Cairo – Mubasher: Raya Holding for Financial Investment on Tuesday reported turning to profits in the first quarter of 2017 due to a growth in sales and the improved performance in the information technology sector.
Profits stood at EGP 40.6 million in Q1-17, against losses of EGP 553,600 in the year-ago-period, according to a filing to the Egyptian Exchange (EGX).
Year-on-year, revenues rose 33% to reach EGP 1.47 billion from 1.11 billion.
Sales of call centres soared 105.5% reaching EGP 174 million in Q1-17, compared to EGP 84 million in the same period in the year earlier, while distribution and sales revenues increased 23% to EGP 927.9 million in Q1-17.
Raya achieved standalone profits of EGP 63.77 million in the quarter ended March 2017, against losses of EGP 8.27 million in the corresponding period in the year before.
The EGX-listed firm had previously reported a 13.8% increase in its profits reaching EGP 118.1 million in 2016, compared to EGP 103.8 million in 2015.
By 11:52 am Cairo time, the stock stood at EGP 11.04, after gaining 0.09%.
