Arab Finance: Fawry for Banking Technology and Electronic Payment (FWRY) reported a 149.1% year-on-year (YoY) climb in consolidated profits attributable to the parent company in the first quarter (Q1) of 2024, registering EGP 307.09 million, compared to EGP 123.282 million, as per a filing.

Consolidated operating revenues surged to EGP 1.087 billion in the January-March period from EGP 675.697 million in the same period last year.

As for standalone financial results, the company’s net profit after tax soared to EGP 305.195 million in Q1 2024 from EGP 140.094 million in Q1 2023.

Meanwhile, standalone operating revenues went up to EGP 729.977 million from EGP 459.751 million.

Fawry is an Egypt-based company that provides an electronic payment network. The company allows users to pay bills in multiple channels, such as online, using automated teller machines, mobile wallets, and retail points.

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