Fawry's Q1 profits surge 82% on higher revenues

Cairo -   Fawry for Banking Technology and Electronic Payments has achieved an 82% annual growth in profits over the first quarter (Q1) of 2020.

The profits increased to EGP 38.04 million in the three-month period, compared with EGP 20.9 million in the corresponding period a year earlier, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

Meanwhile, revenues jumped to EGP 257.99 million from EGP 173.88 million.

Moreover, the standalone profits skyrocketed to EGP 41.56 million in the first three months of the year when compared to EGP 18.27 million in Q1-19.

In fiscal year (FY) 2019, Fawry logged an 88.35% increase in net profits at EGP 130.38 million from EGP 69.23 million a year ago.