Egypt’s Raya Holdings sees profit slip to $6.5 million in 2025

Raya Holding for Financial Investments, a Cairo-based conglomerate and key player in the Egyptian investment landscape, led by tycoon Medhat Khalil, reported a decline in annual profit as rising demand for outsourced customer experience services reshaped its revenue mix.

The Egyptian investment group posted a profit of EGP323.9 million ($6.5 million) for the year ended Dec. 31, 2025, down 4.7% from EGP339.9 million ($6.78 million) recorded in 2024, according to its latest financial statements.

The decline largely reflects a one-off foreign exchange gain recorded in 2024 that boosted the previous year’s earnings.

Raya Holdings reports 38% revenue surge in H1 2024
Despite the drop in profit, Raya Holding recorded solid revenue growth as global demand for business process outsourcing (BPO) services continued to expand.

Revenue rose 12.6% to EGP2.84 billion ($56.6 million) in 2025 from EGP2.52 billion ($50.3 million) a year earlier. Gross profit climbed 9.5% to EGP1.27 billion ($25.25 million), while EBITDA increased 16.8% to EGP742 million ($14.75 million).

Expansion drives revenue growth
Revenue growth was supported by the continued expansion of Raya Customer Experience, the group’s outsourcing unit. Contact center outsourcing remained the company’s largest revenue contributor, generating EGP1.52 billion ($30.22 million) and accounting for 53.7% of total revenue.

The hosting segment generated EGP767.3 million ($15.25 million), representing 27% of total revenue, while insourcing services contributed EGP546.8 million ($10.87 million), accounting for 19.3%. Offshore revenues, largely denominated in U.S. dollars, reached EGP1.95 billion ($38.77 million), representing 68.6% of total revenue. The strong offshore contribution reflects the company’s strategy to increase hard-currency earnings while reducing exposure to foreign exchange volatility.

Operational expansion strengthens footprint
Chief Executive Officer Alaa Elkhishen said the company’s performance reflects growing global demand for outsourced customer experience services.

During the year, Raya Customer Experience launched full operations at its Crystal Plaza facility, expanding its delivery capacity as the company scaled its workforce to meet rising demand.

Average headcount increased by roughly 35% compared with 2024. Workstation capacity reached 8,528 in 2025, with utilization rates rising to 82.8%.

Egypt remains a key outsourcing hub
Egypt remained the group’s largest market in 2025, accounting for 81.4% of total revenue. Operations in Egypt generated EGP2.31 billion ($45.92 million), while the Gulf region contributed EGP480.7 million ($9.56 million), reflecting a 16.9% year-on-year increase. Poland generated EGP46.5 million ($924,000).

Founded in 1999 through a merger between entities owned by Medhat Khalil and Orascom Group, Raya Holding has grown into one of Egypt’s leading investment groups. Khalil maintains a 58.1% controlling stake in the company. Total assets expanded by 15.88% from EGP2.11 billion ($42.03 million) in 2024 to EGP2.45 billion ($48.7 million), while retained earnings grew by 83.36% from EGP346.51 million ($6.89 million) to EGP635.37 million ($12.63 million).

The group operates 15 delivery sites across Egypt, the UAE, Bahrain, Saudi Arabia and Poland, serving more than 100 clients across industries including telecom, technology, banking, automotive, travel and retail.