Fawry, the leading Egyptian payments company, has announced strong financial results for the fiscal year 2024, with revenues reaching EGP 5.51 billion ($121.6 million), up 68.4% year-on-year in local currency (and 14% in USD). The company’s net profit surged 124.6% to EGP 1.61 billion ($35.5 million), reflecting a 52% increase in USD terms, achieving its highest-ever net profit margin of 29.2%.
The robust performance was driven by Fawry’s diversification strategy across multiple business segments, with Banking Services emerging as the primary growth engine, contributing 46.9% to the company’s overall revenue increase.
Fawry CEO Ashraf Sabry stated, “2024 has been a landmark year for Fawry, with unprecedented growth across both revenue and profitability. Our EBITDA margin of 49.9% represents the highest since the company’s inception.”
The company’s total throughput value jumped 72.9% to EGP 601.7 billion (~$13.3 billion), supported by a 12.4% expansion in its retail network to 372,400 POS terminals. The number of transactions processed increased by 20% to 1.93 billion during the period.
Notably, Fawry’s Financial Services segment demonstrated exceptional growth, with revenues increasing 137.7% year-on-year to EGP 1.01 billion ($22.3 million). This growth was fueled by the company’s expanding loan portfolio, which surpassed EGP 3.1 billion ($68.4 million) by the end of 2024, representing a 2.6x increase from 2023.
The company’s consumer-facing myFawry app saw its cumulative downloads increase by 42.5% to 17.34 million, with its annualized throughput growing 237.9% to EGP 26.8 billion (~$591.5 million).
Fawry continues to evolve into a comprehensive financial services ecosystem, expanding beyond its Alternative Digital Payments business, which grew 34.7% year-on-year but decreased in contribution to overall revenue from 38.8% in 2023 to 31.0% in 2024 as other segments expanded more rapidly.
The company plans to further enhance its position through the launch of “Fawry Business,” which aims to provide integrated digital solutions for businesses of all sizes, from SMEs to large enterprises.
Note: USD conversions based on average exchange rates of 1 USD = 30.68 EGP (2023) and 1 USD = 45.32 EGP (2024).
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