Fawry for Banking Technology and Electronic Payments (FWRY) Q2 2024 earnings summary

Executive summary

• Q2 2024 throughput reached EGP 129bn, up 63% YoY; revenue rose 58% to EGP 1,212mn, exceeding growth guidance.

• Banking services drove 41% of revenue growth and reached 39% of total revenue, while ADP’s contribution fell to 34%.

• H1 revenue reached EGP 2.299bn and net profit after tax EGP 685.9m; Q2 net profit after tax was EGP 352.2m.

Financial highlights

• H1 operating revenue was EGP 2.299bn vs EGP 1.444bn YoY; gross profit was EGP 1.517bn vs EGP 892.4m.

• H1 operating profit was EGP 920.2m vs EGP 434.4m; parent-attributable net profit was EGP 628.8m vs EGP 283.1m.

• Q2 EBITDA increased 87% YoY to EGP 570mn; total transactions rose 23% to 483mn and average transaction value increased 32% to EGP 266.

• Marketing and HR costs increased YoY, but overall expenses declined as a percentage of revenue.

Outlook and guidance

• ADP, acceptance and agent banking growth exceeded guidance; Q2 revenue growth of 58% also beat guidance.

• Planned myFawry additions included medical insurance products, P2P payments and remittances during 2024.