Egypt's Qalaa Holdings, one of the country's largest investment companies, reported on Monday a 148 percent year-on-year growth in consolidated revenues for the year ended 31 December 2020. Consolidated revenues grew to 35.9 billion Egyptian pounds ($2.3 billion). Qalaa's top line growth in 2020 was driven by Egyptian Refining Company's (ERC) contribution of around 21.6 billion pounds during the year. On 27 September 2020, ERC was officially inaugurated by President Abdel Fattah al-Sisi, a testament to the project's strategic importance for Egypt's economy and energy security. The megaproject provides a local alternative to imports, helping to meet the growing consumption in the local market, and integrates economic, social, and environmental returns that are fully in accordance with Egypt's Vision 2030. Excluding ERC's contribution, Qalaa's revenue would record 14.4 billion pounds. Strong resilience and operational efficiency of diversified portfolio supported solid performance in the face of the negative impact of COVID-19, led by TAQA Arabia, ASEC Holding, and Nile Logistics.
