It’s the final days of 2Q earnings season here in Omm El Donia. You can expect a flurry of filings in the coming days. Among those out with results yesterday:

FAWRY-

EGX-listed e-payments giant Fawry’s adjusted net income almost quadrupled to EGP 327.9 mn in 1H 2023 , according to the company’s earnings release ( pdf ). Revenues climbed 42% y-o-y to EGP 1.4 bn during the period.

On a quarterly basis: The company’s adjusted net income rose to EGP 181.1 mn in 2Q 2023, up 342% y-o-y. Revenues grew 45% y-o-y to EGP 768.5 mn during the quarter.

Banking services + microfinance underpinned revenue growth in 1H 2023: Fawry’s banking services segment was the single largest driver of the rise in revenues, accounting for 52% of overall topline growth. Banking services generated EGP 547.7 mn in revenues, up 70% compared with the first half of 2022. The company’s alternative digital payments (ADP) segments remained the company’s biggest contributor to its top line, with revenues rising 15% y-o-y to EGP 582.6 mn. The microfinance segment also performed well, generating EGP 168.1 mn of revenues, up 59% y-o-y.

What they said: “Our increased profitability at the gross profit, EBITDA, and adjusted net profit levels are consistent with our continued cost control efforts, both direct and indirect, in response to increased inflation which has affected the country since 2022,” CEO Ashraf Sabry said in the release. “There has also been a remarkable expansion of our mobile wallet transactions and mobile wallet throughput value, recording 67.6 mn transactions and EGP 80.5 mn during the six-month period, a rise of 73.9% and 107.7% y-o-y, respectively,” he added.

IBNSINA PHARMA-

Ibnsina Pharma’s net income rose 49% to EGP 132 mn in 1H 2023 , according to the company’s latest earnings release (pdf). The pharma firm booked net revenues of EGP 14.7 bn in the first half of the year, up 43% y-o-y.

Price hikes drive growth: The company reported 19% y-o-y sales growth in the January-June period, which it said was driven by its decision to hike prices.

Ibnsina is keeping a close eye on costs: The company continued its “conservative” approach to spending into 2Q, limiting opex growth to 20% y-o-y in 1H 2023 by making efficiency savings on line items from salaries to electricity.

Tags: