Fawry Profits Rise 13.5% in H1 2019

Electronic payments company Fawry consolidated financial statements showing a 13.5 percent year-on-year rise in profits for the first half of 2019.

The company said in a statement to the Egyptian stock exchange market (EGX) on Tuesday that it made a profit of EGP 33.6 million during the first six months of 2019, compared to EGP 29.6 million in the comparative period of 2018, taking into account minority shareholders rights.

The company's revenues increased during the same period to EGP 373 million, compared to revenues of EGP 273 million in the first half of 2018, an increase of 37 percent.

On a quarterly basis, the company made a profit of EGP 16.07 million in Q2 2019, compared to a profit of EGP 17.5 million in the comparative quarter of last year.

In terms of independent business, the company achieved a profit of EGP 37.3 million during H1 2019, compared to a profit of EGP 36.8 million in the comparative half of 2018.

It is noteworthy that the Listing Committee of the EGX approved last July the listing of Fawry with an issued capital of EGP 353.65 million, distributed over 707.3 million shares, with a par value of 50 piastres per share, represented in 8 issues.

On July 21, Fawry’s Chief Financial Officer (CFO) Abdel Meguid Afifi announced that the company decided to put about 36 percent of the company’s shares on the EGX.

He added that the Initial public offering (IPO) will be pided into two tranches, the first with a special offering of 31 percent and the second with a public offering of 5 percent.

Vice President of the National Bank of Egypt (NBE) Yehia Abul Fotouh said earlier that the bank acquired 7 percent of the shares in a private offering.