CI Capital’s profit hikes 139.5% in 9 months

CAIRO – 1 November 2018: CI Capital’s financial indicators showed that the consolidated profits during the first nine months of 2018, surged 139.5 percent, recording LE 346.06 million, taking into account minority rights, compared to LE 144.49 million during the same months of 2017.

The total revenues during the January to September period of 2018 marked an increase of 51 percent on a year on year basis, hitting LE 1.8 billion.

On the other hand, the standalone results showed a 59 percent decline in the first nine months of 2018, reaching LE 35.25 million, compared to LE 86.42 million in the same months of 2017.

“CI Capital Egypt's focused strategy and diversified service offerings have once again delivered a strong set of results during the third quarter of 2018. I am particularly pleased with the performance of our non-banking financial services (“NBFS”) platform, Corplease and Reefy, which continued to deliver very strong growth in revenues and profitability. NBFS represented 74 percent of the group’s consolidated net profit after tax,” Group Co-CEO, Hazem Badran, said in a statement.

Badran added that the investment bank’s performance in Q3 was negatively impacted by global turmoil which affected market trading volumes and delayed the closure of some investment banking transactions in emerging markets. However, the asset management division delivered very strong results and in turn recorded high performance fees due to its superior performance versus peers in the local market during the period.

“Overall, I am particularly pleased with our financial results during the first nine months of the year in which revenues grew by 51 percent year-on-year to reach LE 1.8 billion, up from LE 1.2 billion in the comparable period of 2017, while net profit after tax and minority interest increased 2.3 times to reach LE 305 million,” he stated.

During the first quarter of 2018, CI Capital marked a 36.2-percent increase, recording LE 92.18 million, taking into account minority rights, compared to LE 67.67 million during the same period of 2017.

The company’s financial indicators revealed that the company’s profit after tax and minority recorded LE 81.9 million, with an increase of 35 percent on a year-on-year basis.

Trading on CI Capital shares in the Egyptian Exchange (EGX) started on Monday, April 30.

The private offering of CI Capital was oversubscribed 6.1 times, reaching LE 1.56 billion, determining the final price for the issuance of the company’s shares at LE 7.70 per share.

The IPO allocated 22.5 million shares at a total value of LE 173.7 and it has been oversubscribed 29.5 times.

The listing of CI Capital Holding’s shares was approved by the EGX earlier with an issued capital of LE 411.45 million distributed over 411.45 million shares and a nominal value of LE 1 per share.

CI Capital is an investment bank in Egypt with market-leading investment banking, securities brokerage, asset management and research franchises.