{"id":599468,"date":"2023-08-14T00:00:00","date_gmt":"2023-08-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/14\/fawrys-bottom-line-nearly-quadruples-in-1h-2023-ibnsina-reports-rise-in-earnings\/"},"modified":"2023-08-14T00:00:00","modified_gmt":"2023-08-14T00:00:00","slug":"fawrys-bottom-line-nearly-quadruples-in-1h-2023-ibnsina-reports-rise-in-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/14\/fawrys-bottom-line-nearly-quadruples-in-1h-2023-ibnsina-reports-rise-in-earnings\/","title":{"rendered":"Fawry\u2019s bottom line nearly quadruples in 1H 2023; Ibnsina reports rise in earnings"},"content":{"rendered":"

It\u2019s the final days of 2Q earnings season here in Omm El Donia. <\/strong>You can expect a flurry of filings in the coming days. Among those out with results yesterday:<\/p>\n

FAWRY- <\/strong><\/p>\n

EGX-listed e-payments giant Fawry\u2019s adjusted net income almost quadrupled <\/strong> to <\/strong> EGP 327.9 <\/strong> mn in 1H 2023 <\/strong>, according to the company\u2019s earnings release (<\/a> pdf<\/a> )<\/a>. Revenues climbed 42% y-o-y to EGP 1.4 bn during the period. <\/p>\n

On a quarterly basis: <\/strong> The company\u2019s 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. <\/p>\n

Banking services + microfinance underpinned revenue growth in 1H 2023: <\/strong> Fawry\u2019s 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\u2019s alternative digital payments (ADP) segments remained the company\u2019s 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. <\/p>\n

What they said: <\/strong> \u201cOur 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,\u201d CEO Ashraf Sabry said in the release. \u201cThere 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,\u201d he added. <\/p>\n

IBNSINA PHARMA- <\/strong><\/p>\n

Ibnsina Pharma\u2019s net income rose 49% to EGP 132 mn in 1H 2023 <\/strong>, according to the company\u2019s latest earnings release (pdf)<\/a>. The pharma firm booked net revenues of EGP 14.7 bn in the first half of the year, up 43% y-o-y. <\/p>\n

Price hikes drive growth: <\/strong> 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.<\/p>\n

Ibnsina is keeping a close eye on costs: <\/strong>The company continued its \u201cconservative\u201d 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fawry\u2019s banking services segment drove revenue growth, sales at Ibnsina were up on price hikes<\/p>\n","protected":false},"author":1,"featured_media":599469,"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":[409,72,519,183,1414,595,427],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-599468","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseam","tag-fawry","tag-fintech","tag-ibnsina-pharma","tag-non-banking-financial-services","tag-pharma","wpautop","entry"],"acf":{"mongo_id":"4cf92392-9cff-486a-843b-6e0c34616d52","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/642.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Fawry profits almost quadruple in 1H 2023","related_issue":[599457],"teaser":"Fawry\u2019s banking services segment drove revenue growth, sales at Ibnsina were up on price hikes","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.b811cae7-4831-447f-84e4-163e62e9dd11.mp3"},"yoast_head":"\nFawry\u2019s bottom line nearly quadruples in 1H 2023; Ibnsina reports rise in earnings - 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\/08\/14\/fawrys-bottom-line-nearly-quadruples-in-1h-2023-ibnsina-reports-rise-in-earnings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fawry\u2019s bottom line nearly quadruples in 1H 2023; Ibnsina reports rise in earnings\" \/>\n<meta property=\"og:description\" content=\"Fawry\u2019s banking services segment drove revenue growth, sales at Ibnsina were up on price hikes\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/14\/fawrys-bottom-line-nearly-quadruples-in-1h-2023-ibnsina-reports-rise-in-earnings\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-14T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/642.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/14\/fawrys-bottom-line-nearly-quadruples-in-1h-2023-ibnsina-reports-rise-in-earnings\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/14\/fawrys-bottom-line-nearly-quadruples-in-1h-2023-ibnsina-reports-rise-in-earnings\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Fawry\u2019s bottom line nearly quadruples in 1H 2023; 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