Fawry Reports Strong 1Q 2024 Results, Highlighting Growth in Digital Payments
Fawry, Egypt's leading digital transformation and e-payments platform, has announced its financial and operational results for the first quarter of 2024, demonstrating significant growth across key metrics.
Key Details
The report highlights substantial increases in revenue and profitability, underscoring the company's continued expansion in the digital payments and financial technology sectors within Egypt.
Financial Performance
For the first quarter of 2024, Fawry reported:
Total Revenues reaching EGP 1,693.3 million, marking a 52.4% increase compared to the same period in 2023.
Net Profit After Tax soaring to EGP 255.1 million, a remarkable rise of 159.5% year-over-year (YoY).
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) grew by 86.4% YoY to EGP 474.7 million.
The strong financial performance was driven by growth across various segments, including banking services, digital transformation, bill payments, and the acceptance segment.
Operational Highlights
Fawry also detailed operational achievements during the quarter:
Payment Facilitation: Handled transactions exceeding EGP 245.4 billion in total transaction value (TTV) for the quarter, up 50.7% from 1Q 2023.
Merchant Network: Expanded its network significantly, contributing to increased transaction volumes and value.
Customer Base: Continued to grow its user base and enhance engagement through its diverse service offerings.
Product Innovation: Launched and scaled new digital financial services, including embedded finance solutions and merchant-focused platforms like Fawry Accept.
The report emphasized the company's focus on diversifying its revenue streams and enhancing its technological infrastructure to support future growth and cater to the evolving needs of the Egyptian market.
About Fawry
Founded in 2008, Fawry is a leading Egyptian company specializing in digital transformation and e-payments. It provides financial services to consumers and businesses through multiple channels, including online, mobile, and a vast network of retail outlets. Fawry is the first company in Egypt to be licensed by the Central Bank of Egypt as a payment network operator and payment services provider.
Looking Ahead
Fawry remains optimistic about its future growth trajectory, focusing on leveraging its extensive network and technology to drive further digital adoption in Egypt. The company plans to continue investing in innovation, expanding its service portfolio, and strengthening its partnerships to capitalize on the significant opportunities in the rapidly evolving MENA fintech landscape.
Source: Zawya