Cairo – Mubasher: The consolidated financial statements of Fawry for Banking Technology and Electronic Payments showed an 88.35% year-on-year (YoY) increase in net profits for 2019.
The net profits amounted to EGP 130.38 million last year, compared to EGP 69.23 million in 2018, according to the company's disclosure to the Egyptian Exchange (EGX) on Thursday.
The company's revenues surged by 45.01% to EGP 884.13 million in 2019 from EGP 609.6 million during the previous year.
Meanwhile, the standalone profits rose to EGP 106.68 million in 2019, versus EGP 71.19 million in the earlier year.
It is noteworthy to mention that during the first nine months of 2019, the company's net profits increased by 48% YoY to EGP 76.25 million from EGP 51.6 million in the same period od 2018.