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Fawry’s net income nearly triples YoY

2023 was a record year for Fawry.

What
Fawry revealed that 2023 was a record year as they published their earnings.

Net Income: It witnessed a 198% rise YoY to EGP 715 million.

Revenues: The EGX-listed e-payments giant saw its top line surge by 44% YoY to a record EGP 3.3 billion, on the back of strong performance in its banking services.

Fueling Growth: Fawry’s banking services section, accounting for half of the firm’s revenue growth, experienced a 66% YoY increase. In 2023, its revenues soared to EGP 1.3 billion. Likewise, revenue from its supply chain arm surged by 76% YoY to EGP 226 million, while the financial services segment witnessed a 60% YoY rise, reaching EGP 426 million.

Transactions: Fawry’s transaction throughput value jumped by 70% YoY to EGP 348 billion, meanwhile transaction volumes climbed by 22% YoY to EGP 1.6 billion.

Claps Class: In this context, “transaction throughput value” refers to the total value of transactions processed by Fawry.

Fawry’s Narrative: In the earnings’ press release, the company celebrated successfully navigating through record inflation and supply chain disruptions by “implementing vigilant cost control measures and adopting a synergistic approach to business development. They added: “As such, the strong expansion in our top-line performance was complemented by effective cost optimization strategies, resulting in robust profitability.”