13 August 2023 – (Cairo, Egypt) Fawry (the “Company”, FWRY.CA on the Egyptian Exchange), Egypt’s main supplier of e-payments and digital finance options, introduced at the moment its consolidated outcomes for the six-month interval ended 30 June 2023. The Company recorded revenues of EGP 1,444.2 million, increasing 42.4% year-on-year (y-o-y). Fawry recorded adjusted internet revenue of EGP 327.9 million, up 290.4% y-o-y and yielding a internet revenue margin (NPM) of twenty-two.7%. Statutory internet revenue got here in at EGP 283.1 million, rising 441.2% y-o-y and with an related margin of 19.6% in 1H2023. On a quarterly foundation, the Company posted whole revenues of EGP 768.5 million, rising 44.6% year-on-year. Meanwhile, adjusted internet revenue for the quarter stood at EGP 181.1 million, recording bottom-line expansion of 341.5% year-on-year and with an NPM of 23.6%. Finally, statutory internet revenue booked EGP 159.8 million throughout 2Q2023.
Chief Executive’s Review
As we head into the second half of the 12 months, I’m proud to announce Fawry’s robust monetary and operational outcomes for the primary half of 2023. Throughout this six-month interval, the Company has continued constructing on its robust buyer base and intensive service offering, managing to e-book stellar outcomes throughout our traces of enterprise. Our top-line expansion of 42.4% year-on-year, reaching EGP 1,444 million throughout 1H2023 is a direct reflection of our means to adapt to evolving client wants as we proceed to diversify our providers and attraction to extra shoppers all through the nation. By the identical token, our elevated profitability on the gross revenue, EBITDA, and adjusted internet revenue ranges are constant with our continued price management efforts, each direct and oblique, in response to elevated inflation which has affected the nation since 2022.
During the interval, our 4 foremost enterprise segments continued their progress trajectory, with the Banking Services phase increasing effectively past the remainder to contribute 52.3% of revenue progress for the interval. Our Alternative Digital Payments phase continues to increase in absolute phrases, whereas making means for the achievement of our long-term imaginative and prescient of revenue diversification and slowly declining in its focus in the direction of general revenues.
On the operational entrance, I’m excited to announce that the Company has managed to attain document EBITDA and Net revenue margins since its inception. It can be value mentioning that in June the corporate reached a new milestone by managing to course of 5 million transactions a day, cementing Fawry’s operational and technical energy. There has additionally been a outstanding expansion of our cellular pockets transactions and cellular pockets throughput worth, recording 67.6 million transactions and EGP 80.5 million throughout the six-month interval, a rise of 73.9% and 107.7% year-on-year, respectively.
With a robust begin to the 12 months throughout the six-month interval, I’m assured that the rest of 2023 will see Fawry proceed to roll-out and develop its operations nationwide. As the Company evolves to match altering demand, Fawry will additional cement its place because the main supplier of digital finance options in Egypt.
Eng. Ashraf Sabry
Chief Executive Officer