Fawry continues to have a great run at The Egyptian Exchange. The Egyptian electronic payments company that went public less than a year ago now has a market cap of EGP 13.3 billion ($830 million). Its stock price has increased by almost 300 percent to EGP 18.78 ($1.17) since its debut at The Egyptian Exchange in August last year.
After an initial surge during the first two months of the stock market debut, Fawry’s share price remained almost flat until March. In fact, they saw one of their lowest points on March 18 when they were trading at EGP 7 per share.
(For context, Fawry had gone public with its shares priced at EGP 6.46 (per share) and the price increased by over 31 percent on the first day of its trading to EGP 8.48.)
Since its lowest point in March, Fawry has seen an increase of over 250 percent to climb to EGP 18.78 today. If the stock continues to do well, the Egyptian company would hit the billion-dollar market cap within the next few weeks.
Fawry currently offers over 250 electronic payment services through its network of over 105,000 service points across 300 cities in Egypt – that include ATMs, mobile wallets, retail shops, post offices, and little vendor kiosks.
The surge in its stock price coincides with Covid-19. The pandemic has accelerated the adoption of digital payments and ecommerce all across the region and Fawry being the leading player in Egypt in the payments space is apparently getting a lot of interest from the investors.
We will be able to learn more details of how the pandemic has helped the Egyptian company increase its revenues when it announces the results for the second quarter within the next few weeks.
Its revenues in the first quarter of 2020 were EGP 257.99 million ($16.04 million), up from EGP 173.88 million ($10.81 million) for the same period in 2019. The profits of the Egyptian company had increased by over 80 percent to EGP 38.04 million ($2.37 million) in 2020 Q1. It had made EGP 20.9 million ($1.3 million) in 2019 Q1.
(USD ($) 1 = EGP 16.08 at the time of writing.)
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