A record year for Fawry: EGX-listed e-payments giant Fawry saw its net income grow 198%y-o-y to EGP 715 mn in 2023, the company said in a press release (pdf). The company saw its top line grow 44% y-o-y to a record EGP 3.3 bn, driven by a strong performance in its banking services.

Driving the growth: Fawry’s banking services division — which contributed 50% of the firm’srevenue growth for the year — saw its revenues jump 66% y-o-y in 2023 to EGP 1.3 bn. Revenues from its supply chain business surged 76% y-o-y to EGP 226 mn during the same period and from its financial services segment grew by 60% y-o-y to EGP 426 mn.

On a quarterly basis: Fawry saw its revenues grow nearly 47% y-o-y to EGP 955 mn, while its net income nearly doubled to EGP 228.8 mn.

More transactions: Fawry’s transaction throughput value was up 70% y-o-y to EGP 348 bn forthe year, meanwhile transaction volumes climbed 22% y-o-y to 1.6 bn.

What they said: “Amidst the challenges posed by the prevailing market conditions, includingrecord inflation and supply chain disruptions, we successfully navigated through by implementing vigilant cost control measures and adopting a synergistic approach to business development. As such, the strong expansion in our top-line performance was complemented by effective cost optimization strategies, resulting in robust profitability,” said CEO Ashraf Sabry.

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