Al Tawfeek for Financial Lease (AT Lease) has started providing factoring services, effective as of 1 October, according to Managing Director and CEO of AT Lease, Tarek Fahmy.
He noted that AT Lease has concluded its first factoring contract, with the company having the right of recourse against the adherent (seller / creditor).
According to the company’s disclosure to the Egyptian Exchange (EGX), this comes within the company’s future vision towards expansion in the areas of non-banking financial services. This particularly relates to Law 176 of 2018, which combines the financial leasing and factoring activities under one law.
He pointed out that adding other non-banking financial activities and services would diversify sources of revenue and profits and increase the asset turnover rate. This would have a significant positive impact on future business results and thus maximising the return on shareholders’ equity.
The company achieved a net profit of EGP 35.74m during the first half (H1) of 2020, compared to a net profit of EGP 34.104m during the same period last year, achieving a growth rate of 4.8%.
Activity revenues decreased marginally during H1 of 2020 to reach EGP 242.5m, compared to EGP 242.69m during the same period in 2019.