Fawry for Banking Technology and Electronic Payments (Fawry), the leading fintech company spearheaded by Egyptian entrepreneur Ashraf Sabry, has continued its remarkable performance into 2023, surpassing expectations once again.
The company’s recently published results for the first quarter of 2023 demonstrate an impressive triple-digit percent surge in consolidated profit, firmly establishing Fawry as a key player in the fintech industry.
During the first three months of 2023, Fawry recorded a consolidated profit of EGP142.05 million ($4.6 million), a substantial increase compared to the EGP47.83 million ($1.55 million) profit achieved in the same period last year.
This outstanding financial performance can be attributed to a double-digit percent surge in revenue, which rose from EGP482.99 million ($15.63 million) in the first quarter of 2022 to EGP675.69 million ($21.86 million) in the corresponding period of 2023.
The robust financial results build upon Fawry’s resilient performance in 2022 when its profit surged by 35 percent, driven by the increased adoption of mobile money services in Egypt.
Despite facing intense competition from key players in the industry, Fawry experienced revenue growth of over 70 percent, reaching EGP2.27 billion ($73.4 million) in 2022, compared to EGP1.65 billion ($53.4 million) in 2021.
Fawry, a joint venture between prominent entities such as HSBC, Arab African International Bank, Bank of Alexandria, EFG Hermes, Raya Holding, and Fawry management, operates an electronic bill payment network that offers a secure and convenient payment solution for the Egyptian public.
Despite the remarkable financial performance, Fawry’s share price on the Egyptian Stock Exchange experienced a temporary setback, declining by 36 basis points to EGP5.49 ($0.178). Nevertheless, Fawry’s market capitalization remains robust, solidifying its position in the market with a valuation below the EGP19 billion ($614.9 million) mark.
Sabry, the visionary behind Fawry, retains 2.345 percent of the company, controlling 40,036,282 shares.
With the market value of his stake at EGP445.5 million ($14.4 million), Sabry remains one of the richest investors on the Egyptian Exchange.
His entrepreneurial journey continues to shape Egypt’s fintech landscape, driving innovation and transforming electronic payments in the country.