Qalaa Holdings records 191% y-o-y increase in revenues during Q1 of 2020

Qalaa Holdings records 191% y-o-y increase in revenues during Q1 of 2020

Qalaa Holdings recorded revenues of EGP 10.4bn in the first quarter (Q1) of 2020, marking a 191% increase year-on-year (y-o-y), it announced in its consolidated financial results for the quarter.

On Wednesday, the company released its consolidated financial results for the first quarter of the current year, which ended on 31 March 2020.

The report added that Qalaa Holding's top line performance in Q1 of 2020 was primarily driven by the Egyptian Refining Company (ERC) recording EGP 6.8bn on its first full income statement. This came following the ERC's recognition as an operational asset at the beginning of January 2020, with the company's revenues making up 66% of Qalaa Holdings's consolidated top line for the quarter.

Qalaa Holding explained that the growth at the consolidated level was further supported by an 18% y-o-y top line expansion at TAQA Arabia. The growth comes on the back of a solid performance across its gas, marketing, and power divisions and with a growing contribution from TAQA Solar.

Moreover, Nile Logistics also delivered strong results, witnessing a y-o-y revenue increase of 81% in Q1 of 2020 on the back of capacity expansions at the coal/pet coke storage facilities. Nile Logistics has also commenced work on