{"id":616492,"date":"2024-03-06T00:00:00","date_gmt":"2024-03-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/06\/fawrys-net-income-rose-198-y-o-y-in-2023\/"},"modified":"2024-03-06T00:00:00","modified_gmt":"2024-03-06T00:00:00","slug":"fawrys-net-income-rose-198-y-o-y-in-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/06\/fawrys-net-income-rose-198-y-o-y-in-2023\/","title":{"rendered":"Fawry\u2019s net income rose 198% y-o-y in 2023"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>A record year for Fawry: <\/strong>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 <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/398.pdf\" style=\"\" rel=\"noopener\">press release (<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/398.pdf\" style=\"\" rel=\"noopener\">pdf<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/398.pdf\" style=\"\" rel=\"noopener\">)<\/a>. 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Driving the growth:<\/strong> Fawry\u2019s banking services division \u2014 which contributed 50% of the firm\u2019srevenue growth for the year \u2014 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a quarterly basis: <\/strong>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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More transactions: <\/strong>Fawry\u2019s 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cAmidst 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,\u201d said CEO Ashraf Sabry.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company also saw its top line grow 44% y-o-y to a record EGP 3.3 bn<\/p>\n","protected":false},"author":1,"featured_media":616493,"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],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseam","tag-fawry","tag-fintech","wpautop","entry"],"acf":{"mongo_id":"f151b366-431b-46b8-9827-8fbf98a6d885","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/423.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian e-payments giant Fawry\u2019s net income rose 198% y-o-y in 2023","related_issue":[616477],"teaser":"The company also saw its top line grow 44% y-o-y to a record EGP 3.3 bn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.d64f6a0d-8a26-4cc3-9906-c72538e9a01b.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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Revenues rose 31% y-o-y during the quarter to EGP 448.3 mn.On a nine-month basis, Fawry\u2019s net income is nevertheless up 25% over the same period last year at EGP\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/477.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546057,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/earnings-watch-sodic-idh-fawry-obour-land\/","url_meta":{"origin":616492,"position":2},"title":"Earnings Watch: SODIC, IDH, Fawry, Obour Land","author":"enterpriseam admin","date":"26 April 2022","format":false,"excerpt":"Real estate giant SODIC\u2019s bottom line more than doubled y-o-y in 1Q 2022 to reach EGP 226 mn, according to the company\u2019s earnings release (pdf). Revenues for the quarter came in at EGP 1.19 bn, rising 40% y-o-y.Meanwhile, our friends at the upmarket real estate developer delivered record first-quarter gross\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":587001,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/21\/e-finance-fawry-report-higher-profits-in-1q-2023\/","url_meta":{"origin":616492,"position":3},"title":"E-Finance, Fawry report higher profits in 1Q 2023","author":"enterpriseam admin","date":"21 May 2023","format":false,"excerpt":"Cloud hosting boom drives revenue growth","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1097.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561261,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/31\/fawry-net-income-surges-81-in-2020\/","url_meta":{"origin":616492,"position":4},"title":"Fawry net income surges 81% in 2020","author":"enterpriseam admin","date":"31 March 2021","format":false,"excerpt":"Fawry\u2019s net income increased 81% y-o-y in 2020 to reach EGP 186 mn, up from EGP 103 mn the year before, according to a company earnings release (pdf). Revenues were up almost 40% to EGP 1.2 bn, thanks to rapid growth in the company\u2019s microfinance and banking services. The strong\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577282,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/16\/so-many-earnings\/","url_meta":{"origin":616492,"position":5},"title":"So. Many. Earnings.","author":"enterpriseam admin","date":"16 November 2022","format":false,"excerpt":"More robust results as we go down to the wire on earnings season: Yesterday saw another flurry of earnings releases land in our inbox, with contractors, tech, and pharma firms all posting strong results. Here\u2019s the rundown:ELSEWEDY ELECTRIC-Elsewedy Electric\u2019s revenues rose 53% to EGP 62.6 bn in 9M 2022, according\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/263.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616492","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=616492"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616492\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/616477"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/616493"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=616492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=616492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=616492"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=616492"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=616492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}