Egyptian businessman Medhat Khalil’s Raya Holdings posts $15.6-million profit in H1 2024

Feyisayo Ajayi -

Key Points

  • Raya Holdings’s profit surged by 117.5% in H1 2024, reaching $15.62 million, attributed to the group’s strategic business initiatives across its diverse portfolio. 
  • Revenue grew by 38.4% to $411.25 million, due to favorable exchange rate movements that boosted investments in high-growth segments. 
  • The company’s total assets experienced a 29.9 percent expansion to $722.01 million as of June 30, 2024, signaling a robust expansion strategy.

Raya Holding, a Cairo-based conglomerate and key player in the Egyptian investment landscape led by tycoon Medhat Khalil, reported a significant profit surge for the first half of 2024, exceeding expectations despite challenging operating conditions.

According to figures contained in its interim financial statements for the six months ended June 30, 2024, the Egyptian investment group reported a 117.5 percent increase in profit, rising from EGP350.39 million ($7.18 million) in the first half of 2023 to EGP762.14 billion ($15.62 million) in the first half of 2024.

Raya Holdings reports 38% revenue surge in H1 2024

During the period under review, Raya Holdings’ revenue increased by 38.39 percent, rising from EGP14.51 billion ($297.22 million) in the first half of 2023 to EGP20.09 billion ($411.25 million) in the first half of 2024.

This growth was primarily driven by favorable exchange rate movements, which enhanced investments in high-growth sectors like technology and financial services. As a result, the company was able to expand its operations into key sectors, increase its market share, and significantly boost its earnings potential.

Raya Holdings’ asset surge in 2024

Raya Holdings, established in 1999 through a merger between entities owned by Medhat Khalil and Orascom Group, has become a prominent player in the Egyptian investment landscape. Khalil maintains a commanding 58.1-percent majority stake in Raya Holding.

Under Khalil’s leadership, the company’s total assets expanded by 29.88 percent during the first half of 2024, rising from EGP27.14 billion ($556.22 million) at the close of 2023 to EGP 35.25 billion ($722.01 million) as of June 30, 2024, signaling a robust expansion strategy.