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EGX-listed companies contribute EGP 80m to FRA income - Daily News Egypt

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EGX-listed companies contribute EGP 80m to FRA income

Contribution from insurance companies amounts to EGP 255m, or 41.2%, of total FRA income

The companies listed on the Egyptian Exchange (EGX) have contributed EGP 80m to the Financial Regulatory Authority (FRA), representing 12% of the authority’s total revenues.

The income of companies not listed on the EGX but affiliated to the General Authority for Investment and Free Zones (GAFI) amounted to approximately EGP 98.5m, representing 16% of the FRA’s total revenues.

The FRA has reported revenues of EGP 618.3m in the fiscal year (FY) 2019/20, affected by the comprehensive economic reform processes taking place in the country and, by extension, non-bank financial activities in its various sectors.

The insurance sector contributed revenues of EGP 255m, representing 41.2% of the FRA’s total revenue, affected by the growth rates that occurred in insurance premiums at the corporate level.

Capital market activity contributed total revenues of approximately EGP 178.6m, representing 28.9% of the FRA’s total revenue affected by developments in the sector. These included the introduction of new financial instruments and capital movements.

Real estate finance and financial leasing activity achieved revenues of EGP 24m, representing 3.8% of the FRA’s total revenues. The microfinance sector achieved revenues of approximately EGP 23m or 3.7% of the authority’s total revenues.

The authority’s estimated budget for FY 2021/20 is forecast at EGP 400m.

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