Overview

Launched in early 2018 to further diversify the Firm’s NBFI offering, EFG Hermes Factoring provides businesses with an alternative source of financing, allowing them to meet their more pressing working capital needs and obtain the liquidity they need to grow their businesses. EFG Hermes Factoring is currently one of the few active players in the Egyptian factoring space and has quickly expanded to capture a significant share of the market. The company’s market share at the end of its first full year of operations stood at 10%.

2019 Highlights

2019 was a challenging year for the relatively new factoring industry in Egypt with several players recording losses throughout the year. Despite the adverse market conditions, EFG Hermes Factoring built on its 2018 successes to deliver strong operational and financial results at the close of its first full year of operations. In 2019, the company further strengthened its portfolio, cementing itself as a leading player in the local factoring industry. During the year, the company successfully secured facilities for more than EGP 800 million from six leading commercial banks in Egypt. This brought the value of total facilities secured since the company’s launch to EGP 1.6 billion and the total number of banks to 10, a tremendous vote of confidence in EFG Hermes Factoring’s business model and solid fundamentals.

Key Financial Highlights of 2019

EFG Hermes Factoring’s contribution to total revenues for the year reached EGP 9 million in 2019 compared to EGP 3 million the previous year, a 195% Y-o-Y increase.