e-finance for Digital and Financial Investments (EFIH) Q4 2024 earnings summary

Executive summary

• FY2024 consolidated revenue reached EGP 5,209.5mn, up 33.6% YoY; net profit after NCI rose 41.2% to EGP 1,776.0mn. Digital Operations remained the largest revenue contributor at EGP 4,562.8mn.

• Q4 revenue increased 55.8% YoY to EGP 1,766.2mn; net profit after NCI rose 246.8% to EGP 382.5mn.

Financial highlights

• FY2024 gross profit grew 31.5% to EGP 2,787.3mn; EBITDA rose 33.4% to EGP 2,450.5mn.

• Gross margin was 53.5%, down 0.9 percentage points; EBITDA margin was 47.0%, down 0.1 points. Net profit margin expanded 1.8 points to 34.1%.

• Adjusted net profit after NCI, adding back after-tax non-cash ESOP expense, rose 35.6% to EGP 2,074.5mn; adjusted margin was 39.8%.

• Q4 EBITDA increased 71.8% to EGP 898.3mn; EBITDA margin rose 4.8 points to 50.9%.

• FY2024 net profit was EGP 1.83bn, operating profit EGP 1.85bn and profit before tax EGP 2.52bn; EPS was EGP 0.71.

Segment performance

• Digital Operations revenue rose 29.3% to EGP 4,562.8mn: transaction revenue increased 30.2% to EGP 1,759.4mn, cloud hosting 23.3% to EGP 1,580.8mn and build-and-operate 14.2% to EGP 947.4mn.

• Variable-fee transaction revenue grew 42.2%, supported by 45.7% throughput growth; fixed-fee transaction revenue increased 10.5%.

• eKhales revenue rose 50.1% to EGP 138.9mn; its POS network expanded 4.5% to 600,000 terminals, with transactions reaching 93mn.

• eNovate revenue increased 60.6% to EGP 364.0mn; card production revenue nearly tripled to EGP 201.6mn, while card management revenue rose 3.9% to EGP 163.7mn.

• enable revenue grew 36.6% to EGP 164.0mn; eAswaaq revenue rose 50.2% to EGP 455.6mn, supported by ecommerce and loan origination.