Omar Abdel Aziz, CEO of Raya Foods, one of the Raya Holding companies, has said that a number of investor offers are being considered to increase the company’s capital by EGP 350m to finance its expansion during the year 2023-2024, as a step towards recording steady growth in sales to exceed $120m (EGP 3.5bn) by the end of 2026.
He pointed out that the company targets sales of EGP 1.5bn in 2023. Abdel Aziz added that the company is implementing expansions according to established strategic plans, and he attributed the growth rates achieved by the company to the continuous expansions at the level of operations and geographical presence in more than 50 countries around the world in six continents. Exports have increased to 98% of the total production of Raya Foods in 2023 compared to 93% in 2022.
Raya Foods has also announced remarkable growth during the first quarter of this year compared to its counterpart in 2022, as it recorded a total growth rate of 65%, achieving sales of EGP 300m since the beginning of this year, compared to EGP 165m in the same period last year.
Abdel Aziz said that the company has achieved massive agricultural expansions through its subsidiary, Raya Agricultural Crops, from 300 feddans during the 2022-2023 season to 450 feddan during 2023-2024. Raya agricultural products have become approved by the largest supermarket chains in England, Germany, Ireland, Saudi Arabia, and the United Arab Emirates.
