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Key Points
- Fawry’s net profit more than doubled to $14 million in H1 2024, driven by strategic expansion and diversification.
- Revenue surged 59.2%, reaching $47.1 million in H1 2024, marking Fawry’s highest growth rate since 2008.
- Total assets increased to EGP13.14 billion ($270 million), driven by strategic business expansion and diversification.
Fawry for Banking Technology and Electronic Payments, a leading Egyptian fintech company led by Ashraf Sabry, reported robust financial results for the first half of 2024, with net profit more than doubling to $14 million. This substantial increase reflects the company’s successful execution of its strategic business expansion and diversification initiatives.
The fintech firm’s net profit surged by 111.1 percent year-on-year, rising from EGP324.85 million ($6.64 million) in H1 2023 to EGP685 million ($14.01 million) in the same period of 2024. The leap in profitability underscores Fawry’s ability to effectively harness synergies across its service offerings, while simultaneously improving operational cost efficiency.
Revenue growth was also remarkable, climbing 59.2% from EGP1.44 billion ($29.44 million) in the first half of 2023 to EGP2.3 billion ($47.1 million) in H1 2024, marking the company’s highest revenue growth rate since its inception in 2008. The company’s expansive growth was fueled by its diversified service portfolio, which has resonated well in the market, further solidifying its dominant position within Egypt’s fintech sector.
Fawry CEO celebrates continued growth
Commenting on the results, CEO Ashraf Sabry expressed optimism, stating, “I am pleased to report that in 2Q2024, Fawry has continued its upward trajectory from 1Q2024, achieving substantial operational and financial growth, and making significant progress on our long-term value creation and revenue diversification strategy.”
Sabry attributed the company’s resilience to rigorous cost control measures and a synergistic approach to business development, which enabled Fawry to navigate a challenging macroeconomic environment characterized by high inflation, interest rate hikes, and supply chain disruptions.
Fawry’s rising influence in fintech
Fawry, which was founded by Sabry in 2008, is a major player in Africa’s fintech landscape and has attracted a diverse base of esteemed shareholders including the National Bank of Egypt, Banque Misr, Alpha Oryx UAE, the Egyptian American Enterprise Fund, and Link Holdco. Sabry himself holds a 2.345 percent stake in the company, translating to 40,036,282 shares.
The company’s stellar performance in the first half of 2024 also saw its total assets balloon from EGP8.97 billion ($183.5 million) at the end of 2023 to EGP13.14 billion ($270 million) by June 30, 2024. Meanwhile, its total equity rose from EGP3.47 billion ($71 million) to EGP4.02 billion ($82.2 million), with retained earnings improving significantly from EGP1.39 billion ($28.4 million) to EGP2.02 billion ($41.3 million).
As Fawry continues to leverage its strategic initiatives and build on its financial momentum, it is poised to further cement its status as Egypt’s leading e-bill payment platform and expand its footprint across Africa’s burgeoning fintech landscape.
