Electronic payment company, Fawry, has reported a 59.5% jump in revenues during the first quarter (1Q) of 2020, due to social distancing and other related measures amid the novel coronavirus (COVID-19) pandemic.
According to the company’s business results, which was sent to the Egyptian Exchange (EGX), Fawry’s net profit amounted to EGP 30.7m in 1Q 2020. The latest figures can be compared to the EGP 19.2m reported during the same period last year.
The company’s revenues also increased by 48.4% to record EGP 257.9m in 1Q 2020, compared to the EGP 173.9m reported during the same period last year.
Fawry also achieved a 45.6% increase in total payments, to register EGP 14.9bn during 1Q 2020, compared to EGP 10.2bn in 1Q 2019.
The number of Fawry users increased to 26.2 million in 1Q 2020, compared to 22 million users in 1Q 2019, according to the statement.
Fawry CEO Ashraf Sabry said, “As we approach the end of June, we are still witnessing significant growth, yet we are currently witnessing a decrease in services related to companies affected by the pandemic, such as travel and entertainment.”
Sabry pointed out that the company is witnessing a monthly growth in electronic commerce and digital portfolios.
He noted, “We confirm once again that the crisis will have a positive impact on digital payments, which will continue after that, as we are witnessing more demand and flexibility from the government to enable citizens to pay for service electronically. We also expect this momentum to continue.”
He added that consumer behaviours adapt to change during hardships rather than normal times.