Raya Holding, a Cairo-based conglomerate and key player in the Egyptian investment landscape led by tycoon Medhat Khalil, reported a significant profit surge for the first half of 2024, exceeding expectations despite challenging operating conditions. According to figures contained in its interim financial statements for the six months ended June 30, 2024, the Egyptian investment group reported a 117.5 percent increase in profit, rising from EGP350.39 million ($7.18 million) in the first half of 2023 to EGP762.14 billion ($15.62 million) in the first half of 2024.
Raya Holdings reports 38% revenue surge in H1 2024During the period under review, Raya Holdings' revenue increased by 38.39 percent, rising from EGP14.51 billion ($297.22 million) in the first half of 2023 to EGP20.09 billion ($411.25 million) in the first half of 2024.
This growth was primarily driven by favorable exchange rate movements, which enhanced investments in high-growth sectors like technology and financial services. As a result, the company was able to expand its operations into key sectors, increase its market share, and significantly boost its earnings potential.
Raya Holdings' asset surge in 2024Raya Holdings, established in 1999 through a merger between entities owned by Medhat Khalil and Orascom Group, has become a prominent player in the Egyptian investment landscape. Khalil maintains a commanding 58.1-percent majority stake in Raya Holding.
