Raya Holding for Financial Investments, an Egyptian investment conglomerate owned by Egyptian multimillionaire Medhat Khalil, has announced plans to launch a new e-payment company.
The decision comes after the investment conglomerate’s board of directors allowed its non-banking financial services technology and e-payment holding business, Aman, to begin processes to establish the new firm.
Raya Holdings will be able to capitalize on the region’s rapid use of the Internet and e-commerce through the new e-payment firm, which will be formed in collaboration with TAQA Arabia, a subsidiary of Qalaa Holdings.
The e-payment company, which aspires to modernize the energy industry and promote financial inclusion in Egypt through its digital services, will play a vitL role in diversifying Raya Holding’s profits, sales and asset base into the high-growth financial, technology and energy industries.
Raya Holding is an Egyptian investment conglomerate founded in 1999 by Khalil. He now controls 58.1 percent of the conglomerate.
Despite a drop in profit at one of its operating subsidiaries, Raya Contact Center, a Cairo-based business-process and contact center outsourcing services company, the conglomerate achieved consolidated net profits of EGP541.4 million ($34.5 million) in 2021, compared to a net loss of EGP45.7 million ($2.9 million) in 2020.
The strong profitability recovery from the previous year’s deficit was aided by a 56.7-percent rise in sales from EGP10.75 billion ($684.3 million) in 2020 to EGP16.85 billion ($1.07 billion) by the end of 2021.
Shares in the Egyptian investment company were valued at EGP1.95 ($0.124) per share as of press time on March 16, 15 basis points higher than their opening price on the local exchange yesterday morning.