{"id":616773,"date":"2024-03-11T00:00:00","date_gmt":"2024-03-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/11\/ci-capital-ode-raya-holding-report-2023-earnings\/"},"modified":"2024-03-11T00:00:00","modified_gmt":"2024-03-11T00:00:00","slug":"ci-capital-ode-raya-holding-report-2023-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/11\/ci-capital-ode-raya-holding-report-2023-earnings\/","title":{"rendered":"CI Capital, ODE, Raya Holding report 2023 earnings"},"content":{"rendered":"

CI Capital\u2019s net income rose 31% y-o-y to EGP 1.04 bn in 2023 <\/strong>driven by strong growth across all of its business lines, the company said in a press release (<\/a>pdf<\/a>)<\/a>. Revenues increased 68% y-o-y to EGP 6.6 bn in the same period, while its loan portfolio expanded 4% y-o-y to EGP 18.3 bn.<\/p>\n

Solid performance among its NBFS: <\/strong>Net income for CI Capital\u2019s leasing arm Corplease grew 36% y-o-y to EGP 701 mn in 2023 \u2014 Corplease issued EGP 3 bn in securitized bonds over 2023 \u2014 while its microfinance arm Reefy\u2019s net income rose 30% y-o-y to EGP 434 mn for the year. <\/p>\n

The group\u2019s investment bank recorded 88% y-o-y growth in revenues to EGP 964 mn in <\/strong>2023<\/strong>, thanks to a strong turnout from its brokerage, asset management and investment banking divisions. <\/p>\n

What they said: <\/strong>\u201cCI Capital\u2019s record performance was fueled by strong growth across all business lines despite multifaceted challenges, including interest rate hikes, elevated inflation levels, and a slowdown in transaction activities and foreign institutional interest,\u201d said CEO Hesham Gohar.<\/p>\n

ORASCOM DEVELOPMENT EGYPT REPORTS RECORD SALES-<\/p>\n

ODE bottom line surges on record sales:<\/strong>EGX-listed Orascom Development Egypt (ODE) saw its net income rise 64% y-o-y to EGP 3.1 bn in 2023 on the back of record sales and \u201cstrong performance across the recurring income portfolio,\u201d the company said in its earnings release (<\/a>pdf<\/a>)<\/a>. The property developer saw its revenues grow 49% y-o-y to an all time high of EGP 15.3 bn.<\/p>\n

A good year for the hotel side of the business, real estate sales:<\/strong> Revenues for ODE\u2019s hotels jumped 95% y-o-y to exceed EGP 3 bn over 2023. Net real estate sales came in at EGP 19.4 bn \u2014 the highest in the company\u2019s history \u2014 and a 75% increase from 2022.<\/p>\n

Optimism ahead: <\/strong>ODE plans to \u201caccelerate profitable growth, create a more agile and cost-effective business, and generate additional shareholder value\u201d over 2024, the statement said.<\/p>\n

RAYA HOLDING\u2019S INCOME RISES- <\/p>\n

Raya Holding<\/a><\/strong> saw its <\/strong>net income after minority <\/strong>climb 27% y-o-y <\/strong>to reach EGP 441 mn in 2023 in part thanks to the currency depreciation, which worked in favor of the group\u2019s export-oriented businesses such as its IT wing Raya IT<\/a>, business process outsourcing wing RCX<\/a>, and F&B supplier Raya Foods<\/a>, according to its latest earnings<\/a>release (pdf)<\/a>. <\/p>\n

Revenues were up 53% y-o-y to EGP 31.3 bn in 2023<\/strong>, and were fuelled by a robust 87% revenue growth from its suppliers and installations and 43% growth in revenues from device and goods distribution. Revenues were helped by an increased proportion of foreign currency-denominated revenues, which rose to 24% of Raya\u2019s overall top line.<\/p>\n

The breakdown: <\/strong>Raya\u2019s trade and distribution business unit generated 44% of Raya\u2019s total revenues for the year. The second biggest contributor was the firm\u2019s IT sector with 22%, followed by NBFS with 15%. <\/p>\n

