Egyptian digital bill payments firm Fawry 2020 net profit climbs 81%

Egyptian e-payment giant Fawry reported on Tuesday an 81 percent year-on-year growth in net profit in 2020.

Profits stood at 186.234 million Egyptian pounds ($11.8 million) in 2020, up from 102.388 million pounds in 2019, according to the company’s consolidated financial results that were sent to the Egyptian bourse.

The company booked total revenues of 1.234 billion pounds in 2020, an increase of 39.6 percent year-on-year against 884.1 million pounds a year earlier.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached 389.7 million pounds in 2020, up by 59.5 percent year-on-year. This was on “the back of successful diversification efforts and their beneficial effects on operating costs, combined with efficient management of channel fees, the largest component of Fawry’s cost base.” the company’s financial results read.

Gross profit recorded 667.9 million pounds for 2020, up by 45.6 percent year-on-year from 458.8 million pounds in 2019 “on the back of rapidly   rising revenues and efficient management of channel fees, the largest component of Fawry’s cost base.”

The company booked a gross profit margin of 54.1 percent in 2020 against 51.9 percent one year previously.