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Fawry's profit jumps 71% in 2020; board proposes dividend cancellation

Fawry's profit jumps 71% in 2020; board proposes dividend cancellation
The company’s revenues grew to EGP 1.23 billion last year
Fawry
FWRY
-6.46% 7.53 -0.52

Cairo – Mubasher: Fawry for Banking Technology and Electronic Payments reported a 71% year-on-year (YoY) leap in its consolidated net profits, logging EGP 223.56 million in 2020, compared to EGP 130.38 million, including minority shareholder’s rights. 

The profits attributable to the parent company’s owners rose to EGP 186.23 million from EGP 102.9 million, while the profits attributable to minority interests increased to EGP 37.32 million from EGP 27.48 million, the company said in a bourse disclosure on Tuesday.

The company’s revenues grew to EGP 1.23 billion last year, compared to EGP 884.13 million in 2019.

As for standalone business, the company logged net profits of EGP 186.59 million in 2020, up from EGP 106.68 million a year earlier.

The board of directors recommended the cancellation of cash dividends for 2020. The proposal is still pending shareholder approval.

During the first nine months of 2020, Fawry recorded net profits of EGP 145.19 million, compared to EGP 76.25 million in the corresponding period a year earlier, including minority shareholders’ rights.