{"id":620355,"date":"2024-05-20T00:00:00","date_gmt":"2024-05-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/20\/raya-cx-more-than-doubles-its-net-income-y-o-y-in-1q-plus-vodafone-egypt-mopco-report-earnings\/"},"modified":"2024-05-20T00:00:00","modified_gmt":"2024-05-20T00:00:00","slug":"raya-cx-more-than-doubles-its-net-income-y-o-y-in-1q-plus-vodafone-egypt-mopco-report-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/20\/raya-cx-more-than-doubles-its-net-income-y-o-y-in-1q-plus-vodafone-egypt-mopco-report-earnings\/","title":{"rendered":"Raya CX more than doubles its net income y-o-y in 1Q. PLUS: Vodafone Egypt, Mopco report earnings"},"content":{"rendered":"

Raya CX doubles it net income: <\/strong>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)<\/a>. The company\u2019s top line also climbed 40.9% y-o-y to EGP 625.4 mn during the same period. <\/p>\n

Driving the growth: <\/strong>The company\u2019s 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\u2019s 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.<\/p>\n

Hard currency revenue streams continued to pay off:<\/strong> Offshore revenues denominated in USD recorded nearly EGP 479 mn, accounting for 76.6% of the firm\u2019s total revenue \u2014 up from 69.3% in the same quarter last year. The firm\u2019s FX revenues has put the company in an \u201cadvantageous position to mitigate the impact of the recent volatility and devaluation of the EGP.\u201d<\/p>\n

What\u2019s next? <\/strong>\u201cWe 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,\u201d Raya CX CEO Alaa El Khishen said.<\/p>\n

REVENUE GROWTH FOR VODAFONE EGYPT- <\/p>\n

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

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

MOPCO NEARLY DOUBLES NET INCOME IN 1Q 2024<\/p>\n

Misr Fertilizer Production Company\u2019s (Mopco) net income after tax rose <\/strong>95% y-o-y to EGP <\/strong>7.6 bn in the first quarter of the year<\/strong>, the fertilizer giant said in its latest financial statement (pdf)<\/a>. The company\u2019s sales grew220% y-o-y to EGP 4.8 bn during the same period. <\/p>\n

\n

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    The company\u2019s top line also climbed 40.9% y-o-y to EGP 625.4 mn<\/p>\n","protected":false},"author":1,"featured_media":620356,"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":[409,72,1434,1070,614,142],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-620355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseam","tag-mopco","tag-raya-cx","tag-raya-holding","tag-vodafone-egypt","wpautop","entry"],"acf":{"mongo_id":"7c48f8b7-edf5-42bd-afea-bc5c92a57f66","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/628.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Raya CX more than doubles its net income y-o-y in 1Q","related_issue":[620341],"teaser":"The company\u2019s top line also climbed 40.9% y-o-y to EGP 625.4 mn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.83eb2968-9458-4306-874b-575dfe74dd60.mp3"},"yoast_head":"\nRaya CX more than doubles its net income y-o-y in 1Q. 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