Egypt’s Qalaa Holdings achieves over $994mln in consolidated revenues in 1Q

Egypt’s Qalaa Holdings achieves over $994mln in consolidated revenues in 1Q

Qalaa Holdings consolidated revenues jumped to EGP 18.7bn during the first quarter (1Q) of 2022 — an annual growth rate of 134%.

However, the company incurred a net loss of EGP 584.1m, compared to a net loss of EGP 478.6m in 1Q 2021.

The increase in revenues was supported by an increase in the petroleum, marketing, and distribution sectors, along with the increase in electricity distribution rates at Taqa Power, the expansion of the network of compressed natural gas stations, as well as the growth in its distribution rates.

Furthermore, the revenues of the National Printing Company increased at an annual rate of 69% thanks to the operation of the new factory of Al-Badar Packaging Company, in addition to the growth in the volume of export sales and the application of a new pricing policy in Al-Shorouk and Uniboard.

Meanwhile, the revenues of the ASEC Holding Group grew at an annual rate of 46%, recording about EGP 1bn thanks to the strong performance achieved by the integration cement plant in Sudan.

Ahmed Heikal — Founder and Chairperson of Qalaa — said that the company has demonstrated its flexibility and ability to adapt to the transformations that occurred in the economic scene over the past year.