{"id":587001,"date":"2023-05-21T00:00:00","date_gmt":"2023-05-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/21\/e-finance-fawry-report-higher-profits-in-1q-2023\/"},"modified":"2023-05-21T00:00:00","modified_gmt":"2023-05-21T00:00:00","slug":"e-finance-fawry-report-higher-profits-in-1q-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/21\/e-finance-fawry-report-higher-profits-in-1q-2023\/","title":{"rendered":"E-Finance, Fawry report higher profits in 1Q 2023"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span> <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/www.efinanceinvestment.com\" style=\"\">E-Finance<\/a><\/span><span style=\"font-weight:700\"> posts strong growth in 1Q 2023:<\/span><span style=\"\"> State-owned payments firm E-Finance\u2019s adjuste<\/span><span style=\"\">d <\/span><span>net income rose 41% y-o-y to EGP 281.9 mn 1Q 2023, according to its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1071.pdf\" style=\"\">earnings release (pdf)<\/a><\/span><span style=\"font-weight:400;\">. Revenues rose 37% y-o-y to record EGP 768.0 mn, largely on the back of growth in the firm\u2019s cloud-hosting and variable-fee transactions businesses. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Digital operations led revenue growth:<\/span><span style=\"\"> Growth was driven primarily by the company\u2019s <\/span><span>flagship business, E-Finance Digital Operations<\/span><span style=\"\">, which accounted for 93% of the group\u2019s revenues during the quarter<\/span><span style=\"font-weight:400;\">. Revenues at Digital Operations rose 40% y-o-y to EGP 716.9 mn thanks largely to the firm\u2019s \u201clucrative and fast-growing cloud hosting revenue stream,\u201d where revenues more than doubled to EGP 207.6 mn. Transaction-based revenue was up 53% to EGP 327.4 mn, driven by a 78% increase in variable-fee transaction income. Meanwhile, e-commerce subsidiary E-Aswaaq increased revenues more than fivefold to EGP 58.5 mn. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What they said<\/span><span style=\"\">: \u201cOur profitability for the period was driven by the strong results generated by <\/span><span>our higher margin revenue streams, as well as management\u2019s diligent and successful efforts at mitigating and reducing our exposure to the impacts of Egypt\u2019s currently unfavorable FX environment,\u201d said<\/span><span style=\"font-weight:400;\"> Chairman Ibrahim Sarhan.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Looking ahead: <\/span><span style=\"\">E-Finance aims to open a Saudi branch in Riyadh in 2H 2023 after <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/78511b41-9f15-463d-9892-2f552d962b89\" style=\"\">signing an<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/78511b41-9f15-463d-9892-2f552d962b89\" style=\"\">MoU<\/a><\/span><span style=\"\"> l<\/span><span>ast month to partner with Saudi-based Thiqah Business Services. Saudi sovereign wealth fund PIF became the single-largest shareholder in E-Finance last year after it <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/316415e5-ccc3-42ca-b442-80dd3b8b2e16\" style=\"\">acquired a 25% stake<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">FAWRY NET INCOME TRIPLES-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">E-payments giant Fawry\u2019s adjusted net income rose 242% y-o-y to EGP 146.8 mn in 1Q <\/span><span style=\"font-weight:700\">2023<\/span><span>, according to the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1063.pdf\" style=\"\">company\u2019s earnings release (<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1063.pdf\" style=\"\">pdf<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1063.pdf\" style=\"\">)<\/a><\/span><span style=\"font-weight:400;\">. Revenues were up 40% y-o-y to EGP 675.7 mn. Revenue growth was driven by expansion in the company\u2019s banking services segment, Fawry said, while cost control measures led to higher margins and increased profitability.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Banking services accounted for 50% of Fawry\u2019s revenue growth <\/span><span style=\"\">during the quarter, with the <\/span><span style=\"font-weight:400;\">segment booking revenues of EGP 249.9 mn, up 63% y-o-y and accounting for more than a third of the company\u2019s overall revenues. The microfinance segment also posted strong growth, with revenues rising 74% to EGP 82.3 mn, accounting for 18% of top-line growth and 12% of overall revenues. Supply chain solutions \u2014 while still a relatively small segment of the business \u2014 saw revenues jump 81% y-o-y to EGP 44.6 mn, making up 10% of revenue growth. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What they said: <\/span><span style=\"\">\u201cThe successful expansion of our top-line and the consistent effort to control <\/span><span style=\"font-weight:400;\">costs at all levels despite challenging economic circumstances has enabled us to expand our margins and add another quarter to Fawry\u2019s success story,\u201d CEO Ashraf Sabry said in the release. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cloud hosting boom drives revenue growth<\/p>\n","protected":false},"author":1,"featured_media":587002,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7208],"tags":[339,409,72,519,183],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587001","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-e-finance","tag-earnings-watch","tag-enterpriseam","tag-fawry","tag-fintech","wpautop","entry"],"acf":{"mongo_id":"631f8be9-d977-49b9-84b5-c9b258158e68","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/1097.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Profits up 41% at Egyptian fintech e-finance in 1Q 2023","related_issue":[586987],"teaser":"Cloud hosting boom drives revenue growth","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.ec3a397f-4f0b-4605-81f0-3a24f969dc8f.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>E-Finance, Fawry report higher profits in 1Q 2023 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/21\/e-finance-fawry-report-higher-profits-in-1q-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"E-Finance, Fawry report higher profits in 1Q 2023\" \/>\n<meta property=\"og:description\" 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