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Fawry achieves 165% profit increase

Fawry achieves 165% profit increase

ArabFinance: Fawry for Banking and Payment Technology Services (FWRY) reported a 165% Year on Year rise in its consolidated net profit in the first half (H1) of 2020, according to the company’s August 16th financial statements filed to the Egyptian Exchange.

Consolidated net profit stood at EGP 70,462,616 in H1 of 2020, compared to EGP 26,538,011 achieved in H1 2019.

Standalone net profit reached EGP 73,213,647 in H1, an 88% rise from EGP 40,198,510 posted in H1 of 2019.

The company board of directors approved issued capital increase to EGP 400 million.

The increase will be through rising the par value of the Fawry's share, the statement highlighted. It will be utilized to finance investment opportunities.

It is worth mentioning that the company's issued capital amouts to EGP 353.6 million.

Fawry is an Egypt-based company that provides an electronic payment network. The company allows users to pay bills in multiple channels, such as online, using automated teller machines, mobile wallets, and retail points.

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