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Fawry for Banking Technology and Electronic Payments (Fawry), a fintech company led by Egyptian tycoon Ashraf Sabry reported a strong first quarter of 2024, with revenue surging more than 50 percent to top $20 million. This solidifies its position among the continent’s top fintech players.
Fawry’s profit doubles in Q1 as revenue soars
According to Fawry’s recently released Q1 2024 results, revenue climbed from EGP675.7 million ($14.42 million) in Q1 2023 to EGP1.08 billion ($23.1 million) in Q1 2024. The expansion and diversification of the company’s offerings fueled the strong top-line performance.
Profits more than doubled year-over-year to EGP 333.71 million ($7.12 million) from EGP 142.05 million ($3.03 million) in Q1 2023 under CEO Ashraf Sabry’s leadership.
This growth reflects both the continued rise of mobile money adoption across Egypt and the broader Middle East and North Africa (MENA) region, alongside effective cost-control measures that have resulted in robust profitability margins.
The impressive performance builds on a strong 2023 for Fawry, with profits surging 149.5 percent to EGP815.96 million ($17.42 million) compared to EGP 327.05 million ($6.98 million) in 2022.
Fawry: A fintech powerhouse with esteemed backing
Fawry is a key player in Africa’s fintech landscape, attracting esteemed shareholders like the National Bank of Egypt, Banque Misr, Alpha Oryx Limited UAE, Egyptian American Enterprise Fund, and Link Holdco.
Founded in 2008 by Sabry, Fawry has become Egypt’s leading e-bill payment platform. It facilitates secure and convenient bill payments and mobile top-ups through various channels, including banks and a network of retailers.
Sabry, who owns 2.345 percent of the company (40,036,282 shares), has been instrumental in driving Fawry’s growth and dominance in the African fintech sector.
Investor confidence soars on strong financials
Fawry’s impressive Q1 performance fueled investor confidence. During trading on the Egyptian Exchange on Tuesday, shares surged 3.99 percent to close at EGP6 ($0.128), pushing its market capitalization above the $400 million mark.