What they said:<\/strong> \u201cIn 2023, despite the notable macroeconomic hurdles such as elevated interest rates, inflationary pressures, and geopolitical tensions, Raya Holding managed to attain substantial advancements in revenue, profits, and cash flow,\u201d the release said. \u201cThe company adopted strategic measures to optimize revenue in foreign currencies, broaden its export base, and enhance revenue streams from its overseas subsidiaries.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

CI Capital saw strong top and bottomline growth driven by solid performances among its NBFS and investment bank<\/p>\n","protected":false},"author":1,"featured_media":616774,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7208],"tags":[136,409,72,256,614],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616773","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-ci-capital","tag-earnings-watch","tag-enterpriseam","tag-orascom-development-egypt","tag-raya-holding","wpautop","entry"],"acf":{"mongo_id":"cb6e1994-dbc5-410e-9de7-d58f1553586a","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/2426.jpg","photo_position":"above","homepage_title":"","full_issue_title":"CI Capital, ODE, Raya Holding report 2023 earnings","related_issue":[616761],"teaser":"CI Capital saw strong top and bottomline growth driven by solid performances among its NBFS and investment bank","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.560c4292-3665-4f97-aa26-55df1d787a61.mp3"},"yoast_head":"\nCI Capital, ODE, Raya Holding report 2023 earnings - 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Net earnings after tax and minority interest rose to EGP 486 mn,\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/302.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548932,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/28\/ci-capital-delivers-solid-1h-2022-results\/","url_meta":{"origin":616773,"position":2},"title":"CI Capital delivers solid 1H 2022 results","author":"enterpriseam admin","date":"28 August 2022","format":false,"excerpt":"CI Capital reported EGP 1.61 bn in group revenues in 1H 2022, a 36% y-o-y increase (after normalizing for one-off adjustments), with net income after tax and minority interest almost doubling to EGP 341 mn compared to the same period last year, according to its earnings release (pdf). For 2Q\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":611011,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/30\/ci-capital-orascom-construction-report-9m-2023-earnings\/","url_meta":{"origin":616773,"position":3},"title":"CI Capital, Orascom Construction report 9M 2023 earnings","author":"enterpriseam admin","date":"30 November 2023","format":false,"excerpt":"CI Capital\u2019s net income climbed 54% y-o-y to reach EGP 747 mn in 9M 2023, driven by a strong growth across its investment bank and NBFS platforms, according to their latest earnings release (pdf). The company\u2019s topline rose 87% y-o-y to EGP 4.7 bn in 9M 2023, while its loan\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1763.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587677,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/30\/earnings-watch-telecom-egypt-mm-group-housing-and-development-bank-raya-holding-eastern-company-and-abu-qir-fertilizers-report-results\/","url_meta":{"origin":616773,"position":4},"title":"Earnings watch: Telecom Egypt, MM Group, Housing and Development Bank, Raya Holding, Eastern Company, and Abu Qir Fertilizers report results","author":"enterpriseam admin","date":"30 May 2023","format":false,"excerpt":"EARNINGS WATCH- Telecom Egypt reported EGP 4.1 bn in normalized net income in 1Q 2023, rising 144% y-o-y, according to its earnings release (pdf). The company\u2019s revenues climbed 48% y-o-y to EGP 14 bn during the quarter.MM Group for Industry and International Trade\u2019s net income rose 201.7% y-o-y to EGP\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":603867,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/22\/ci-capital-revenues-nearly-double-in-1h-2023\/","url_meta":{"origin":616773,"position":5},"title":"CI Capital revenues nearly double in 1H 2023","author":"enterpriseam admin","date":"22 August 2023","format":false,"excerpt":"The group\u2019s loan book reached a record high of EGP 20 bn during the six-month period","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/1005.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616773","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=616773"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616773\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/616761"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/616774"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=616773"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=616773"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=616773"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=616773"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=616773"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}