Fawry, Egypt’s foremost provider of e-payments and digital finance solutions, announced its consolidated results for the quarter ended on September 30, 2024, Invest-Gate reports.

The company reported revenues of EGP 3,845.2 mn in 9M2024, marking a 65.9% year-on-year (y-o-y) increase.

This substantial top-line growth was propelled by the expansion and diversification of the company’s business offerings, coupled with effective cost control measures, resulting in robust profitability margins and a net profit surge of 127.4% to reach EGP 1,106.6 mn.

The net profit for the quarter reached EGP 477.8 mn, exhibiting a remarkable 134.8% y-o-y increase, leading to a net profit margin (NPM) of 30.9%.

Fawry has consistently exceeded expectations, demonstrating remarkable growth with year-over-year revenue increments of 65.9% for 9M2024 and 77.0% for 3Q2024.

The company’s bottom-line growth has been even more impressive, with profits soaring by 127.4% y-o-y for 9M2024 and 134.8% for 3Q2024.

The throughput value maintained its upward trajectory, surging by 72.2% year-on-year to EGP 418.6 bn in 9M2024, supported by the company’s ability to broaden its portfolio to meet the needs of a diverse user base in Egypt.

Fawry’s top-line exhibited a 65.9% year-on-year increase, representing its highest growth rate since 2015, reaching EGP 3,845.2 mn in 9M2024.

Additionally, for 3Q2024, the top-line y-o-y growth recorded an impressive 77.0%. This robust performance was underpinned by strong results across the company’s various business lines.

The ADP segment experienced substantial year-on-year growth of 33.8%, fueled by the continuous addition of new billers, expansion of Point of Sale (POS) services, increased engagement with customers and merchants, and a rise in average ticket sizes driven by price increases in select industries.

Fawry’s success in revenue diversification is evident in the performance of its Banking services, which saw an 81.8% y-o-y revenue increase, while financial services surged by 130.5% y-o-y, supply chain solutions experienced a notable 57.0% y-o-y increase, and the technology and other sectors grew by 52.4% y-o-y.