Benya targets EGP 5bn in business volume by end of 2022

Fatma Salah
3 Min Read

Benya — which specialises in providing digital solutions and technology infrastructure — is targeting a business volume of EGP 5bn by the end of this year after reaching more than EGP 3.5bn last year, according to Chairperson and CEO of Benya Group Ahmed Mekky.

Mekky also revealed the intention of Benya Group to offer a part of its shares by double listing on the Egyptian Exchange and one of the Arabian Gulf’s markets within two years.

Furthermore, he told Daily News Egypt that the company aims to complete the offering by increasing capital to finance its expected expansion after obtaining the necessary approvals.

Mekky added that the company is trying to take advantage of its outstanding financial performance and achieve continuous growth in larger and less expensive financing for its future projects, as it continues to achieve profits and revenues since the company’s establishment in 2018. He explained that the average growth in each of them amounted to about 15-25% across the four years.

Furthermore, he revealed that the size of the market in the Middle East and Africa absorbs investments worth more than $1 trillion in the next ten years approximately, which reflects the size of the available opportunities and encourages the company to acquire a large share of them.

He stressed that the company’s successes in the field of digital transformation in Egypt were motivated by its participation in giant projects such as the Decent Life Presidential Initiative’s projects.

Mekky pointed out that the company works in cybersecurity and data centres for major cities and smart cities and is currently expanding in Saudi Arabia in cooperation with Al-Fanar International Development in the field of information technology and digital solutions with a total investment volume of $200m for the first phase only. The project is to be completed within five years with investments exceeding $1bn.

He also revealed that Benya Group established a new factory in the Democratic Republic of Congo that will specialise in synthetic fibres.

Furthermore, he stressed that the company owns 70% of the factory, and the rest of the project will be transferred to the government’s Telecom and Postal Company, provided that the investments will be financed through a dual form of self-financing and banking, with the latter being 40% of the volume of investments.

Benya Group is preparing to be the first producer of fibre optic cables in the region, and it aims through the new fibre cable factory to cover Egypt’s needs of optical fibres in this period of digitisation.

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