Fawry records 292% surge in consolidated profits in 9 months: Egypt

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Fawry for Banking Technology and Electronic Payment (FWRY) reported a 292.2% year-on-year (YoY) climb in consolidated profit attributable to the parent company during the first nine months of 2023, according to the consolidated financial statement filed to the Egyptian Exchange (EGX) on November 15th.

The company’s consolidated profit excluding minority interest rose to EGP 486.54 million in the nine-month period from EGP 124.06 million in the year-ago period.

Consolidated operating revenues surged to EGP 2.317 billion in the nine months ended September 30th from EGP 1.628 billion in the same period a year earlier.

As for standalone financial results, the company’s net profit after tax soared to EGP 441.823 million in the first nine months of 2023 from EGP 87.709 million in the corresponding period of 2022.

Meanwhile, standalone operating revenues went up to EGP 1.567 billion to EGP 1.056 billion.

Fawry is an Egypt-based company that provides an electronic payment network. The company allows users to pay bills in multiple channels, such as online, using automated teller machines, mobile wallets, and retail points.