Cairo – Mubasher: Fawry for Banking Technology and Electronic Payments reported profits before taxes of EGP 47.48 million in the first half of 2019, down from EGP 47.69 million in the year-ago period, according to the company’s unaudited standalone financial indicators.

Meanwhile, revenues rose to EGP 309.6 million in the six-month period ended 30 June from EGP 246 million in the corresponding period a year earlier, Fawry said in a statement to the Egyptian Exchange (EGX) on Tuesday.

The revenue growth was attributed to the increase in the number of e-payment transactions, the statement added.

A total of EGP 3.6 million has been incurred by the company in relation to its initial public offering (IPO).

The e-payment platform offered 254.6 million shares, representing 36% of the company’s share capital, at EGP 6.46 per share.

Fawry’s retail offering was oversubscribed by 30.3 times, while the institutional offering was oversubscribed by 15.9 times.