Raya Holding announces net income of EGP 66.4 million for half year 2007

During the six months, the company achieved a net income of EGP 66.4 million, while consolidated revenues totalled EGP 1,026 million, reflecting a 27 % increase over the corresponding period in 2006.

The impressive financial results, which incorporate the company's trade, IT and call centre lines of businesses, indicate the beginning of a new growth phase for the company, which is currently in its eighth year of operations.

Medhat Khalil, Chairman and CEO, Raya Holding, commented,

'We are very satisfied with our strong performance to-date, and we are optimistic about mirroring this success for the year as a whole. We have a dedicated expansion phase ahead of us, which focuses on enforcing our leadership position in the retail and distribution markets to capitalise on the expected growth in the subscribers' base, expanding our call centre offshore business as well as keeping our forefront position in the ICT industry.'

The company's call centre operations exceeded expectations with revenues doubling to reach EGP 34 million, amidst growth in operations both locally and internationally. Further growth is also predicted, as 47 % of the call centre's revenue is derived from off shore business, prompting an increase in the number of call centre seats to total 930, with an excess of 1820 multilingual agents. The announcement also highlighted the significant growth in the number of the mobile handsets sold during the first half of the year to total 1,830,000 handsets, representing a 166% increase compared to the same period last year.

'The results reflect Raya Holding's huge potential, which we plan to make the most of by boosting our retail outlets, direct distribution coverage and reach as well as capitalizing on the recognized success in our maintenance services. We also plan to enhance our portfolio of services, so we can continue to stay on top of the regional ICT market by offering enriched industry tailored solutions,' Khalil added.

In recognition of its technologically advanced solutions, Raya Holding has recently been appointed as the sole Nokia regional level 4 maintenance hub, to offer mobile maintenance services in 14 North West African countries in addition to Egypt.