Cairo – Mubasher: The standalone net profits of the Egyptian Financial and Industrial Company (EFIC) hiked by 385% to EGP 98.36 million in the first quarter (Q1) of 2022 from EGP 20.29 million in the same quarter of 2021, according to the company's initial results for the three-month period ended 31 March 2022.

The company generated revenues of EGP 308.67 million in Q1-22, up 68% year-on-year (YoY) from EGP 183.57 million.

It is noteworthy to mention that in 2021, the company's unaudited standalone financial results showed a net profit totalling EGP 218.21 million.