Sarwa Capital announced last Thursday its consolidated financial statements for 2019, recording consolidated net income after minority interest of EGP 389m, up 37% from EGP 283m in 2018. The company’s net income reached EGP 109m in the fourth quarter of last year, up 215% compared to 4Q2018.
Separating the new insurance businesses and adjusting for Employee Stock Ownership amortisation and new treasury bill tax treatment, normalised consolidated net profit came in at EGP 410m, up 45% from 2018.
“We are delighted to report our full year results for 2019, delivering strong growth while continuing to expand our business in a year marked by inconsistent market conditions and weaker than anticipated underlying asset markets”, the company’s management commented in a press release.
During the year, the company launched Sarwa Insurance and Sarwa Life Insurance, as well as expanded its financing product range and reach. In the financing business, the company focus on healthy economics in tight markets bore fruit during 2019 and puts it in a strong position going forward.
“We start 2020 with strong momentum which will be further supported by a number of planned product launches and technological implementations coming online across both the financing and insurance divisions,” the management concluded.