Grapevine

By Daily News Egypt
Aug 15, 2024

Contact reports strong Q2 results, led by 355% insurance division profit increase

Contact Financial Holding, a leading provider of non-banking financial services in Egypt, reported consolidated operating profits for the second quarter reached EGP 561.8m.

The company attributed the strong second-quarter results for 2024, driven by a significant profit increase from its insurance division.

The company’s adjusted net profit amounted to EGP 158.3m. This represents a 27% and 172% increase in consolidated operating profits and adjusted net profit, respectively, compared to the first quarter of 2024.

The company attributed the growth to gradual market improvement.

Total insurance premiums increased by 32% year-on-year to EGP 520.4 m during Q2 2024, while the division’s operating income increased by 92% year-on-year to EGP 140.9m, leading to a 355% increase in net profit, reaching EGP 61.5m.