Egypt: Raya Holding’s consolidated profits near $5.4mln in Q1-23

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Raya Holding for Financial Investment achieved EGP 168.39 million in consolidated net profit after tax during the first quarter (Q1) of 2023.

The recorded net profits were compared with EGP 53.58 million in Q1-22, including non-controlling equity.

Furthermore, the revenues climbed to EGP 6.54 billion as of 31 March 2023 from EGP 4.47 billion in the year-ago period, according to the income statements.

Standalone Financial Results

Raya Holding turned profitable at EGP 216.56 million during the first three months (3M) of 2023, against standalone net losses after tax valued at EGP 49.83 million in 3M-22.

Non-consolidated revenues hiked to EGP 348.33 million during Q1-23 from EGP 11.53 million in Q1-22. Meanwhile, the earnings per share (EPS) stood at EGP 0.09, versus a loss per share of EGP 0.02.

Last year, the EGX-listed firm registered consolidated net profits after tax worth EGP 419.23 million, compared to EGP 541.38 million in 2021, including minority interest.