UE Finance got a loan worth LE 50mln from MSMEDA
UE Finance, the fully-owned subsidiary of Arabia Investments Holding (AIH), secured an EGP 50-million loan from Micro Small and Medium Enterprises Development Agency, according to the company's June 15th statement filed to the Egyptian Exchange.
The loan comes as a part of the logistics support program designed for Upper Egypt’s small and medium-sized enterprises.
UE Finance received loans from MSMEDA worth LE150 million in total, the statement added.
Arabia Investments Holding’s net profits reached LE9.22mln this year down from EL22.13mln the same period last year.
AIH’s revenues plunged this year to LE212.95mln down from LE329.83mln during the previous comparable period.
Early 2020, UE Finance propped up its issued and paid-in capital by EGP 47.5 million to EGP 80 million. The capital increase proceeds shored up its leasing business.
Additionally, they financed the company's new factoring business line with the aim of bolstering Upper Egypt’s SMEs.
Prior to this capital increase, AIH bought Incloease’s full stake in UE Finance, making AIH the sole owner of UE Finance.
UE Finance is a leasing company focusing on Upper Egypt’s SMEs. In November 2019, its 2019’s net income guidance was revised up to a range of LE 27-30 million.
Shortly afterwards, the company was licensed to start factoring as a new business line.
