{"id":551423,"date":"2022-06-16T13:25:05","date_gmt":"2022-06-16T13:25:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/16\/this-evening-fawrys-grows-all-its-revenue-streams-in-1q2022-boe-raises-interest-rates-to-1-25-amid-high-inflation-mps-to-vote-on-the-budget-next-week\/"},"modified":"2022-06-16T13:25:05","modified_gmt":"2022-06-16T13:25:05","slug":"this-evening-fawrys-grows-all-its-revenue-streams-in-1q2022-boe-raises-interest-rates-to-1-25-amid-high-inflation-mps-to-vote-on-the-budget-next-week","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/16\/this-evening-fawrys-grows-all-its-revenue-streams-in-1q2022-boe-raises-interest-rates-to-1-25-amid-high-inflation-mps-to-vote-on-the-budget-next-week\/","title":{"rendered":"THIS EVENING: Fawry\u2019s grows all its revenue streams in 1Q2022 + BoE raises interest rates to 1.25% amid high inflation + MPs to vote on the budget next week"},"content":{"rendered":"

Happy THURSDAY, friends.<\/strong> We\u2019ve made it through another rather busy week that\u2019s ending on a relatively quiet note at home.<\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

<\/a> Fawry grew its revenue streams in 1Q2022, but saw a dip in its bottom line from<\/strong> nonrecurring items:<\/strong> Fawry\u2019s net income fell 63% y-o-y in 1Q2022 to EGP 28.2 mn, according to the company\u2019s earnings release (pdf)<\/a>. The company\u2019s bottom line was impacted by nonrecurring items, including a noncash EGP 19.1 mn expense for its newly-introduced ESOP program. Meanwhile, Fawry\u2019s revenues rose 38.4% during the quarter to come in at EGP 483 mn. The quarter saw Fawry grow all of its revenue streams, with its banking services leading the pack with y-o-y growth of 115.5% due to expanded agent banking and acceptance businesses.<\/p>\n

THE BIG STORY ABROAD<\/strong><\/p>\n

<\/a> The Bank of England raised interest rates by 25 basis points today to 1.25%<\/strong>, according to a statement from its monetary policy committee<\/a>. The decision shied away from a more aggressive rate hike, with only three of the nine MPC members voting to raise rates by 50 basis points to address rising inflation. Although the BoE signaled it could \u201cact forcefully\u201d in response to more persistent inflation down the line, today\u2019s rate hike \u2014 which was lower than expected and lagged behind other central banks, including the US Federal Reserve \u2014 drove down the GBP and pushed up yields on UK government bonds. The story is getting front-page treatment in the Financial Times<\/a>, Bloomberg<\/a>, and CNBC<\/a>.<\/p>\n

HAPPENING NOW-<\/strong><\/p>\n

The African Export-Import Bank\u2019s (Afreximbank) annual meetings are on their second<\/strong> day<\/strong> at the new administrative capital, with President Abdel Fattah El Sisi inaugurating the official opening earlier today, according to Ittihadiya<\/a>. Central Bank of Egypt Governor Tarek Amer also spoke at today\u2019s session, stressing Egypt\u2019s commitment to growing African trade (watch, runtime: 11:16<\/a>).<\/p>\n

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** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM<\/strong>:<\/p>\n