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Raya Holding sees higher consolidated profits in Q1-24, turns to standalone losses

Raya Holding sees higher consolidated profits in Q1-24, turns to standalone losses
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Raya
RAYA
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Cairo – Mubasher: Raya Holding for Financial Investment posted a year-on-year (YoY) leap in consolidated net profit after tax and minority interest to EGP 330.95 million during the first quarter (Q1) of 2024.

The recorded net profits were compared to EGP 142.97 million, according to the consolidated financials.

Revenues hit EGP 10.41 billion in Q1-24, higher by 59% YoY than EGP 6.54 billion.

Total consolidated assets stood at EGP 32.27 billion as of 31 March 2024, up from EGP 27.14 billion at the end of December 2023.

Standalone Income Statements

Raya Holding turned to net losses valued at EGP 173.38 million in Q1-24, compared to profits amounting to EGP 216.56 million during the same quarter in 2023.

Non-consolidated revenues increased to EGP 33.38 million in the January-March 2024 period from EGP 20.68 million a year earlier.

Loss per share hit EGP 0.08 in the first three months (3M) of 2024, against an earnings per share (EPS) of EGP 0.09 in Q1-23.

In 2023, the company’s consolidated net profits climbed to EGP 563.88 million from EGP 419.23 million in 2022.