Raya Holding for Financial Investments (Raya), led by Egyptian tycoon Medhat Khalil, delivered a robust financial performance at the end of its 2023 fiscal year, with revenue surpassing $650 million, strengthening Raya’s position among Egypt’s most resilient groups.
The company’s recently released financial statements reveal a significant revenue increase of 53.31 percent, from EGP20.41 billion ($429.22 million) in 2022 to EGP31.29 billion ($650 million) in 2023. This is attributed, in part, to a rise in foreign currency-denominated revenues, which now account for 24 percent of Raya’s total revenue stream.
Raya’s trade and distribution arm emerged as the primary driver of revenue, contributing 44 percent to the company’s overall performance. The IT sector followed closely at 22 percent, with Fintech and Non-Bank Financial Services (NBFS) contributing 15 percent.
Raya Holdings’ profit jumps
Raya Holdings also saw a commendable increase in consolidated net profit, soaring by 34.5 percent from EGP419.23 million ($8.82 million) in 2022 to EGP563.88 million ($11.86 million) in 2023.
This substantial profit surge underscores the company’s resilience and strategic adeptness amidst macroeconomic headwinds, including elevated interest rates, inflationary pressures, and geopolitical tensions.
In response to the company’s performance, Raya Holding emphasized its strategic initiatives aimed at optimizing revenue streams in foreign currencies, expanding its export footprint, and enhancing revenue contributions from its overseas subsidiaries.
Khalil’s enduring leadership and Raya’s resilience
Founded in 1999 through the merger of entities owned by Medhat Khalil and Orascom Group, Raya Holding has evolved into a leading brand in Egypt. Presently, Khalil maintains a controlling stake of 58.1 percent in the company, solidifying his position as one of Egypt’s prominent business figures and a significant investor in the Egyptian Exchange.
Despite challenges stemming from the devaluation of the Egyptian pound, Raya Holdings has demonstrated resilience, navigating economic headwinds with agility. The company’s ability to adapt to the Central Bank’s market-oriented exchange rate system and leverage interest rate adjustments showcases its capacity to thrive in challenging environments.