Raya CX doubles it net income: Raya Customer Experience (Raya CX) saw its net income more than double to EGP 109.7 mn in 1Q 2024, rising 143.7% y-o-y, the company said in its latest earnings release (pdf). The company’s top line also climbed 40.9% y-o-y to EGP 625.4 mn during the same period.

Driving the growth: The company’s business process outsourcing continued to be the primary contributor of growth in the quarter, contributing EGP 343.1 mn and accounting for 54.9% of total revenues for the quarter. The company’s hosting business recorded EGP 183.9 mn (29.5% of total revenue), while its insourcing business recorded EGP 98.4 mn (15.7%), according to the release.

Hard currency revenue streams continued to pay off: Offshore revenues denominated in USD recorded nearly EGP 479 mn, accounting for 76.6% of the firm’s total revenue — up from 69.3% in the same quarter last year. The firm’s FX revenues has put the company in an “advantageous position to mitigate the impact of the recent volatility and devaluation of the EGP.”

What’s next? “We are pushing forward with our global expansion and diversification plans. Growing our operations and strengthening our presence as a key player in the European market remains a top priority. Our goal is to expand the business beyond its current revenue contribution and to attract clients from other Western markets,” Raya CX CEO Alaa El Khishen said.

REVENUE GROWTH FOR VODAFONE EGYPT-

Vodafone Egypt recorded revenues of EGP 55.4 bn during the financial year ending March 2024, a 37.2% y-o-y increase, the company said in a statement (pdf). The company has invested some EGP 7 bn over its financial year, it said, without providing further detail.

Vodafone Cash saw 52.1% y-o-y growth during the year to record 8.2 mn active users, who collectively made transactions worth EGP 1 tn over the past year.

MOPCO NEARLY DOUBLES NET INCOME IN 1Q 2024

Misr Fertilizer Production Company’s (Mopco) net income after tax rose 95% y-o-y to EGP 7.6 bn in the first quarter of the year, the fertilizer giant said in its latest financial statement (pdf). The company’s sales grew220% y-o-y to EGP 4.8 bn during the same period.

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