Raya Electronics, a subsidiary of Raya for Trade and Distribution, one of the companies of Raya Holding, aims to add 10 new branches with EGP 200m investments during the current year, bringing the number of Raya branches to more than 70.
Bassem Megahed, the company’s managing director, told Daily News Egypt that there is currently a review of sales targets, as it was planning to reach the volume of its business to EGP 9bn during the current year, after it achieved EGP 7.6bn during 2021.
The company aims to expand in the Nigerian market, especially since the Nigerian market is very large, capturing a market share estimated at 6%. The company’s sales in Nigeria are currently about $100m and the figure represents about 25% of the company’s total sales, and it is studying expansion in the African market.
He pointed out that the company recently increased its capital by EGP 100m to pump them into expansions, as the investments are 50% self-financing, and the rest are bank financing, pointing out that the company will borrow about EGP 100m.
Megahed added that the trend towards activating the industry recently is very strong, and Raya is currently studying manufacturing operations with major brands such as Samsung, expecting to start manufacturing operations inside Egypt during the first quarter of next year.
He added that the company is studying the manufacture of home appliances with major brands in the Egyptian market, and negotiations are currently underway with 3-4 brands, to start manufacturing televisions, with the deepening of the brand owned by Raya under the name SRAY.
Raya Electronics operates about 235 stores throughout the country, including 61 retail stores within the Raya Stores and Raya Mega Stores chain, 15 official sales outlets for Samsung, three retail outlets for i2 and three Huwaei official outlets, along with 125 Etisalat stores.