Earnings watch: Fawry, Porto Group
EARNINGS WATCH- Fawry reports 82% growth in profits in 1Q2020: Profits at e-payment service provider Fawry surged by 82% in 1Q2020 to EGP 38 mn from EGP 21 mn in the same period last year, according to its quarterly financial statement (pdf). Revenues rose to EGP 258 mn during the three-month period from EGP 174 mn in 1Q2019.
Fawry CEO Ashraf Sabry projected (pdf) that the strong performance should continue through the second quarter, as segments hit by covid-19 (travel, entertainment) are outweighed by increasing use of essential services as well as e-commerce and wallets.
Porto Group turns losses of EGP 16.3 mn in 1Q2020: Porto Group registered losses of EGP 16.3 mn in 1Q2020 against net profits of EGP 59.6 mn in 1Q2019, according to its regulatory disclosure (pdf). Revenues took a hit during the first months of the year, falling more than 50% to EGP 206 mn from EGP 417.8 mn in 1Q2019.