Fawry’s consolidated profits hike 124.6% in 2024

Updated 3/2/2025 1:15:00 AM

Arab Finance: Fawry for Banking Technology and Electronic Payment logged consolidated net profits after tax and non-controlling interest worth EGP 1.606 billion in 2024, an annual rise of 124.6% from EGP 715.338 million, as per the financial results.

Basic and diluted earnings per share (EPS) recorded EGP 0.41 last year, compared to EGP 0.18 in 2023.

The EGX-listed firm posted operating revenues amounting to EGP 5.510 billion in 2024, up 68.4% year-on-year (YoY) from EGP 3.272 billion.

As for the standalone business, the net profits after tax increased to EGP 1.405 billion last year from EGP 610.843 million in 2023, while the basic and diluted EPS climbed to EGP 0.35 from EGP 0.15.

Non-consolidated revenues jumped to EGP 3.519 billion from EGP 2.198 billion.

Ashraf Sabry, CEO of Fawry, commented: “Financial Services for MSMEs and Consumers saw exceptional momentum, with neobanking services fueling a 137.7% year-on-year revenue increase in FY2024.”

Sabry attributed this growth to the launch of SME lending services and the Overdraft (BNPL for Business) product, which boosted the MSME gross loan portfolio to EGP 2.1 billion.

The CEO said: “Fawry’s Consumer BNPL portfolio continued its strong expansion, surpassing EGP 1 billion as of December 31, 2024. This growth is further propelled by the increasing capabilities of the myFawry app, which has evolved into a comprehensive financial platform.”

He added: “These strategic enhancements have cemented Fawry’s position as a leading provider of holistic financial solutions, driving a threefold year-on-year increase in myFawry’s throughput to EGP 26.8 billion.”