Raya Holding for Financial Investments, the investment conglomerate led by Egyptian tycoon Medhat Khalil, has made a striking recovery by reversing a double-digit earnings decline witnessed in 2022.
The company’s robust financial position has been reaffirmed by its impressive performance in the first half of the 2023 fiscal year, boasting a remarkable profit exceeding $11.3 million.
The financial statement released by the group revealed its progress in the first six months of the current fiscal year, showcasing a substantial 105.95-percent surge in profits compared to the same period last year.
Raya Holding’s profit increased by triple digit percent from EGP170.13 million ($5.5 million) in the first half of the 2022 fiscal year to an impressive EGP350.4 million ($11.33 million) in the corresponding period of 2023.
This remarkable resurgence in profits can be primarily attributed to an exceptional upswing of 59.1 percent in the company’s revenue, scaling from EGP 9.12 billion ($295.1 million) to an impressive EGP 14.51 billion ($469.52 million).
The group’s profit figure was buoyed by the stellar performance of Raya Foods and Raya Agricultural Crops, both under Raya Holding. Notably, the agricultural products of Raya Agricultural Crops have garnered the endorsement of major supermarket chains across England, Germany, Ireland, Saudi Arabia, and the United Arab Emirates.
The stellar financial accomplishments have firmly cemented Raya Holding’s position as one of Egypt’s most lucrative corporations, manifesting in a surge in its total assets, now at EGP 26.2 billion ($846.4 million). Concurrently, the company’s market capitalization has reached EGP 5.14 billion ($166.1 million).
Raya Holding was forged through the amalgamation of entities owned by Khalil and Orascom Group in 1999. Under Khalil’s astute leadership, the company has evolved into a premier brand within Egypt, culminating in a net profit of $14 million in the preceding year.
Presently, Khalil commands a controlling stake of 58.1 percent, equivalent to a substantial 1,245,661,205 shares. The current value of his holdings in the group is estimated at EGP 2.99 billion ($96.6 million), making him one of Egypt’s richest men and establishing his standing as a leading investor on the Egyptian Exchange.
