Raya Holding for Financial Investment reported consolidated net profits of EGP 762.13 million in the first half (H1) of 2024, marking a significant increase from EGP 350.39 million in the same period last year.
The company’s revenues also saw a substantial rise, reaching EGP 20.08 billion in H1-24, up from EGP 14.51 billion a year earlier, according to the financial statements.
Total assets for Raya Holding grew to EGP 35.25 billion as of 30 June 2024, compared to EGP 27.14 billion at the end of December 2023.
Non-Consolidated Results:
In the first six months of 2024, Raya Holding shifted to standalone net losses of EGP 85.92 million, a reversal from standalone net profits of EGP 110.74 million recorded in the same period last year.
Total revenues for the standalone segment decreased year-on-year (YoY) to EGP 339.57 million in H1-24, down from EGP 374.45 million in H1-23.
The loss per share for the period reached EGP 0.03, compared to earnings per share of EGP 0.05 in H1-23.
Q2-24 Financials:
In the second quarter (Q2) of 2024, Raya Holding’s consolidated net profits surged to EGP 384.25 million, up from EGP 181.99 million in Q2-23.
Revenues for the quarter increased to EGP 9.67 billion, compared to EGP 7.96 billion in the same period last year.
Additionally, Raya Holding returned to profitability with standalone net profits of EGP 87.46 million in April-June 2024, compared to losses of EGP 105.81 million in Q2-23.
As of 31 March 2024, the EGX-listed company reported higher consolidated net profits after tax and minority interest of EGP 330.95 million, compared to EGP 142.97 million in the previous year.