Qalaa’s revenues double to almost EGP 100bln in FY22, coupled with EBITDA reaching EGP 32.3bln

Qalaa’s revenues double to almost EGP 100bln in FY22, coupled with EBITDA reaching EGP 32.3bln

- Qalaa’s consolidated revenue grew 113% y-o-y to EGP 97.7 billion in FY22 and recurring EBITDA reached EGP 32.3 billion compared to EGP 4.1 billion in FY21, supported by record refining margins at the Egyptian Refining Company (ERC) and strong performances across all subsidiaries;

- In FY22, Qalaa recorded a net loss of EGP 2.3 billion on par with the previous year, despite operational improvements, due to an FX loss of EGP 4.7 billion following the devaluation of the Egyptian pound;

- ERC was the primary driver behind consolidated revenue growth, contributing c.76% to Qalaa’s total revenue in FY22. ERC’s refining margins were exceptionally high throughout FY22 and have started tapering towards normalized margins in 2023.

- Excluding ERC, Qalaa’s revenue grew by 33% y-o-y and recurring EBITDA increased by 101% y-o-y in FY22, driven by positive performances across Qalaa’s subsidiaries;

- TAQA Arabia’s solid topline results were primarily driven by a strong performance across all business lines: gas distribution, electricity generation and distribution, petroleum products distribution and water treatment;

- ASEC Holdings delivered a 48% y-o-y revenue growth on the back of strong topline results at ASEC Cement during FY22;

- National Printing saw improved volumes and benefitted from higher prices at all its companies.