The year 2013, the one under review, was one of the challenging post-revolution years. Some of the setbacks were caused by factors out of our reach, giving in less than exciting results. The continuous unrest on Egyptian streets, unstable political life and marginal security presence, have all helped damage the economy, and in turn, affect us too. In accordance, our plan to expand our consumer electronics retail stores and penetrate new local markets such as Upper Egypt, Matrouh and Suez Canal cities have been delayed. Most of our lines of business also suffered from customers’ budget cuts, especially those working closely with government customers.
Recognizing the challenges of the turbulent 2013, we had to readjust our plan to get through with the least damage. We eyed new markets to cushion the setbacks of a fluctuating economy with a strategy to expand in promising international markets as well as Egyptian industries that are less affected by a shrinking purchase power and budget cuts. Nevertheless, Raya reported total consolidated revenues of EGP 3,372.3 million with 13.6% increase over YE 2012, gross profit of 412.7 million EGP with 23.3% increase over YE 2012 and net income after tax and minority interest of 56.1 million EGP with 11% increase over YE 2012. The former figures were planned to be higher, yet they remain a bold achievement within these unpleasant times.
The year 2013 also witnessed remarkable milestones. We have managed to take major steps towards finishing Galleria40, our most prestigious real estate project in Sheikh Zayed, with the aim to get it LEED certified. In solid steps, we lay the foundation of two new food chain restaurants, Ovio and Catchimba, in Cairo to be inaugurated in Galleria40. We are stably striving to launch them by mid-2014. International plans are still on track with an aim to launch a contact center in Europe to serve our growing customer base there. We also plan on expanding our business in the regional area, focusing on Saudi Arabia and the GCC for our international IT business.
The challenges that have slowed us down, have put others out of the race. For that I would like to acknowledge the unyielding efforts, faithful beliefs and commitments of each and every employee at Raya. It is the efforts of Raya’s team that allowed us to expand our reach stand tall and continuously dream of a better tomorrow.