Fawry for Banking Technology and Electronic Payments (FWRY) Q4 2024 earnings summary

Executive summary

• FY24 revenue reached EGP 5.511bn, up 68% YoY; EBITDA and net income more than doubled, with record full-year margins.

• FY24 revenue, EBITDA and net income reached 123%, 144% and 160% of guidance, respectively.

Financial highlights

• FY24 operating revenue was EGP 5.511bn vs EGP 3.272bn in 2023; gross profit reached EGP 3.622bn, up 76% YoY.

• FY24 net profit was EGP 1.749bn vs EGP 816.0m; EGP 1.607bn was attributable to parent shareholders vs EGP 715.3m.

• 4Q24 revenue rose 74% YoY to EGP 1,665mn and throughput increased 74% to EGP 183bn.

• 4Q24 EBITDA rose 113% YoY to EGP 868mn; net profit increased 119% to EGP 500mn.

• Cash and bank balances were EGP 4.267bn vs EGP 2.759bn; total assets were EGP 13.257bn vs EGP 8.972bn at year-end.

Outlook and guidance

• FY25 revenue growth is expected to be close to 50%, with margins expected to remain relatively stable.

• FY25 revenue growth guidance by offering: ADP 43%, Acceptance 27%, Agent Banking 27%, NBFI services 85%, Supply Chain Solutions 95% and Technology & others 45%.

• FY25 capex-to-sales is guided at 16%, following 22% in FY24.