Raya CX triples its net income in 1H 2024: Raya Customer Experience (Raya CX) saw its net income triple to reach EGP 245.3 mn in 1H 2024, rising 199.9% y-o-y, the company said in its latest earnings release (pdf). The company’s top line also climbed 38.5% y-o-y to record EGP 1.3 bn during the same period.

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Driving the growth: The company’s business process outsourcing was the primary contributor to growth once again, accounting for EGP 707.4 mn, or 56.1% of total revenues for the first half of the year. The company’s hosting business recorded EGP 354.5 mn (28.1% of total revenue), while its insourcing business recorded EGP 199.6 mn (15.8%), according to the release.

FX revenue streams paid off once again: Offshore revenues denominated in USD recorded the equivalent of EGP 956.7 mn, accounting for 75.8% of the company’s total revenue — up from 53.7% in the same period last year. The FX streams enabled the company to “absorb fluctuations in foreign exchange rates,” according to the release.

What’s next? “Regionally, we are continuously strengthening our foothold in the GCC, and expect to add more delivery facilities in the Kingdom of Saudi Arabia, and fully utilize our facility in mainland Dubai, UAE. Our operations in Europe are also under strategic review to identify growth opportunities, with Europe representing a market of immense potential,” CEO Alaa El Khishen.

ADIB DOUBLES NET INCOME IN 2Q-

Abu Dhabi Islamic Bank (ADIB) Egypt nearly doubled its net income in 2Q 2024 to EGP 2.5 bn — an increase of 94.7% y-o-y — the company said in its latest financial statement (pdf). The bank’s returns from Murabaha, Musharaka, and similar financing came in at EGP 8.8 bn, up from EGP 4.5 bn during the same period last year.

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