{"id":655469,"date":"2024-11-19T00:00:00","date_gmt":"2024-11-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/19\/beltone-holding-palm-hills-developmentsvodafone-egypt-and-raya-cx-report-earnings\/"},"modified":"2024-11-19T00:00:00","modified_gmt":"2024-11-19T00:00:00","slug":"beltone-holding-palm-hills-developmentsvodafone-egypt-and-raya-cx-report-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/19\/beltone-holding-palm-hills-developmentsvodafone-egypt-and-raya-cx-report-earnings\/","title":{"rendered":"Beltone Holding, Palm Hills Developments,Vodafone Egypt, and Raya CX report earnings"},"content":{"rendered":"

More earnings come in: <\/strong>Our friends at Beltone Holding, Palm Hills Developments, Vodafone Egypt, and Raya CX reported their 3Q and 9M earnings for 2024. <\/p>\n

BELTONE\u2019S INCOME CROSSES THE EGP 1 BN MARK IN 9M- <\/p>\n

Another all time high for Beltone:<\/strong> Beltone Holding recorded EGP 1.1 bn in net income during the first nine months of the year, up from EGP 86 mn during the same period last year, it said in its latest earnings release (pdf)<\/a> and accompanying statement (<\/a>pdf<\/a>)<\/a>. Revenues were up 405% y-o-y during the nine-month period to record EGP 4.8 bn thanks to \u201csolid financial and operational performance across all business lines.\u201d <\/p>\n

The company\u2019s NBFIs drove growth:<\/strong> Operating revenues from its NBFIs segment were up 757% y-o-y to record EGP 3.9 bn during 9M 2024, with outstanding portfolio jumping over EGP 18.7 bn on the back of \u201cincreased business activity and the expansion of its product portfolio that includes, leasing, factoring, consumer, micro, mortgage, and the newly-launched SME financing.\u201d<\/p>\n

Growth across the board: <\/strong>Beltone Venture Capital reported some EGP 213.4 mn in revenues during 9M 2024. Its investment bank saw its operating revenues grow 282% y-o-y to record EGP 852 mn in the same period, \u201cdriven by the expansion of brokerage operations, alternative advisory solutions, and higher asset management performance fees.\u201d<\/p>\n

On a quarterly basis: <\/strong>The company saw a 198% y-o-y jump in revenues during the third quarter of the year to record EGP 1.9 bn. <\/p>\n

What they said:<\/strong> \u201cThis solid financial and operational performance across all business lines is a direct result of the group\u2019s swift and adaptable data-driven business model, its fully-fledged product offering, and its extraordinary talent.\u201d Group CEO Dalia Khorshid said.<\/p>\n

ICYMI- Beltone last year turned the boat around following three years of losses: <\/strong>Last year was a turning point for Beltone after Abu Dhabi-based investment firm Chimera acquired a majority stake in the company in October 2022 and brought in Dalia Khorshid as CEO. The turnaround<\/a> has included a full new management team, a full book of new policies and procedures, a record rights issue to recapitalize the business, and its transformation into a data-driven organization.<\/p>\n

PALM HILLS POSTS A 47% RISE IN NET INCOME IN 3Q-<\/p>\n

Palm Hills Developments saw its bottom line rise 47% y-o-y to EGP 649 mn <\/strong>during 3Q 2024, according to its latest earnings release (pdf)<\/a>. Revenues surged 61% y-o-y to reach EGP 7 bn during the quarter. <\/p>\n

A record-breaking quarter: <\/strong>The company recorded total sales of EGP 65 bn during the quarter \u2014 its highest ever \u2014 up from EGP 15 bn during the same period last year. <\/p>\n

On a 9M basis: <\/strong>The company reported a 124% y-o-y increase in net income during the first nine months of the year to record EGP 2.4 bn. Revenues during the same period grew 59% y-o-y to EGP 18 bn, fueled by higher new sales volumes. <\/p>\n

The company\u2019s sales were up 3.8x y-o-y<\/strong> in 9M 2024 to reach EGP 130.3 bn, supported by strong performance across all operating regions. West Cairo sales grew 166% y-o-y to record EGP 19.9 bn, Badya sales came in at EGP 14 bn during the nine-month period, and East Cairo sales came in at EGP 8.9 bn. <\/p>\n

