Sarwa Capital Holding for Financial Investments’ net income after minority interest increased by 64% year-over-year (y-o-y) to record EGP 248m in the first nine months of 2018 (9M18), up from EGP 153m in the same period last year, the company announced on Monday.
Moreover, the statement indicates that in the third quarter (Q3), the company’s net income reached EGP 10m, marking a 104% increase compared to Q3 of 2017.
In August, Sarwa Capital announced its intention to issue an IPO on the EGX. Sarwa Capital is a provider of consumer and structured finance solutions in Egypt.
In October Sarwa Capital’s IPO was oversubscribed around 30.1 times, recording a strong demand of EGP 6.5bn.
“Our first results announcement post the IPO of the company showcased the strong growth and diversified growth dynamics within the business. In an environment of volatility of sales in our underlying asset markets, and continued high interest rates, the expanded sources of business growth will help ensure a continued solid base of growth,” said the company’s management in Monday’s press statement.
Furthermore, the statement added that the company plans to continue strengthening their product lines, while keeping a close eye on the macroeconomic and monetary environments to maintain Sarwa Capital’s growth momentum, without jeopardising the company’s unrivalled credit quality and performance.
Sarwa Capital owns a large number of companies, with Contract Consumer Funding at the top, including funding cars, and instalment services on consumer goods and durable goods, representing over 85% of the volume of the group’s business. It also owns a company for real estate funding and another for financial leasing of small and medium companies, known as ‘Plus Leasing.’