Misr for Central Clearing (MCDR) records the highest quarterly profit rate ever Q1 2022, Invest-Gate reports.
MCDR profits hiked 70% to EGP 209 mn in Q1 2022 versus EGP 123 mn in Q1 of 2021.
The company’s total expenses accounted for 26% of the total revenues, compared to 28% in 2021. While the ratio of net profits to the total revenues amounted to 61%, compared to 55% in 2021.
Additionally, the ratio of cost to service revenue amounted to 75% in 2022, compared to 64% in 2021. Return on shareholders’ equity increases to 14% from 10% in 2021.
Further, investment income increases by 88% by EGP 47 mn, as a result of implementing a new strategy to seize investment opportunities and the allocation of available funds to risk-free investments.
Moreover, revenues on MCDR electronic signature activities soared 780% to EGP 11 mn. This aligns with the company’s strategy to accommodate the needs of individuals, institutions, and organizations through digital services. The company is keen on following the nation’s digital transformation plan and Finance Ministry and Tax Authority’s direction towards a paperless world.