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Raya Holding's H1 2024 Revenues Increased by 38% to Reach EGP 20.1 Billion

  • Wednesday 14 August 2024 11:17 - الأربعاء ٠٩ صفر ١٤٤٦

    • By ; Bakinam Khaled 

     

    Raya Holding reported a robust 38% year-on-year increase in group revenues, reaching EGP 20.1 billion in the first half of 2024. This impressive growth was primarily driven by strategic initiatives aimed at increasing foreign currency revenues to 28% and expanding the export market. Additionally, gross profit rose to EGP 4.3 billion, representing a year-on-year growth of 47%, with the gross profit margin improving by two points to reach 22%.

    The company announced significant growth in EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), which increased by 60% year-on-year to EGP 2.4 billion, improving the EBITDA margin by two points to reach 12%. Net income before minority interests grew 1.18 times year-on-year to EGP 762 million, compared to EGP 350 million in the first half of 2023, reflecting a substantial increase in the net profit margin to 4%.

    Ahmed Khalil, CEO and Managing Director of Raya Holding, emphasized that the increase in revenues is a direct outcome of the successful investment strategy implemented by the group's subsidiaries. “The achievements of the group's subsidiaries during the first half of the year highlight their successful expansion efforts. This includes Raya's collaboration with LG in a manufacturing megaproject through its subsidiary, Raya Electric, as well as significant progress in establishing leadership in the electric car industry through Raya Auto. This was manifested through the partnership with XPENG to introduce advanced electric cars with European specifications, marking the company's first entry into Africa. Additionally, our 11 subsidiaries have launched several mega-projects worldwide,” he stated.

    The company experienced a significant boost in profits over the past year, with a remarkable 27% increase. The total profits reached an impressive figure of over EGP 441.3 million, surpassing the previous year's earnings of EGP 347.3 million in 2022.

     

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