Fawry's 2024 earnings skyrocket by 68%, reaching EGP 5.5 billion; net profit escalates an impressive 125%
In 2024, Egyptian digital payments company Fawry experienced a significant surge in its financial performance. The year marked a milestone with the company's net profit margin reaching an all-time high of 29.2%.
The primary growth engine for Fawry's overall revenue increase was its Banking Services segment. This segment contributed an impressive 46.9% to the company's overall revenue growth in 2024, showing robust expansion and outpacing the growth in Fawry's original core business, Alternative Digital Payments (ADP). While ADP remained important, the key driver of Fawry’s 2024 revenue surge was the Banking Services segment.
Fawry's Banking Services segment revenues increased by 137.7% year-on-year in 2024, reflecting the segment's exceptional growth. The Financial Services segment also achieved strong growth, with revenues increasing by 137.7% year-on-year, supporting the diversification of Fawry’s revenue base alongside Banking Services.
The total throughput value for Fawry increased by 72.9% to EGP 601.7 billion (~$13.3 billion) in 2024. Fawry's revenues reached EGP 5.51 billion ($121.6 million) in fiscal year 2024, a 68.4% increase in local currency and 14% in USD terms. The net profit surged 124.6% to EGP 1.61 billion ($35.5 million), reflecting a 52% increase in USD terms.
The success of Fawry's digital services was also evident in the growth of its myFawry app. The cumulative downloads of the app increased by 42.5% to 17.34 million, and its annualized throughput grew 237.9% to EGP 26.8 billion (~$591.5 million) in 2024. The number of transactions processed by Fawry increased by 20% to 1.93 billion in 2024.
Fawry's expansion did not stop at digital services. The company expanded its retail network to 372,400 POS terminals in 2024, a 12.4% increase. The company's expanding loan portfolio surpassed EGP 3.1 billion ($68.4 million) by the end of 2024, a 2.6x increase from 2023.
In conclusion, Fawry's 2024 success was marked by record profits, rapid growth, and the expansion of its digital and retail services. The company's Banking Services segment played a crucial role in this success, contributing significantly to the overall revenue increase. The strong growth in the Financial Services segment also supported the diversification of Fawry’s revenue base. As Fawry continues to grow, it is poised to make a significant impact on the digital payments landscape in Egypt and beyond.
Sources: [1] Fawry's 2024 Annual Report [3] Fawry's 2024 Press Release
The Banking Services segment, a key contributor to Fawry's overall revenue growth in 2024, demonstrated significant expansion in the financial sector, with a 137.7% year-on-year increase in revenues. This growth in technology-driven banking services not only supported Fawry's diversification but also played a crucial role in the company's record profits and overall success.
The robust expansion of Fawry's Banking Services segment highlights the interplay between technology, business, and finance, driving the company's impressive financial performance in 2024.
