E-Finance’s net income soared 41% y-o-y in 1Q2022 to EGP 200.3 mn, according to the company’s earnings release (pdf). Revenues at the EGX-listed fintech firm rose 21% during the quarter to record EGP 559.5 mn.

The breakdown: Topline growth was driven by e-Finance’s digital operations subsidiary, where revenues grew 23% to EGP 501.8 mn, accounting for 90% of total revenues. The company’s card services business, eCards, saw revenues rise 14% to EGP 34.7 mn, offsetting a 28% decline at its digital payments arm eKhales. The figures cited are after intercompany eliminations — i.e. not counting money that changed hands between the company’s subsidiaries. Strong revenue growth, wider operating margins, and higher interest income (up more than fivefold to hit EGP 75 mn) was reflected in the company’s bottomline, despite an 81% rise in operating expenses as the firm took on new staff to fuel its growth.

Looking ahead: The group is looking to expand outside Egypt, placing a “particular focus on sub-Saharan Africa, which is experiencing rapid economic and demographic growth.” The first quarter saw the company take its first step in an overseas market with the signing of an agreement to supply smart cards to a Zimbabwean health firm. E-Finance is also scouting “high-potential investment opportunities that will deepen our presence in the startup and fintech spaces,” following its USD 10 mn investment in Global Ventures’ NClude fintech fund.

Real Palm Hills Developments’ bottom line rose 44% y-o-y to EGP 295 mn in 1Q2022, the real estate developer reported in its quarterly financials (pdf). This came on the back of a 47% rise in revenues to EGP 2.9 bn during the quarter.