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Raya's IT arm records higher revenues at EGP 2.6bn in 9M-22

Raya's IT arm records higher revenues at EGP 2.6bn in 9M-22
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Raya
RAYA
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Cairo – Mubasher: Raya Information Technology (Raya IT), a subsidiary of Raya Holding for Financial Investment, registered a 25% year-on-year (YoY) surge in revenue to EGP 2.60 billion during the first nine months (9M) of 2022.

Hisham Abdel Rasoul, CEO of Raya IT, noted that the banking and telecommunication sectors lead the company's business locally, regionally, and globally, according to a press release.

During the 26th edition of the Cairo ICT 2022 exhibition, Abdel Rasoul indicated that the tech firm has collaborated with the US-based Diebold Nixdorf to provide a key government institution with a total of 1,500 automated teller machines (ATMs). In the second month of activation, the volume of deposits in the ATMs exceeded EGP 150 million.

The CEO highlighted that Raya IT carried out a number of projects, using Cisco’s solutions in unified communications (UC), including the WebEx Cloud Calling and Call Center project at African Export-Import Bank (Afreximbank).

Moreover, the unit partnered with First Abu Dhabi Bank (FAB) to integrate customer service and communication systems

In 9M-22, Raya Holding reported consolidated net profits after tax worth EGP 283.91 million, lower than EGP 481.86 million during the same period a year earlier, including non-controlling equity.