{"id":619989,"date":"2024-05-14T00:00:00","date_gmt":"2024-05-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/14\/fawrys-net-income-rose-150-y-o-y-in-1q-2024\/"},"modified":"2024-05-14T00:00:00","modified_gmt":"2024-05-14T00:00:00","slug":"fawrys-net-income-rose-150-y-o-y-in-1q-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/14\/fawrys-net-income-rose-150-y-o-y-in-1q-2024\/","title":{"rendered":"Fawry\u2019s net income rose 150% y-o-y in 1Q 2024"},"content":{"rendered":"

A strong first quarter for Fawry: <\/strong>EGX-listed fintech giant Fawry saw its bottom line jump 149.1% y-o-y to EGP 307.1 mn in 1Q 2024. The company\u2019s top line grew 60.9% to EGP 1.1 bn during the period, driven by \u201cthe expansion and diversification of the company\u2019s business offerings,\u201d according to its latest earnings release (pdf)<\/a>.<\/p>\n

Growth across the board: <\/strong>Fawry\u2019s banking services segment \u2014 which contributed more than 40% of the firm\u2019s revenue for the quarter \u2014 saw its revenues jump 80.2% y-o-y to EGP 456.9 mn. It was followed by the alternative digital payments segment, which added EGP 354.8 mn to the company\u2019s top line \u2014 a 27.8% increase from a year before. The financial services segment saw the highest annual growth, jumping 101.3% to EGP 174.2 mn, while revenues from supply chain solutions surged 70.4% y-o-y to EGP 75.6 mn during the same period.<\/p>\n

Moving forward: <\/strong>\u201cIn February 2024, we acquired the SME financing license\u2026 This strategic move aligns seamlessly with our commitment to delivering cutting-edge technology and adaptable solutions, addressing the financial needs of SMEs in Egypt and supporting the government\u2019s initiative to empower this vital sector,\u201d said CEO Ashraf Sabry. Fawry also aims to introduce medical ins. for myFawry prepaid cardholders, as well as payout and payroll solutions customized for SMEs, and corporate cards for SMEs, he added.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company\u2019s top line grew 60.9% to EGP 1.1 bn during the 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fintech giant Fawry\u2019s net income rose 150% y-o-y in 1Q 2024","related_issue":[619977],"teaser":"The company\u2019s top line grew 60.9% to EGP 1.1 bn during the quarter","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.3a33169d-f55f-4926-b84f-d947c2ccbe6d.mp3"},"yoast_head":"\nFawry\u2019s net income rose 150% y-o-y in 1Q 2024 - 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\/2024\/05\/14\/fawrys-net-income-rose-150-y-o-y-in-1q-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fawry\u2019s net income rose 150% y-o-y in 1Q 2024\" \/>\n<meta property=\"og:description\" content=\"The company\u2019s top line grew 60.9% to EGP 1.1 bn during the quarter\" \/>\n<meta property=\"og:url\" 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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 "EARNINGS WATCH"","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/619989","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=619989"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/619989\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/619977"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/619990"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=619989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=619989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=619989"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=619989"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=619989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}