Egypt: Qalaa Holdings generates $983mln revenues in Q1-23

Egypt: Qalaa Holdings generates $983mln revenues in Q1-23

Cairo – Qalaa Holdings, a leading investment company in Africa and the Middle East (MEA) region, posted a 62% year-on-year (YoY) rise in revenue to EGP 30.30 billion during the first quarter (Q1) of 2023. The EGX-listed firm recorded earnings before interest, taxes, depreciation, and amortisation (EBITDA) valued at EGP 10.30 billion as of 31 March 2023, compared to EGP 3.90 billion in Q1-22. The positive performance reflects solid refining margins at the Egyptian Refining Company (ERC) and strong performances across all subsidiaries, according to a press release. Excluding ERC, Qalaa’s revenues hiked by 38% YoY to EGP 6.90 billion in Q1-23, backed by enhanced performances across all subsidiaries. During the first three months (3M) of 2023, the revenues of TAQA Arabia climbed by 27% YoY to EGP 2.90 billion from EGP 2.30 billion. ERC’s gross refining margin averaged $3.70 million on a daily basis in Q1-23, up from $2.70 million in the year-ago period, following higher oil product prices. On a quarterly basis, the refining margins plummeted to a daily average of $3.70 million in Q1-23 when compared with $4.90 million in Q4-22. National Printing witnessed 54% higher revenues at EGP 1.40 billion during Q1-23, versus EGP 915 million