What's next?<\/strong> \u201cWe are expanding our hospitality portfolio with the addition of 200 rooms at Casa Cook hotel in our premium project Hacienda White on the North Coast, along with our 250 rooms Ritz-Carlton Hotel Palm Hills in West Cairo. These 450 rooms are only the start of 2k rooms that we are planning to add in the coming four years,\u201d Executive Chairman Yasseen Mansour said.<\/p>\n

VODAFONE EGYPT REVENUES HIT EGP 37.7 BN- <\/p>\n

Vodafone Egypt\u2019s revenues hit EGP 37.7 bn in the six-month period ending 30 <\/strong>September<\/strong>, according to its latest report (pdf)<\/a>. The company hit a record 50 mn customers during the period, with Vodafone Cash recording 9.6 mn active users in the same period. <\/p>\n

What they said:<\/strong> \u201cThe results reflect our growth and strong performance as we provide connectivity for all, enable digital and financial inclusion, deliver bold purposeful initiatives and lead on Egypt\u2019s digital transformation through innovation, towards a digital, inclusive and greener society,\u201d CEO Mohamed Abdallah said in a LinkedIn post<\/a>.<\/p>\n

RAYA CX POSTS STRONG GROWTH IN 3Q AND 9M- <\/p>\n

Raya Customer Experience reported a 51.7% y-o-y increase in net income to EGP <\/strong>76.5 mn in 3Q 2024,<\/strong> with revenues also rising 37.8% y-o-y to EGP 634.1 mn, according to its latest earnings release (pdf)<\/a>. The company attributed its strong results for the period to its \u201cfocus on innovation, operational excellence, and customer-centricity,\u201d which allowed it to \u201ccapitalize on evolving market dynamics with confidence and resilience.\u201d<\/p>\n

On a 9M basis: <\/strong>The company\u2019s net income rose 143.3% y-o-y to EGP 321.9 mn in 9M 2024. Raya Customer Experience\u2019s topline also increased 38.3% y-o-y to EGP 1.9 bn, with USD-denominated revenue making up 74.5% of revenues, compared to 68.4% in the same period last year.<\/p>\n

Driving the growth: <\/strong>Raya\u2019s business process outsourcing segment \u2014 its largest business segment by revenue \u2014 saw growth of 26.1% y-o-y in 9M 2024 to record EGP 1.1 bn in revenues. The firm\u2019s hosting services also saw a 111.9% y-o-y jump in the first nine months of the year to EGP 535 mn. FX-driven revenue also helped mitigate the effects of currency volatility amid March\u2019s EGP devaluation.<\/p>\n

Looking forward:<\/strong> CEO Alaa Elkhishen noted Raya Customer Experience\u2019s plans to grow in the region and beyond in the coming period, saying that \u201cwe are making strategic moves toward fully utilizing our Dubai and KSA facilities, while assessing additional delivery facility opportunities in the GCC to reinforce our footprint in these high-potential markets.\u201d Elkhishen also noted the company\u2019s growth strategy in Europe, where the company is \u201cexploring opportunities to further expand our market share, tap into new revenue streams, and attract Western clients.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Beltone Holding recorded EGP 1.1 bn in net income during the first nine months of the year<\/p>\n","protected":false},"author":1,"featured_media":655470,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[7112,302,409,72,354,1070,614,83,142],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-655469","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-beltone-holding","tag-earnings","tag-earnings-watch","tag-enterpriseam","tag-palm-hills-developments","tag-raya-cx","tag-raya-holding","tag-real-estate","tag-vodafone-egypt","wpautop","entry"],"acf":{"mongo_id":"62f51463-2b33-4f10-8ac2-8eadbb0f3c15","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/1511.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Beltone Holding, Palm Hills Developments,Vodafone Egypt, and Raya CX report earnings","related_issue":[655457],"teaser":"Beltone Holding recorded EGP 1.1 bn in net income during the first nine months of the year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.70412a9d-a69b-42bd-929e-e5504aaf37ba.mp3"},"yoast_head":"\nBeltone Holding, Palm Hills Developments,Vodafone Egypt, and Raya CX report earnings - 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