Raya Foods, a subsidiary of Raya Holdings, the investment group founded by Egyptian businessman Medhat Khalil is weighing multiple offers from investors to boost its capital by EGP350 million ($11.3 million).
The move comes as part of the company’s expansion plans for the year 2023-2024, aimed at achieving steady sales growth and surpassing $120 million in revenue by the end of 2026.
Omar Abdel Aziz, the CEO of Raya Foods, unveiled the company’s ambitious targets in line with Raya Holdings’ expansion strategies. He expressed confidence in the subsidiary’s potential to achieve EGP1.5 billion ($48.5 million) in sales for 2023.
Abdel Aziz attributed the company’s impressive growth rates to continuous expansions across operations and geographical reach, spanning more than 50 countries on six continents.
Established in 1999 through the merger of entities owned by Egyptian businessman Medhat Khalil and Orascom Group, Raya Holding has flourished under Khalil’s leadership. In recent years, it has become a leading brand in Egypt, recording a net profit of $14 million in 2022.
Within Raya Holding’s diversified portfolio, Raya Foods has displayed remarkable performance. Export figures for 2023 showcased an increase to 98 percent of total production, a substantial rise from 93 percent in 2022.
Raya Foods in the first quarter of this year witnessed exceptional growth, with sales reaching EGP300 million ($9.71 million) compared to EGP165 million ($5.3 million) in the same period last year, reflecting an impressive growth rate of 65 percent.
Under Abdel Aziz, Raya Foods has executed extensive agricultural expansions through its subsidiary, Raya Agricultural Crops. The subsidiary’s land area has grown from 300 feddans during the 2022-2023 season to 450 feddan for the upcoming 2023-2024 period.
Raya agricultural products have gained approval from major supermarket chains in England, Germany, Ireland, Saudi Arabia, and the United Arab Emirates.
With the potential influx of capital, Raya Foods is poised to further strengthen its market position, pursue expansion opportunities, and enhance its global presence.
As the company continues to scale, surpassing $120 million in sales by 2026 seems within reach, underscoring its status as a key player in the food and consumer goods industry.
