Fawry, Egypt’s leading fintech firm, reported outstanding financial results for 2024, showcasing significant growth in revenue and profit, and solidifying its regional presence.
Financial Results and Key Metrics
Fawry's revenues for 2024 reached EGP 5.51 billion ($121.6 million), a robust 68.4% increase year-on-year in local currency terms, despite currency fluctuations reducing the growth to 14% in USD. Net profit soared by 124.6% to EGP 1.61 billion ($35.5 million), achieving a record-breaking net profit margin of 29.2%. Total transaction throughput surged by 72.9% to EGP 601.7 billion ($13.3 billion).
Fawry's Financial and Banking Services Growth
Fawry's Financial Services segment showed explosive growth, with revenues up 137.7% year-on-year to EGP 1.01 billion ($22.3 million). The company's loan portfolio surged to EGP 3.1 billion ($68.4 million), becoming a key growth driver. The myFawry app also saw remarkable user adoption, with downloads up 42.5% to 17.34 million, and its annualized throughput increasing by 237.9% to EGP 26.8 billion ($591.5 million).
Launch of Fawry Business and Future Prospects
Looking ahead, Fawry is set to launch 'Fawry Business,' a suite of integrated digital solutions for businesses. This initiative aims to enhance payment processing, financial management, and operational efficiency for Egyptian businesses, expected to reinforce Fawry’s position as a leading financial partner.
Fawry’s 2024 results highlight its resilience and adaptability amid Egypt’s evolving economic landscape. The company plans to further enhance its market leadership and innovate with business solutions in the future.
