Thursday 27 Feb
Fawry for Banking Technology and Electronic Payments has announced an investment of approximately EGP 80 million to acquire stakes in three Egyptian technology companies.
The company disclosed that the three companies are Dirac Systems, Virtual CFO, and Zone Code, with Fawry acquiring ownership stakes of 51%, 56.6%, and 51%, respectively.
Fawry emphasized that these investments aim to support the
technology ecosystem in Egypt and enhance local innovation by expanding the
scope of its digital solutions for businesses, specifically "Fawry
Business."
Notably, Fawry for Banking Technology and Electronic
Payments reported profits of EGP 1.205 billion for the period from January to
the end of September 2024, compared to profits of EGP 556.212 million during
the same period in 2023, taking into account minority rights.
The company's revenues also increased to EGP 3.84 billion during the nine months, up from EGP 2.31 billion in the corresponding period of 2023.
