Arab Finance: Raya Holding for Financial Investments (RAYA) reported a 131.5% year-on-year (YoY) increase in consolidated net profits attributable to the holding company during the first quarter (Q1) of 2024, reaching EGP 330.955 million, versus EGP 142.978 million, the firm disclosed.

Operating revenue soared to EGP 10.414 billion during the January-March period this year from EGP 6.547 billion during the same period a year ago.

As for standalone financial results, the company incurred net losses after tax of EGP 173.387 million in Q1 2024, against net profits of EGP 216.564 million in Q1 2023.

Meanwhile, total standalone revenues were knocked down to EGP 33.382 million from EGP 348.334 million.

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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