Egyptian tycoon Ashraf Sabry’s Fawry posts over $17 million in profit in 9M 2023

Yusuf Abdulfatai -

Fawry for Banking Technology and Electronic Payments (Fawry), Africa’s leading fintech company led by Egyptian tycoon Ashraf Sabry, has announced a remarkable surge in profits, exceeding $17 million during the first nine months of its 2023 fiscal year. The financial results solidify its position as a leading fintech company.

According to the consolidated financial results, Fawry’s profit after tax experienced an unprecedented increase from EGP192.93 million ($6.24 million) in the nine months of 2022 (9M 2022) to EGP556.2 million ($17.98 million) in the corresponding period of 2023 (9M 2023), firmly establishing itself among Egypt’s most profitable businesses.

Fawry’s operating revenues skyrocket to $68.9 million in 9M 2023

The substantial profit growth can be attributed to a triple-digit percentage increase in Fawry’s operating revenues, which soared to EGP2.13 billion ($68.9 million) in 9M 2023 from EGP1.62 billion ($52.4 million) in 9M 2022.

As a result of this impressive financial performance, Fawry’s earnings per share reached EGP0.15 ($0.0048) in January-September 2023, a significant year-on-year increase from EGP0.05 ($0.00161). Additionally, the company’s total assets surged to EGP9.33 billion ($301.6 million) in 9M 2023, compared to EGP6.42 billion ($207.6 million) at the beginning of the year.

Ashraf Sabry: A visionary entrepreneur at the helm of Africa’s leading electronic payment network

Fawry, a key player in Africa’s fintech landscape, boasts esteemed shareholders, including the National Bank of Egypt, Banque Misr, Alpha Oryx Limited UAE, Egyptian American Enterprise Fund, and Link Holdco.

The fintech firm, founded in 2008 by Sabry, a leading Egyptian entrepreneur, operates an electronic bill payment network facilitating convenient and secure bill payments and mobile phone top-ups through various electronic channels at banks and a network of retailers.

Sabry, who owns 2.345 percent of the company (40,036,282 shares), presently serves as the CEO of Fawry, steering the company’s growth and dominance in the African fintech sector.