Fawry's 2024 earnings surge by 68%, reaching EGP 5.5 billion, accompanied by a significant net profit increase of 125%
In a recent announcement, Egyptian digital payments company Fawry reported its financial results for fiscal year 2024. The company saw significant growth across various segments, with the Banking Services and Financial Services segments driving the majority of the increase.
Fawry's revenues for the fiscal year reached EGP 5.51 billion, marking a 68.4% increase in local currency and a 14% increase in USD. The main growth driver for Fawry was the Banking Services segment, which contributed 46.9% to the company's overall revenue increase. The Financial Services segment also performed exceptionally well, with its revenues growing by 137.7% year-on-year.
The Financial Services segment's growth was not limited to fiscal year 2024. In the first quarter of 2025, it saw a 164.2% year-on-year increase, accounting for 25.6% of the total revenue. This strong momentum indicates an expanding Fawry financial services ecosystem.
While Fawry's original core business, Alternative Digital Payments (ADP), grew by 34.7% in 2024, its contribution to overall revenue decreased because the Banking Services and Financial Services segments grew faster. The Financial Services segment's growth was not only reflected in its revenue surge but also in the expansion of its loan portfolio, which surpassed EGP 3.1 billion by the end of 2024, representing a 2.6x increase from 2023.
In addition to its financial growth, Fawry also expanded its retail network, reaching 372,400 POS terminals in fiscal year 2024. The number of transactions processed by Fawry increased by 20% to 1.93 billion during the fiscal year.
Fawry's net profit surged 124.6% to EGP 1.61 billion for fiscal year 2024, achieving its highest-ever net profit margin of 29.2%. The company also announced plans to launch "Fawry Business" to provide integrated digital solutions for businesses of all sizes, aiming to cater to SMEs and large enterprises.
However, no new information about Fawry's retail network, transactions, Financial Services segment revenues, or loan portfolio was provided for the current fiscal year. Furthermore, no new information about the cumulative downloads of Fawry's myFawry app or its annualized throughput was disclosed.
Despite these gaps in information, it is clear that Fawry is expanding beyond its Alternative Digital Payments business and is making significant strides in the Banking Services and Financial Services segments. The company's strong financial performance and continued growth indicate a promising future for Fawry in the digital payments industry.
The strong financial performance of Fawry in fiscal year 2024, with a 124.6% increase in net profit and a 68.4% increase in local currency revenues, is attributed to the growth of its Banking Services and Financial Services segments. As part of its future plans, Fawry aims to enter the business sector by launching "Fawry Business", providing integrated digital solutions for businesses of all sizes, targeting SMEs and large enterprises, leveraging technology to drive growth in Egypt's digital payments industry.
