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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.

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