Egypt: Fawry logs 337.8% YoY higher consolidated profit in Q1

Egypt: Fawry logs 337.8% YoY higher consolidated profit in Q1

Fawry for Banking Technology and Electronic Payment (FWRY) has reported a 337.85% year-on-year (YoY) climb in consolidated profit attributable to the parent company during the first quarter (Q1) of 2023, according to the consolidated financial statement filed to the Egyptian Exchange (EGX) on May 18th.

The company’s consolidated profit excluding minority interest rose to EGP 123.282 million in Q1 2023 from EGP 28.155 million in Q1 2022.

Meanwhile, consolidated operating revenue surged to EGP 675.696 million in the three-month period ended March 31st from EGP 482.997 million in the same period a year earlier.

As for standalone financial results, the company’s net profit after tax soared to EGP 140.093 million in the January-March period of 2023 from EGP 38.635 million in Q1 2022.

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.

Copyright © 2022 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).