Cairo – Mubasher: Al Tawfeek for Financial Lease (AT Lease) has been licensed by the Egyptian Financial Regulatory Authority (FRA) to conduct factoring operations.
AT Lease aims to increase the value of contracts to cumulatively reach EGP 7 billion and raise its capital to EGP 400 million by the end of 2022, the company’s managing director and CEO Tarek Fahmy said in a statement to the Egyptian Exchange (EGX) on Tuesday.
Launching these services is contingent on moving the company’s headquarters expected to take place in the beginning of the second quarter of 2019, Fahmy added, noting that the company plans to double the number of its staff during 2020.
It is noteworthy that during the first nine months of 2019, AT Lease reported a net profit of EGP 52 million, compared to EGP 50.5 million in the year-ago period, including minority shareholders’ rights
