Cairo – Mubasher: Fawry for Banking Technology and Electronic Payments announced that its board of directors approved to subscribe to a capital increase of Fawry Microfinance Company. 

The Egyptian e-payment platform approved to raise the capital of its 99.8%-owned subsidiary to EGP 50 million from EGP 15 million, according to a bourse disclosure on Wednesday.

It is worthy to mention that during the first nine months of 2019, Fawry logged a net profit of EGP 76.25 million, compared to EGP 51.6 million in the corresponding period of 2018, including minority shareholders’ rights.

Meanwhile, the company’s revenues rose to EGP 614.8 million in the nine-month period ended 30 September, compared to EGP 441.7 million in the prior-year period.