Egyptian entrepreneur Ashraf Sabry's Fawry smashes expectations with $10.6 million profit in 2022

Fawry for Banking Technology and Electronic Payments (Fawry), a leading fintech company led by Egyptian entrepreneur Ashraf Sabry, demonstrated remarkable resilience in its 2022 fiscal year despite challenges in its operating environment.

According to its recently published financial results, the company’s profit surged by 35 percent from EGP242.12 million ($7.83 million) to EGP327.05 million ($10.6 million), driven by the increased adoption of mobile money services in Egypt.

Fawry experienced revenue growth of over 70 percent, rising from EGP1.65 billion ($53.4 million) in 2021 to EGP2.27 billion ($73.4 million), despite stiff competition from key players in the fintech industry.

Fawry would have achieved an even higher profit than the reported $10.6 million at the end of its 2022 fiscal year if not for a surge in operating expenses that weighed down its earnings.

Nonetheless, its financial performance remains impressive, and it also contributed to an increase in its assets from EGP4.12 billion ($133 million) to EGP6.42 billion ($207.7 million).

Fawry, one of Africa’s foremost fintech companies, is a joint venture between HSBC, Arab African International Bank, Bank of Alexandria, EFG Hermes, Raya Holding, and Fawry management.

The fintech firm operates an electronic bill payment network that enables the Egyptian public to conveniently and securely pay their bills and top up their mobile phones through the various electronic channels available at banks and a network of retailers.

Sabry, a leading Egyptian entrepreneur who launched the payment platform in 2008 and pioneered electronic bill payments in Egypt, controls 2.345 percent of the company, or 40,036,282 shares.

In its pursuit to bolster its revenue streams, Fawry, joined forces with MSI, a multinational information technology corporation based in Taiwan, to provide cutting-edge payment services to both businesses and consumers.

Under the terms of the deal, Fawry will facilitate payment solutions for MSI’s customers through its extensive network of merchants in Egypt.

The partnership is timely as MSI plans to launch new top-tier models designed to meet evolving business demands.