After the stock doubled in the last six months, Fawry, an Egyptian electronic payment company, is now valued at $2 billion. Fawry is the only technology company on the Egyptian stock exchange and Egypt’s first billion dollar technology company.
Fawry has a network of 200,000 Egyptian service points, including ATM’s, mobile wallets, retail stores, post offices and seller kiosks, with hundreds of electronic payment services.
After listing on EGX at an EGP price of 6.46 per share, Fawry became public in August 2020. Since its first debut, the stock price has risen seven times.
In 2020, the company has yet to release its fourth quarter performance, but the company posted $57 million in sales in the first nine months of the year, a steady 45% growth rate last year. The Covid-19 pandemic has boosted the company’s growth.
This assessment makes Fawry the fourth most important business on the Egyptian Exchange (EGX).