E-payments giant Fawry’s adjusted net income climbed 70% y-o-y to EGP 316.9 mn in 2022, according to its earnings release (pdf). Revenues, meanwhile, rose 38% to EGP 2.3 bn for the year. Net income was adjusted to exclude the impact of EGP 73.2 mn in one-time expenses from Fawry’s employee stock ownership program (ESOP).

On a quarterly basis: Adjusted net income more than tripled to EGP 137.1 mn in 4Q 2022, while revenues rose 39% to EGP 651.3 mn.

Banking services + microfinance underpinned revenue growth: Fawry’s banking services segment was the single largest driver of the rise in revenues, accounting for 56% of overall top-line growth. Revenues generated by the segment jumped 85% to EGP 760.6 mn in 2022, accounting for 33% of revenues. The microfinance segment also performed well, generating EGP 251 mn worth of revenues, up 83% and contributing 11% of total revenues.

As did the expansion of the firm’s product mix: “The primary reason behind our sustained revenue increase and market penetration levels across Egypt [is] the launch of new innovative services and an expanded offering that caters to our diverse community of customers,” CEO Ashraf Sabry said in the release. He name checked the Tamweelak Fawry mobile app that launched in November and Fawry’s ins. offering.