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Contact car aims to raise auto finance portfolio by 20% in 2019

Tuesday 08 January 2019 07:25 PM

Egyptian Automobile Manufacturers
Egyptian Automobile Manufacturers

By Ahmed Awad

Contact car company, a subsidiary of Tharwa Capital Group, plans to increase the car finance portfolio by 20% to EGP 5 billion by the end of this year.

Tharwa Capital’s Operations Managing Director Said Zaatar said that nearly 12,000 cars were sold, worth 4 billion pounds, representing 8% of total vehicle sales last year. The company aims to increase its market share of sales to 10% General.

Zaatar explained in his interview with Al Mal newspepr that the company is in the process of opening three new branches in Cairo, Alexandria and Damietta to cover the governorates of the Republic and expand the financing operations of cars to include commercial ones, which are witnessing increasing demand from companies operating in national projects, construction, and infrastructure sectors.