Raya Telecommunications Services (RTA), one of the companies owned by Raya Systems, saw its profits jump by 311.4% during the first half of 2017, compared to the same period last year.
The company said in a report to the Egyptian Exchange (EGX) on Monday that the company’s profits amounted to EGP 81.4m during the first half of the year, against EGP 19.8m in the same period last year.
The company added that its revenues rose during the first six months of the year by 82.9% to register EGP 360.8m, compared to the same period in 2016.
Raya operates in telecommunications and technology services. The average number of employees in the first half of the year reached 6,437, up from 5,385.
Raya made revenues worth EGP 805m last year, with an increase of EGP 218m compared to 2015, achieving a growth of 37%. Raya has witnessed a noticeable growth over the past three years, with revenues worth EGP 474 in 2014, an increase of EGP 74m compared to 2013.
Moreover, Raya Information Technology said the company’s strategy in the local and regional market is based on several main axes, the most prominent of which relies on the solutions of the Internet of Things (IoT) and big data, where research from Gartner Consulting and Research showed that the rate of expenditure in the Middle East and North Africa (MENA) region on IT will exceed $156bn in 2017, with a 2.4% increase compared to 2016.
The company is also working to focus on electronic payment and financial inclusion solutions. The most prominent financial solutions the company offers to the banking system is the conversion of bank branches into electronic ones, as well as establishing ATMs, self-service machines, and 4G technology.