the group of 420.4% during the first quarter of 2023, with net profits soaring to EGP 58.5 million. The remarkable success of eAswaaq underscores its effectiveness in leveraging cutting-edge technologies and providing innovative solutions in the e-commerce marketplace.

Commenting on eAswaaq’s milestone achievement, Islam Mamoun, CEO and managing director, stated, “We are thrilled to announce this exponential growth of 420% during the first quarter, these exceptional financial results reflect the hard work and dedication of our team as well as the resilience of our business strategy. We remain committed to delivering innovative technology solutions that meet the evolving needs of our customers and partners.”

Islam Mamoun, CEO of eAswaaq, one of EFIG’s subsidiaries, revealed that the company has completed the first model in the mechanization process at the National Museum of the Egyptian Civilization, which has received great success since it’s opening, noting that it has also been applied in the Egyptian Museum in Tahrir and electronic gates are currently being added in preparation for their launch by the Minister of Tourism

Mamoun added that the company is also currently working on completing the 9 sites within the first phase of the project in “Hurghada, Sharm El-Sheikh, Islamic, Coptic, Haram, Citadel, and Saqqara” to be completed before the end of the year, and start mechanization in Luxor and then Aswan, provided that the development operations are fully completed within 7 months.

The project allows Egyptian and foreign visitors to book tickets for tourist attractions, museums and archaeological sites online and pay using credit cards or wallets via mobile, in addition to organizing access to these attractions through printed tickets, magnetic cards or through the use of a QR code on mobile devices.

He pointed out that the “Experience Egypt” application, which is being launched in cooperation with the Ministry of Tourism, is currently being completed and expected to be launched during the beginning of the last quarter of this year, as it allows it’s user to obtain the necessary information about Egypt and the sites that can be visited, as well as the possibility of booking tickets through it.

A Cooperation Protocol between eAswaaq Misr and the Industrial Modernization Center to Foster Local Industry and Boost Exports

In line with the Egyptian government's commitment to digital transformation and financial inclusion within the industrial sector, and in alignment with Egypt’s Vision 2030, eAswaaq Misr has signed a Cooperation Protocol with the Industrial Modernization Center aiming to promote exports and bolster the industrial landscape.

eAswaaq Misr participated in Seamless: Pioneering E-commerce’s Role in Digital Transformation

eAswaaq Misr proudly participated in Seamless, North Africa's premier event for the financial ecosystem. At this year's seamless event, Mahmoud Osman “Head of E-Commerce for trade and manufacturing at eAswaaq Misr”, took the stage to share insights on the crucial role of e-commerce in driving digital transformation. The focus of his session was to highlight the significance of eAswaaq Misr's ambitious initiative to develop the first national B2B multi-category platforms.

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Groundbreaking Integrated Platform for Egyptian Small and Medium Enterprises to be launched through a Collaboration between the Enterprise Development Authority and eAswaaq Misr

The Micro, Small and Medium Enterprises Development Authority (MSMEDA) and eAswaaq Misr, have signed collaboration agreement to introduce the first integrated electronic platform tailored for small and medium enterprises (SMEs) in Egypt. This initiative, which aims to digitize and enhance the support services for aspiring entrepreneurs and existing business owners, is set to be officially launched within the next three months.

eAswaaq Misr and Ministry of Tourism Expand Cashless Payment System to Five New Archaeological Sites in Cairo and Giza, Paving the Way for more Locations.

eAswaaq Misr and the Ministry of Tourism and Antiquities have been at the forefront, driving a remarkable change in the tourism sector. we are expanding our cashless payment solution to five more archaeological sites including the Pyramids of Giza, paving the way to more locations.

“Empowering Handicraft Producers in Red Sea Governorate: “Ayady Misr” held a Training Workshop and Enlisted 50 New Artisans.

A training workshop for handicraft producers organized by the Ministry of Local Development in collaboration with eAswaaq Misr and the World Food Program, took place in Red Sea Governorate, at Hurghada Media Complex. The primary objective of the training workshop was to enhance the proficiency of producers while introducing them to "Ayady Misr" platform.

Delegation from Ministry of Local Development Launches “Ayady Misr” Platform in New Valley Governorate

Mrs. Hanan Magdy, Deputy Governor of New Valley Governorate, hosted a delegation from the Ministry of Local Development and eAswaaq misr for the launch of "Ayady Misr" platform. The purpose of the platform is to market and promote local handicraft and heritage products as well as support the craftsmen sector in the governorate.

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