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Raya Holding’s consolidated profit grows 62.5% YoY in Q1

Raya Holding’s consolidated profit grows 62.5% YoY in Q1

ArabFinance: Raya Holding for Financial Investments (RAYA) has reported a 62.51% year-on-year (YoY) increase in consolidated profits excluding minority interest during the first quarter (Q1) of 2022, recording EGP 45.149 million, according to financial statements filed to the Egyptian Exchange (EGX) on May 16th.

It is worth noting that Raya Holding achieved consolidated profits excluding minority interest of EGP 27.78 million in Q1 2021.

The company’s consolidated operating revenue surged to EGP 4.479 billion in Q1 2022 from EGP 4.031 billion in Q1 2021.

As for standalone financial results, the company switched to losses in the three-month period ended March 31st, with a net loss after tax of EGP 49.838 million, compared to a profit of EGP 279.004 million in the same period last year, financial statements showed.

Established in 1999 and listed on EGX in 2005, Raya Holding operates within the software and services sector, focusing on information technology consulting and other services.

It has subsidiaries operating across North America, the British Islands, Northern Africa, Western Africa, and the Middle East.

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