Hermes Tops the Factoring & Leasing Market🏦
EFG Hermes topped the financial leasing companies, with a market share of 23%, & contracts worth EGP 1.97 billion last December.
Global Corp for Financial Services ranked second with contracts amounting to EGP 860 million & a market share of 10%.
Corplease for financial leasing came in third place, with a market share of 8.6%, & contracts amounting to EGP 741 million.
What is financial leasing?🤔
Financial leasing is a method used by businesses for the acquisition of equipment with payment structured over time.
Egypt’s factoring market summarized🏛
The total volume of discounted securities during the past year jumped by 81.5% to reach EGP 20.5 billion, compared to EGP 11.3 billion in 2020.
Hermes also topped the factoring companies’ throne last December, with a market share of 23.3%, & the value of the discounted securities amounted to EGP 679.2 million.
QNB Al-Ahly Factoring came in 2nd place, with a market share of 21.89%, & discounted securities amounting to EGP 638 million.
Egypt Factors came in 3rd place with discounted securities amounting to EGP 411.6 million, & a market share of 14.12%.
What is Factoring?🤔
Factoring is a financial transaction & a type of debtor finance in which a business sells its accounts receivable (i.e., invoices) to a third party (called a factor) at a discount.
Arab Developers announces 2022 plans🏠
Arab Developers Holding, previously “Porto Group” (PORT), plans to achieve contract sales of EGP 13.5 billion from the Nyoum El Mostakbal project.
Nyoum El Mostakbal🏠
The project overlooks Al Amal Axis – the main entrance to the Administrative Capital – located on an area of 653,000 square meters. The project includes villas, buildings, green spaces & golf courses.
The company has completed about 26% of the project’s first phase.
The company clarified that the total sales target of all 15 projects will reach approximately EGP 3 billion by the end of this year.
While the company’s land bank amounted to 5.27 million square meters, consisting of land owned 100% by the company & some of the others are partnerships.
What else is Clapping👏
GB Auto (AUTO) recorded a net profit of EGP 1.84 billion in 2021, up 65.7% YoY
United Company for Housing and Development (UNIT) reported a net profit of EGP 80.9 million in 2021, compared to EGP 105.8 million in 2020
Electro Cable (ELEC) reported a net profit of EGP 224.6 million in 2021, up 68% YoY
Misr Beni-Suef Cement (MBSC) reported a net profit of EGP 169 million in 2021, up 121% YoY
Contact Financial Holding (CNFN) reported a net profit of EGP 465 million in 2021, up 32% YoY
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