Fawry's profits down 44% in Q1-22

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As for the standalone businesses, the company's net profits amounted to $2.04mln in the January-March period of 2022

Staff Writer, Mubasher

June 16, 2022

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Cairo – The consolidated net profits of Fawry for Banking Technology and Electronic Payments retreated by 44.24% year-on-year (YoY) to EGP 47.83 million in the first quarter (Q1) of 2022 from EGP 85.79 million, including minority shareholders' rights.

The company's revenues jumped to EGP 482.99 million in Q1-22 from EGP 348.99 million in the year-ago period, according to a bourse filing on Thursday.

As for the standalone businesses, the company's net profits amounted to EGP 38.63 million in the January-March period of 2022, down EGP 53.70 million in the same period of 2021.

It is noteworthy to mention that in 2021, Fawry reported consolidated net profits after tax of EGP 242.12 million, 8.30% higher than EGP 223.56 million, including minority shareholders' rights.

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