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RAYA Customer Experience records a 278% surge in net profit

Dollar revenues set them up for success

What:

Raya Customer Experience (RCC) released their financial results for 2023.

Revenues:

Rose to EGP 1.94 billion, a 60% YoY surge.

Gross Profit:

Almost doubled, recording an EGP 757.7 million, a 91.8% YoY increase.

Operating Profitability (EBITDA):

Recorded EGP 495.4 million, a 132% YoY jump.

Net Profit:

Shot up to EGP 159 million, soaring by 278% YoY.

The dollars were pouring in:

According to their earnings report, the company focused on making money in different currencies and from different sources. This worked well, with 70% of their total earnings coming from US dollars. This put them in a good position to deal with uncertain currency rates and the changing costs that come with it, and helped them handle the pressure of rising prices.

On the horizon:

The company is looking to expand into the gulf region and Europe. According to Equity Strategist at Rumble, Abdelkhalek Mohammed, the new flexible exchange rate greatly benefits Raya Customer Experience, since the high percentage of dollar revenues will translate into more EGP than before, and therefore boost the company’s valuation.