Egypt’s Raya Bareeq Plant Resumes Work with Full Capacity

Raya Holding Co for Technology and Telecommunication S.A.E. (RAYA) stated on Monday that its plant for recycling and plastics granules Bareeq has resumed work with its full capacity after being reversely affected last month by the pro-morsi mass demonstrations.

Eng. Medhat Khalil, Chairman and CEO of Raya Holding, said the plant has restored to its full capacity production motivated by the availability of the manufacturer needs, including diesel fuel and petroleum products, stressing that the declining the number of uninterrupted electricity times contributed on returning production rates.

Khalil added to Amwal Al Ghad that the exporting rates are still low due to the current political and security situation.

Khaled Shash, CEO- Bareq/ Raya Holding subsidiary, said his company is suffering from shortage of rates of raw materials required for launching the first phase of the factory, pointing out that the current crises will not make Raya to open the second phase which it plans to launch this year.

the productive capacity of the factory’s first phase reached 13 thousand tons every year, to serve a number of local and global factories; pointing to both of Turkey and Saudi Arabia as the important countries that imports the products of Bareeq.

The venture’s investment costs reached EGP 120 million, and built on an area of 10 thousand square meters in 6th October City.

Raya has announced its consolidated financial statements for the first quarter of 2013 reporting a net profit of EGP 2.7 million, compared to net profit of EGP 2.6 million in 2012, representing an increase of 1%.