Fawry for Banking Technology and Electronic Payments (FWRY) Q3 2023 earnings summary

Executive summary

• Nine-month revenue reached EGP 2.317bn and net profit EGP 556.2m; operating profit rose to EGP 744.3m from EGP 260.4m YoY.

• Limited review concluded that nothing came to the reviewers’ attention indicating the interim statements were materially unfairly presented; this was a review, not an audit.

Financial highlights

• Revenue was EGP 2.317bn vs EGP 1.628bn YoY; gross margin was EGP 1.449bn vs EGP 962.9m.

• Operating costs were EGP 868.2m vs EGP 665.1m; operating profit was EGP 744.3m vs EGP 260.4m.

• Profit before tax was EGP 742.5m vs EGP 256.0m; net profit after tax was EGP 556.2m vs EGP 192.9m.

• Parent shareholders’ net profit was EGP 486.5m vs EGP 124.1m YoY.

Segment performance

• Banking technology and e-payment revenue was EGP 2.052bn vs EGP 1.456bn; finance-segment revenue was EGP 265.1m vs EGP 172.2m YoY.

• Segment assets at Sep. 30, 2023 were EGP 9.084bn for banking technology and e-payment and EGP 1.022bn for finance before eliminations.