Sarwa Capital Holding for Financial Investments, one of Egypt's leading consumer and structured financial services provider, achieved consolidated net income after minority interest of EGP 120m in the first quarter (Q1) of 2019, up 130% from EGP 52m in Q1 of 2018, the company announced on Tuesday. "We are pleased to announce our record quarterly profits amidst an eventful period full of developments for the business. Receiving final approvals to launch the life and general insurance businesses is a key strategic milestone that will significantly enhance our dynamics. Strong synergies with our business, both structurally and in cross selling opportunities, while addressing the huge potential of the market, underscore the significance of our insurance expansion," the company's management commented in a press statement. The statement added that the financing business is expanding further geographically within Egypt and with a wider product mix including new products for commercial vehicles and new enterprise financing tools including factoring and sukuk. Furthermore, the management revealed that a series of new investments and partnerships are building substantial momentum as they come into effect over the coming period across their business lines, despite the expected volatility persisting in our underlying asset markets. "Our ongoing investment in technology, in both financing and insurance, will provide the backbone for future growth and value creation for both our clients and shareholders," the statement concluded.
