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Wednesday, 9 October 2019

Egyptian e-payments platform Fawry reports 1H2019 earnings

EARNINGS WATCH- Fawry reports 7% y-o-y fall in 1H2019 profits: E-payments platform Fawry reported a 7% y-o-y decline in net profit to EGP 23.7 mn in 1H2019, compared to EGP 25.5 mn in 1H2018, according to the company’s maiden earnings release (pdf). Revenues climbed to EGP 373.3 mn during the first half, up from EGP 273.7 mn in the first half of last year. The decline in net profit was attributed to IPO-related and currency appreciation costs and Fawry’s share of losses in startup businesses. The announcement comes off the back of a successful IPO on the EGX in August, which saw the company’s share price jump 31% to EGP 8.48 on the first day of trading.

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