Ibrahim Sarhan wins the seat of the listed companies in the investor protection fund
Corporate
Ibrahim Sarhan, Chairman of EFIG, Won the seat of Egyptian exchange-listed companies in the Investor Protection Fund by acclamation, thus completing the members of the Fund's Board of Directors.
The committee supervising the supplementary elections of the Fund to elect a representative member of companies listed on securities or financial instruments on the Egyptian stock exchanges recently announced the victory of "Sarhan".
The Board of Directors of the Fund consists of a representative of investors selected by the Egyptian Prime Minister based on the nomination of the Chairman of the Authority, a member representing brokerage firms, another representative of companies operating in the field of securities, a representative of listed companies, a representative of the Stock Exchange, and another of Misr Clearing Company, in addition to 3 experienced members selected by the Board of Directors of the Authority, and from these experienced members, the Chairman of the Board of Directors of the Fund is chosen.
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EFIG Announces its financial and operational results for the first quarter of 2023
EFIG Announced today its standalone and consolidated results for the quarter ended 31 March 2023. EFIG's consolidated revenues grew 37.3% y-o-y to EGP 768.0 million on the back of strong results delivered by e-finance Digital Operations, eAswaaq, and eKhales, in 1Q2023. The Group’s profitability also improved during the period, booking an EBITDA increase of 51.7% y-o-y to EGP 331.9 million and a margin expansion of 4.1 percentage points to 43.2% in 1Q2023. Parallel to this, net profit after non-controlling interests (NCI) increased by 40.7% y-o-y to EGP 281.9 million, yielding a year-on-year net profit margin expansion of 91 basis points to 36.7% in 1Q2023.
e-finance Digital Operations continued to benefit from the growing value generated from its cloud hosting services coupled with a significant increase in revenue generated from variable-fee transactions during the period. The Group’s positive performance amidst challenging market conditions was further supported by stellar triple digit revenue growth at eAswaaq and double-digit revenue growth at eKhales during the period. The Group’s flagship subsidiary, e-finance for Digital Operations contributed the majority of the Group’s revenue in 1Q2023, which stood at a contribution of 93% at the end of the quarter.
The subsidiary recorded a top-line increase of 42.4% y-o-y to EGP 714.6 million after inter-company eliminations in 1Q2023 as it continued to reap the rewards of its growing cloud hosting services. Cloud revenues grew by a stellar 151.3% y-o-y to EGP 207.6 million during the period. Parallel to this, the subsidiary’s solid performance was further supported by a 53.4% y-o-y increase in transaction-based revenue, which came on the back of a 27.1% y-o-y increase in fixed-fee revenue and a 78.2% y-o-y increase in variable-fee revenue in 1Q2023. Solid results from the subsidiary’s transaction-based and cloud hosting revenue streams offset the 11.3% y-o-y decline in build & operate revenue in 1Q2023. Revenue at eCards declined by 28.8% y-o-y to EGP 24.7 million after inter-company eliminations in 1Q2023 due to a 24.0% y-o-y fall in card production revenue.
This reflects management’s decision to lower card production revenues due to an unfavorable FX environment and the impact of global supply chain constraints on chip availability. It is worthy to note that the subsidiary’s card management services booked strong revenue growth and eCards’ management anticipates increased value generation from this revenue stream going forward. eKhales booked a 21.7% y-o-y increase in post-elimination revenue to EGP 10.9 million in 1Q2023.
The Ministry of Planning and Economic Development assigns the management and operation of “Khadamat Misr” to eFinance
eFinance a subsidiary of EFIG was assigned by the Ministry of Planning to manage and operate “Khadamat Misr” within the framework of the state's strategy towards developing all government services and Egypt's Vision 2030.
“Khadamat Misr” is established to provide governmental services to Egyptians under the leadership of the Ministry of Planning and the UAE to achieve economic and social development, accelerate the advancement of the government sector, and ensure financial inclusion through electronic payment methods.
eFinance’s long experience in project management, especially national projects and managing the financial network of the Egyptian government makes it more than capable to manage all projects and ensure their sustainability and development through a base of high-level cadres to implement citizen-based projects, relying on a high-tech infrastructure and a secure and encrypted electronic network.
The cooperation on “Khadamat Misr” focuses on the importance of promoting the services provided to citizens across the governorates and seeks to achieve social justice and economic growth in line with the state's efforts towards accelerating the transformation of the economy into an entity based on science, knowledge and technology.
eFinance expands its cloud computing services in Egypt with IBM technology and a hybrid cloud approach
eFinance, Egypt’s national developer of digital payment infrastructures, announced its collaboration with IBM (NYSE: IBM) to grow its digital payment services and enable clients to securely make payments across hybrid cloud environments.
Through this collaboration, eFinance is leveraging the latest IBM Power servers, to upgrade its current infrastructure as a service (IaaS) and streamline business processes to optimize performance.
Currently, many of the eFinance offerings are running on IBM Power10 servers, including electronic payment systems, government POS management systems, the card management and electronic payment system for eKhales and more.
Hossam El Gouly, CEO of eFinance stated that: “As we accelerate into the future of fintech, we need the most advanced technology to underpin our ongoing digital transformation efforts to support our public and private sector clients and provide them with the best-in-class services. We are happy to collaborate with IBM and take pride in offering hybrid cloud services in Egypt in our continued efforts to fast-track digital transformation and deliver an industry standard customer experience”.
Designed to help clients operate in a secured, frictionless hybrid cloud experience across their IT infrastructure, the IBM Power E1080 servers will allow eFinance to deliver end-to-end encryption, scale business-critical applications, and accommodate high-performance transactional workloads through its flexible and secured infrastructure offering.
With a renewed focus by clients on improving sustainability, IBM Power10 E1080 servers deliver 33% lower energy consumption for the same workload when compared to the earlier Power E980 generation, and 52% lower energy consumption when comparing the previous generation of Power E880C servers, thus maximizing reliability in a sustainable way.
“As financial organizations progress on their modernization journeys, they need an approach that allows various cloud-based applications to work in concert. IBM infrastructure enables a hybrid cloud approach that offers the needed flexibility, resiliency and sustainability for eFinance to cater to their clients’ demands and accelerate their ongoing digital transformation journey” said Marwa Abbas, General Manager, IBM Egypt.
As part of the collaboration, IBM will also provide eFinance with IBM FlashSystems and IBM Software-Defined Storage (SDS), introducing streamlined administration and operational complexity across on-premises, hybrid cloud, virtualized and containerized environments. By providing advanced compression features that will allow data to be stored on significantly less desks than traditional modules, eFinance will be able to host its customer’s data and workloads more efficiently, reducing its data centers and floor space footprints by up to 40% and its energy consumption by 50%.