Egyptian technology expert Ashraf Sabry has gained EGP70.1 million ($4.5 million) in 17 days as shares in the Egypt-based fintech company Fawry surge by double digits.
The multimillion-dollar gain in his stake in the past 17 days is due to investors reacting positively to the group’s half-year results after its stock price fell to an eight-month low on Aug. 30 on the back of a sustained sell-down in shares.
Fawry is an Egypt-based fintech company with a technology that serves more than 250 electronic payment services through its network of over 105,000 service points in 300 cities in Egypt.
The company was conceived in 2007, when technology expert Sabry came up with the idea of introducing electronic bill payment in Egypt.
After years of providing bespoke payment services in Egypt, Fawry became the first-ever Egyptian fintech startup to reach a market cap of $1 billion and the first-ever African tech startup to go public through an IPO in Africa.
In the first half of 2021, the company booked revenues of EGP742.6 million ($47.2 million), up 35.2 percent from last year, and a net profit of EGP 113.3 million ($7.20 million), up 60.8 percent from last year’s figures.
As of press time, 11:45 AM, Sept. 16, shares in the fintech service provider were trading at EGP17.0 ($1.082), 11.1 percent higher than its closing price on Aug. 30.
Sabry, who holds a beneficial stake of about 2.42 percent in Fawry, leads the fintech company as the founding CEO.
The market value of his stake in recent times has increased from EGP15.3 ($0.974) on Aug. 30 to EGP17.0 ($$1.082) as of press time.
This translates to a gain of EGP70.1 million ($4.5 million) for the tech tycoon in 17 days.
