Raya Holding’s FY2025 results show 41% revenue growth to EGP 63.8 billion. That figure is accurate. It is also the least interesting way to read what happened this year.

Egypt has no shortage of companies that announce strong results. It has a shortage of companies whose results actually mean something beyond their own balance sheet.

Raya Holding’s FY2025 numbers are in the second category. The Group reported revenues of EGP 63.8 billion for the year ending December 31, 2025, a 41% increase on 2024’s EGP 45.1 billion. EBITDA came in at EGP 7.8 billion, up 60%. Net profit after minority interest hit EGP 2.6 billion, up 53%.

Those are strong numbers. But the figure that deserves the most attention is this one: Raya Information Technology grew its revenues by 70% in a single year, generating EGP 18.4 billion.

That is not a holding company rounding error. That is a signal about something larger happening in Egypt’s economy.

Why You Should Care

To understand why RIT’s 70% growth matters, you need to understand what RIT actually does.

Raya IT is Egypt’s IT infrastructure and digital transformation engine. It installs, integrates, and manages the technology systems that large enterprises, banks, telecoms, government institutions, and multinationals need to function. When an Egyptian bank upgrades its core banking system, or a Gulf government digitises its citizen services, or a regional enterprise rolls out a cloud infrastructure project, a company like RIT is often the entity actually building it.

The question behind the 70% growth number is: who is buying EGP 18.4 billion worth of that, and why now?

The answer points to two things happening simultaneously. The first is Egypt’s domestic digital transformation push, a structural shift that is moving large public and private institutions off legacy systems onto modern infrastructure, with government contracts as a significant driver. The second is regional demand: RIT has been operating in Saudi Arabia for over 20 years, and the Kingdom’s Vision 2030 programme is generating significant technology infrastructure spend. Both tailwinds are blowing in the same direction at the same time.

That is why 70% growth in a single year is not an accident. It is the result of a company positioned correctly for two structural shifts that are both accelerating.

The Ripple

Raya IT is not the only number worth examining. 

Aman Holding, the Group’s fintech and non-banking financial services arm, grew revenues by 49% to EGP 9.6 billion. Aman operates at the intersection of Egypt’s two most underpenetrated markets: formal financial services and consumer credit. Egypt has a large population with limited access to traditional banking. Aman’s consumer financing model, offering credit solutions through retail partnerships and digital channels, is essentially a bet that Egypt’s informal economy will continue formalising, and that the company best positioned at that transition point will capture a significant share of the resulting credit growth.

The 49% growth rate suggests that bet is paying off. The expansion of Aman’s partnerships in Saudi Arabia, most recently with Jarir and Almanea, two of the Kingdom’s largest retail chains, indicates the model is exportable.

Zoom out, and what Raya’s results are actually showing is the anatomy of Egypt’s next economic layer: a private sector company capturing the revenue from Egypt’s digital infrastructure build-out (RIT), its financial inclusion transition (Aman), and its integration into the Gulf’s supply chains (Raya Auto, Raya Smart Buildings, Raya CX) simultaneously, across a single holding structure.

What to Watch

The RIT growth rate in 2026. Seventy percent is a high base to grow from. Whether RIT can sustain 30-40% growth in 2026 will reveal whether the tailwinds are structural or cyclical. Watch for any disclosure about the proportion of revenues coming from Saudi Arabia and the Gulf versus Egypt. The geographic mix is the tell. 

Aman’s Saudi expansion. Retail consumer financing in Saudi Arabia is a different market from Egypt. Better-capitalized consumers, larger ticket sizes, different regulatory environment. The Jarir and Almanea partnerships are proof of concept. The question is whether Aman can move from retail partnerships to a broader Saudi financial services presence.

Raya Smart Buildings’ Edge Innovation Center in Riyadh. Smart office space in a market flooded with new supply is not automatically a strong business. Watch occupancy rates and tenant profiles, who is actually renting at EIC, will tell you whether the Saudi market is pulling Raya in or whether Raya is pushing into it.

The FX revenue line. With five Saudi operations, Raya’s hard currency revenue exposure is growing. In an environment where the EGP remains under structural pressure, the proportion of Group revenues denominated in SAR or USD is increasingly a credit quality story as much as a growth story.

In 2026, Raya’s challenge is not finding growth. It is managing the weight that comes with it. Currency pressure, regional competition, and the complexity of running five businesses across two countries will all test the platform in ways that the last two years did not.