Misr for Central Clearing, Depository, and Registry (MCDR) announces a significant 48% increase in revenue for 2023, representing an additional EGP144 mn compared to 2022, Invest-Gate reports.

The company also saw a 50% rise in investment returns, adding EGP595 mn over 2023. This remarkable financial performance has been accompanied by strategic measures to enhance the efficiency of its coupon distribution system, with risk provision allocations soaring from EGP18 mn at the end of 2022 to EGP401 mn by the end of 2023.

Despite these substantial increases in operational expenses, MCDR exceeded its profit targets for 2023, achieving a profit of EGP1.02 bn, a 2% increase over 2022.

For his part, Hisham Elsayed Mabrouk Mohamed, Managing Director of MCDR, highlighted the company’s significant strides in improving the business environment and operational climate, which positively impacted their financial results.

Moreover, these efforts have solidified MCDR’s economic position and culminated in the company being awarded the title of Best Clearing Company in the Arab World for 2023 by the Arab Capital Markets Union at its annual conference. This accolade underscores MCDR’s commitment to providing top-notch services to its clients and enhancing the efficiency of the Egyptian financial market.

Furthermore, MCDR attributes its growth to successful economic reform policies and their positive effects on the Egyptian financial market. The company’s leadership has been pivotal in delivering top-tier services to all market participants, adhering to global best practices. This progress is underpinned by a comprehensive strategy from the current board to overcome past obstacles and modernise infrastructure to support economic growth.

Notably, the current board has also worked diligently to resolve any lingering challenges, establishing a robust foundation for future boards to build upon, ensuring the continuation of positive performance trends and further growth.