Raya Holding posts record-breaking Q3 2024 financial results

Oluwatosin Racheal Alabi -

Key Points

  • Raya Holding's Q3 2024 revenues reached EGP 12.2 billion ($245.5 million), up 49.6% year-on-year.
  • Net income soared 270% to (EGP 514 million) [$10.3 million], driven by operational efficiency.
  • Major divisions delivered double-digit growth, fueling diversified and resilient success.

Raya Holding for Financial Investments, led by founder and chairman Medhat Khalil, has announced its financial results for the third quarter of 2024, achieving record-breaking growth across its diversified portfolio. The Egyptian investment conglomerate showcased its resilience and strategic adaptability, navigating global economic challenges to deliver impressive revenue and profitability increases.

For the first nine months of 2024, the company reported a year-on-year group revenue increase of forty-two point four percent, reaching EGP 32.3 billion ($650.2 million). This growth was fueled by a strategic focus on foreign currency inflows, which accounted for 30 percent of total turnover. Gross profit during the same period reached EGP 6.8 billion ($136.8 million), reflecting a year-on-year growth of fifty-two point six percent, with a gross profit margin improvement of 1.4 percentage points.

Q3 2024: Record-breaking performance metrics

The third quarter of 2024 emerged as a standout period, with Raya Holding achieving:

  • Revenues: EGP 12.2 billion ($245.5 million), up 49.6 percent year-on-year.
  • Gross profit: EGP 2.5 billion ($50.3 million), a 63.4-percent year-on-year increase.
  • EBITDA: EGP 1.3 billion ($26.1 million), an 80.6-percent surge compared to Q3 2023.
  • Net income before minority interests: EGP 514 million ($10.3 million), reflecting a remarkable 270-percent growth.

Key portfolio contributions

Raya Holding’s success is attributed to the stellar performance of its key divisions:

  • Raya Trade: EGP 13 billion ($261.4 million) in revenues, a 34-percent year-on-year growth.
  • Raya Information Technology: EGP 7.5 billion ($150.8 million), up 58 percent.
  • Aman Holding: EGP 4.3 billion ($86.5 million), reflecting a 35-percent growth.
  • Raya Customer Experience: EGP 1.9 billion ($38.2 million), growing by 38 percent.

These results underscore the company’s ability to leverage its diversified investments and implement innovative strategies to adapt to market dynamics, ensuring sustained value creation for shareholders.

Agility and strategic focus at the core of success

Raya Holding’s performance in Q3 2024 exemplifies its agility in responding to global and local market changes. The company’s robust financial results reaffirm its commitment to operational efficiency, innovative growth strategies, and a strong emphasis on foreign currency inflows to bolster revenue streams.

As Raya Holding continues to adapt and thrive, its Q3 achievements set a new benchmark for resilience and strategic leadership in the investment landscape.