“M.L.F” achieved 80 million pounds in profits at end of 2022

March 20, 2023by MLF Finance
Zahran: The volume of the portfolio is close to 4.2 billion, and we deal with 15 banks with facilities of 2.9 billion

The “M.L.F” company for non-banking financial services continues to develop its business and achieve remarkable growth, as it achieved a net profit of EGP 80m in 2022, compared to EGP 43m in 2021.

Dr. Ahmed Zahran, CEO of the company, said that its total portfolio reached EGP 4.2 billion by the end of last year.

He confirmed – in exclusive statements to “Al-Mal” – that the company achieved a net profit of 80 million pounds during the past year, compared to 43 million during 2021, which confirms the growth of its business, even though it was established more than three years ago.

Regarding the financing portfolio during the past year, he indicated that the factoring arm controlled financing worth 1.61 billion pounds, while the real estate financing arm achieved a financing portfolio of nearly 1.4 billion, and financial leasing recorded financing in the range of 1.2 billion, and finally consumer financing whose portfolio revolved around 6.6 million.

Zahran confirmed that the company is continuing its plan to list and offer a share of its shares on the stock exchange.

He pointed out that his company obtained the approvals of 15 banks to provide loans and credit facilities in the range of 2.9 billion pounds, in addition to its available share in the Egyptian Real Estate Refinance Company «EMRC».

He continued, “The company’s list of banks also includes the National Kuwait, Cairo, Commercial International, Abu Dhabi Commercial, Arab African International, Export Development, Industrial Development, and the Egyptian Arab Land Bank.”

He touched on the expansion of “ML E” in granting financing through financial leasing in favor of local industrial companies, including those operating in the fields of food and medicine.

He pointed out that the company’s capital amounts to 150 million pounds, which confirms the feasibility of investing in it, its strong financial solvency, and its ability to achieve remarkable growth in the volume of financing and profits for the benefit of shareholders.

He stated that the company’s default rate is 0%, which is impossible for other companies to happen, saying: “There is not a single bounced check with the company, and the reason here is due to the strength of the executive management and the good study of customers before granting funds.”

During the year 2021, “MLF” achieved a net profit of 43.02 million pounds, with a growth rate of approximately 137% compared to the achieved in 2020, which was estimated at 18.12 million.

The “M.L.F” company for non-banking financial services was established during 2020 according to a partnership between “Zahran” and 6 major investors, headed by businessman Samih Sawiris. The list of shareholders also includes Eng. Nihad Ragab, Chairman of the “SIAC” Holding Company, and Eng. Fathallah Fawzi, Vice President of the Association. Egyptian businessmen, and the Chairman of the Construction and Building Committee, as well as Engineer Mohamed Idris, CEO of the “Idris Buildings” real estate company, along with Engineer Khalil Qandil, Chairman of the Qandil Glass Company, and also Ahmed Zahran, who has experience in banking and non-banking that extends for more than 30 years. years.

The list of the founders of the “MLF” company also includes Eng. Mohamed Hassan Al-Durra, Chairman of the Board of Directors of “Al-Durra” Real Estate Development Company, and Omar Al-Durra, Managing Director of Al-Durra Real Estate Development Company as well.

The latest reports issued by the Financial Regulatory Authority for the period (July-September) of 2022 showed that the total values ​​of financing granted through the entities subject to the authority’s supervision amounted to 191 billion pounds.

The FRA clarified that the total financing values ​​were distributed between 36.8 billion pounds, the value of financing balances for medium, small and micro enterprises, 28.1 billion the total value of issuances (securitization bonds, corporate bonds, and 78.3 billion the total value of stock issuances).

During the same period, the total value of financial leasing contracts amounted to 23.1 billion pounds, 4.2 billion the volume of real estate financing granted, 12.9 billion the total volume of discounted papers, and the balance of consumer financing amounted to about 7.6 billion.