Fawry for Banking Technology and Electronic Payments posted a 149.50% year-on-year (YoY) surge in consolidated net profit after tax to EGP 815.96 million in 2023 from EGP 327.05 million.

Total consolidated revenue jumped 43.60% YoY to EGP 3.27 billion from EGP 2.27 billion, according to annual financial results.

The basic and diluted earnings per share (EPS) reached EGP 0.18 in 2023, up from EGP 0.08 a year earlier.

Standalone Financials

The standalone net profit after tax soared to EGP 610.84 million in 2023 from EGP 177.78 million the year before.

Standalone operating revenue leapt to EGP 2.19 billion last year from EGP 1.49 billion in 2022.

No Dividends

The company’s board of directors approved a proposal not to distribute dividends to shareholders for 2023.

Ashraf Sabry, CEO of Fawry, said: “Our team's steadfast commitment to expanding our loyal customer base, diversifying revenue streams, and enhancing service offerings, coupled with operational success and effective cost control measures, has not only turned challenges into opportunities but also resulted in a remarkable year of growth.”

“Our strategic initiatives have manifested in a substantial increase in mobile wallet transactions, demonstrating a noteworthy 82.6% YoY growth over the past year. This surge resulted in a staggering 156 million transactions, amounting to EGP 190,153 million in processed value,” Sabry revealed.

He added: “Heading into 2024, I am filled with optimism for what lies ahead. Our dedication to innovation, coupled with persistent efforts to connect with a broader audience nationwide positions us for continued growth and success.”

It is worth noting that Fawry logged higher consolidated net profits after tax of EGP 556.21 million in the first nine months (9M) of 2023, up from EGP 192.93 million in 9M-22.

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