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Raya Holding unveils higher profits in H1-23; revenues leap to EGP 14.5bn

Raya Holding unveils higher profits in H1-23; revenues leap to EGP 14.5bn
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Cairo – Mubasher: Raya Holding for Financial Investment posted higher consolidated net profits after tax at EGP 350.39 million in the first half (H1) of 2023, compared to EGP 170.13 million a year earlier, including minority interest.

Revenues amounted to EGP 14.51 billion in January-June 2023, versus EGP 9.12 billion in H1-22, according to the consolidated income statements.

Total assets hit EGP 26.16 billion as of 30 June 2023. 

Standalone Business

In the first six months (6M) of 2023, the EGX-listed company generated EGP 110.74 million in standalone net profit after tax, versus EGP 77.48 million in 6M-22.

The revenues from investing in subsidiaries enlarged to EGP 327.64 million in H1-23 from EGP 159.27 million in the year-ago period.

Earnings per share (EPS) stood at EGP 0.05 in H1-23, up from EGP 0.03 in H1-22.

Financials for Q2-23

In the second quarter (Q2) of 2023, the company registered a year-on-year (YoY) jump in consolidated net profit after tax to EGP 181.99 million, compared to EGP 116.54 million, including non-controlling equity.

Furthermore, the revenues climbed to EGP 7.96 billion in April-June 2023 from EGP 4.64 billion during the same period in 2022.

As for the standalone business, Raya Holding shifted to net losses after tax valued at EGP 105.81 million in Q2-23, against net profits of EGP 127.32 million in Q2-22.  

In the January-March 2023 period, the firm logged consolidated net profit after tax standing at EGP 168.39 million, higher YoY than EGP 53.58 million, including non-controlling equity.