Telecom Egypt reported a 1.83% increase in Q1-2024 net profit, reaching EGP 3.88 billion. Consolidated operating revenues grew to EGP 17.48 billion. The standalone net profit rose to EGP 4.38 billion, with operating revenue at EGP 12.59 billion. The company plans to enhance cost efficiency and monetize assets generating foreign currency returns.
HSBC has launched Omni Collect, a new e-commerce digital payment platform in the UAE, in partnership with Saudi-based FinTech Geidea. Omni Collect allows HSBC business clients to access card receivables and gain insights into collections data, simplifying payment processes across multiple channels and enhancing business decision-making.
Grubtech raised $15 million to expand its restaurant management platform globally, with new offices planned in Saudi Arabia, Europe, and the UK. The funding, led by Jahez, supports Grubtech’s growth in managing digital operations for over 700 brands in 18 markets.
ZainCash has implemented Temenos core banking and payments solutions to enhance its digital services in Iraq. The platform will help ZainCash scale rapidly, offer new services, and promote financial inclusion by reaching 3 million users, including the unbanked population, by the end of the year.
Telecom Egypt has secured a $200 million medium-term loan from Banque Misr UAE to refinance short-term facilities. The five-year loan will be repaid using foreign currency revenues, enhancing the company’s liquidity and aligning with its proactive capital expenditure strategy to mitigate forex risks.
e-finance has acquired stakes in Al Ahly Momken (25%) and EasyCash (13%) to expand its digital payments presence in Egypt, supporting Vision 2030. This partnership aims to leverage e-finance’s technology to develop innovative payment solutions, enhancing services for over 90,000 merchants and 5 million customers.
Vodacom and Orange are in talks to form a strategic partnership to explore infrastructure deals in Africa. The collaboration aims to reduce costs by sharing infrastructure and expanding rural connectivity, focusing on markets like Egypt and the Democratic Republic of Congo.
Airtel Africa repaid a $550 million bond, cutting foreign currency debt. Despite currency challenges, the company focuses on growth through strategic investments and a share buyback program. CEO Ogunsanya highlights innovation and partnerships to boost performance and competitiveness.
Bayanat reported a 12% YoY revenue increase to AED113 million ($31 million) for Q1 2024, with a 9% growth in net profit. Key growth drivers included strong product offerings and strategic partnerships. The company emphasized significant investments in R&D and a strategic partnership with Microsoft to enhance AI services.
Zain Group’s Q1 2024 results show a 5% revenue increase to $1.5 billion, with an EBITDA of $480 million. Despite challenges in Sudan, strong performance in Iraq, Kuwait, KSA, and Jordan bolstered growth. The group remains focused on mitigating Sudan’s impact through various operational measures.
