Tech in Africa
We previously covered when Fawry achieved a $1 billion valuation after its stock hit EGP 22.69, about EGP 16 billion. The Egypt electronics company is now valued at $2 billion (EGP 32 billion) after the stock doubled in six months closing at EGP 46.90 yesterday.
Fawry went public in August 2020, after listing on EGX at a price of EGP 6.46 per share. The share price has surged 7-fold since their initial debut.
The company is yet to announce its fourth-quarter results in 2020 but the first nine months of the year the company reported $57 million in revenues – a steady 45 percent growth rate every year. The Covid-19 pandemic has accelerated the growth of the company.
Fawry is the only technology company on the Egyptian stock exchange.
