Fawry for Banking Technology and Electronic Payments, a leading Egyptian fintech company led by Ashraf Sabry, reported robust financial results for the first half of 2024 , with net profit more than doubling to $14 million. This substantial increase reflects the company's successful execution of its strategic business expansion and diversification initiatives.
The fintech firm's net profit surged by 111.1 percent year-on-year, rising from EGP324.85 million ($6.64 million) in H1 2023 to EGP685 million ($14.01 million) in the same period of 2024. The leap in profitability underscores Fawry's ability to effectively harness synergies across its service offerings, while simultaneously improving operational cost efficiency.
Revenue growth was also remarkable, climbing 59.2% from EGP1.44 billion ($29.44 million) in the first half of 2023 to EGP2.3 billion ($47.1 million) in H1 2024, marking the company's highest revenue growth rate since its inception in 2008. The company's expansive growth was fueled by its diversified service portfolio, which has resonated well in the market, further solidifying its dominant position within Egypt's fintech sector.
Fawry CEO celebrates continued growthCommenting on the results , CEO Ashraf Sabry expressed optimism, stating, "I am pleased to report that in 2Q2024, Fawry has continued its upward trajectory from 1Q2024, achieving substantial operational and financial growth, and making significant progress on our long-term value creation and revenue diversification strategy."
