By Hamed Mahmoud
Tamweely Microfinance has announced strong results for its 2020 fiscal year ending December 31, 2020. The results were fuelled by revenue growth as well as clients and branches expansion.
During the press conference, Executive Vice Chairman & CEO of Tamweely, Mr Amr Abou El-Azm, announced that Tamweely’s net profit increased 75% to LE51.5 Million in 2020, compared to LE29 Million in 2019.
Furthermore, the total amount of disbursed loans reached to LE2.64 Billion in 2020, versus LE1.1 Billion in 2019, marking an increase of 139 per cent. Gross loan portfolio increased from LE699 Million in 2019 to LE1.07 Billion in 2020, growing 53 per cent.
Abou El-Azm added that Tamweely has expanded its outreach and served 75K clients in 2020, compared to 55K clients in 2019. He expressed his pride that women represented 42 per cent of beneficiaries.
CEO and Managing Director of Tamweely, Ahmed Khorched, asserted that the company’s witnessed success in 2020 was ensured by its unceasing expansion plans along the year.
Accordingly, branches increased from 47 branches covering 11 governorates in 2019 to 71 branches in 15 governorates by the end of 2020.
Also, Tamweely offered more employment opportunities,moving from 891 employers in 2019 to 1450 employers in 2020, who senotable efforts contributed to the company’s growth during tough times.
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