Raya Customer Experience (Raya CX) saw its net income decline 61% y-o-y to EGP 7.8 mn in 9M 2022, thanks to rising wages and technology costs as the firm expands, according to its latest earnings release (pdf). The company’s top line grew 51% y-o-y to EGP 848.3 mn in the nine-month period, led by the firm’s outsourcing business and offshore revenues, including its growing call center firm Gulf Customer Experience (Gulf CX), CEO Ahmed Refky said.

Raya CX's main source of revenue generation is still contact center outsourcing, which brought in EGP 445.1 mn in the first nine months of the year, or almost 53% of the company's total revenue. The company’s insourcing business came in second place with 30% of total revenue, followed by hosting, which made up the remaining 18%.

Still growing in the Gulf: While the firm’s Egyptian operations continue to account for the bulk of its business (some 80.8%), Raya CX’s Gulf operations saw revenues grow nearly eight-fold y-o-y to EGP 147.7 mn in 9M 2022 as a result of its 2021 acquisition of Gulf CX.