Fawry hits profits of LE 38.04M during Q1 2020

CAIRO – 16 June 2020: Fawry for Banking Technology and Electronic Payment recorded 82-percent hike in its consolidated profits during the first quarter of 2020, reaching LE 38.04 million, up from LE 20.9 million during the same quarter of 2019.

The company’s revenues rose to LE 257.99 million, compared to LE 173.88 million during the same period of 2019.

As per standalone results, the company recorded profits of LE 41.56 million, compared to LE 18.27 million during the same period of 2019.

In 2019, Fawry accomplished profits of LE 130.38 million, up from LE 69.23 million during the previous year.

Trading on listed shares of Fawry on EGX started on August 8, after the company received the approval of the stock exchange. Fawry offered 36 percent of its shares on EGX to collect LE 1.6 billion; of which about 21 percent will be offered to Actis, Banque Misr and National Bank of Egypt at 7 percent each.

Fawry operates within the software & services sector focusing on data processing & outsourced services. Fawry is based in Cairo, Egypt and was established in June 2008.