Key Points:
- Fawry, led by Egyptian executive Ashraf Sabry, saw a block trade worth $21.1 million on July 1, 2024.
- The trade involved 170.24 million shares, boosting investor interest in Fawry’s shares on the Egyptian Exchange.
- Fawry’s share price closed at EGP6.52 ($0.135), lifting its market cap to EGP21.5 billion ($445.1 million) after the trade.
Fawry for Banking Technology and Electronic Payments, a leading fintech company led by Egyptian executive Ashraf Sabry, saw a block trade worth EGP1.02 billion ($21.1 million) on July 1, 2024, highlighting ongoing investor enthusiasm for Fawry shares.
The block trade involved 170.24 million shares, sparking renewed buying interest in the leading fintech company. Fawry’s share price closed at EGP6.52 ($0.135) on the Egyptian Exchange on July 1, 2024, up 31 basis points from the day’s opening price. This pushed the company’s market capitalization to EGP21.5 billion ($445.1 million).
Fawry: A key player in African fintech
Fawry is a prominent 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 Ashraf Sabry, the company has become Egypt’s leading e-bill payment platform. It offers secure and convenient bill payments and mobile top-ups through various channels, including banks and a vast network of retailers.
Strong financial performance cements Fawry’s dominance
Under Sabry’s leadership (who owns 2.345 percent of Fawry, or 40,036,282 shares), the company has delivered impressive financial results, solidifying its position in the African fintech sector.
Fawry’s recently released Q1 2024 results show revenue climbing from EGP675.7 million ($14.42 million) in Q1 2023 to EGP1.08 billion ($23.1 million) in Q1 2024, driven by the expansion and diversification of its offerings.
Profits also more than doubled year-over-year, reaching EGP333.71 million ($7.12 million) in Q1 2024 compared to EGP142.05 million ($3.03 million) in Q1 2023. This impressive performance builds on a strong 2023 for Fawry, with profits surging 149.5 percent to EGP815.96 million ($17.42 million) compared to EGP327.05 million ($6.98 million) in 2022.