Egypt considers launching national platform to mobilise green financing for private-sector industrial transformation    Egypt's FRA chief vows to reform business environment to boost investor confidence    Egypt's enterprise agency injects EGP 2.2bn into Alexandria projects    Egyptian, Belarusian officials discuss drug registration, market access    Egypt's ARC, Italy's AICS sign deal to boost wheat production    Gold prices edge higher on July 16th    Egypt stocks hit record highs in 2025 as reforms fuel rally: Cabinet    Egypt condemns Israeli strikes on Lebanon, Syria    Syria says it will defend its territory after Israeli strikes in Suwayda    Egypt urges EU support for Gaza ceasefire, reconstruction at Brussels talks    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Egypt's Health Min. discusses drug localisation with Sandoz    Egypt, Mexico explore joint action on environment, sustainability    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Egypt's PM urges BRICS to prioritise peace    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Qalaa Holdings records 191% y-o-y increase in revenues during Q1 of 2020
Company reports EGP 10.4bn in revenues for the first quarter of the current year
Published in Daily News Egypt on 02 - 07 - 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 a grain warehouse, and increased efficiencies at its inland container depot.
"The first quarter of 2020 marked a milestone for Qalaa Holding, with the booking of revenues by the ERC, a development that has been years in the making," said Qalaa Holdings Chairperson and Founder, Ahmed Heikal.
He added, "I am pleased to report that in its maiden quarter, the ERC has been operating at 100% capacity utilisation with all processes running smoothly. Meanwhile, Qalaa's growth was also supported by continued strong performance at TAQA Arabia and Nile Logistics, both of which are delivering growth and proving resilient in the face of COVID-19. Moreover, at National Printing, the company achieved healthy EBITDA growth during Q1 of 2020, with its performance set to continue particularly with El Baddar's new plant coming online during the second half of 2020."
While the recent volatility in the oil market and the narrowing in heavy fuel oil (HFO) to diesel spreads have adversely impacted the refinery's profitability, the ERC recorded an EBITDA of EGP 442.2#m in Q1 of 2020.
The ERC's EBITDA contribution pushed Qalaa Holding's consolidated EBITDA in Q1 of 2020 to EGP 773.2m, registering a strong y-o-y increase of 105%.
Consolidated EBITDA growth also came on the back of strong performances at all of TAQA Arabia's divisions as well as operational improvements at Nile Logistics and National Printing. Excluding the ERC, Qalaa Holding's EBITDA would have declined 12% y-o-y to EGP 331.0m in Q1of 2020, on the back of ASEC Holding subsidiaries that were impacted by Egypt's underperforming cement market. There have also been rising energy costs and a 35-day strike at Al Takamol Cement in Sudan that ended in March 2020. Additionally, exports by the Arab Company for Computer Manufacturing (ACCM), a subsidiary of the ASEC Company for Mining (ASCOM), were negatively impacted by diminished international trade as a result of the novel coronavirus (COVID-19) pandemic.
Qalaa Holdings recorded a net loss after minority interest of EGP 405.1m in Q1 of 2020, compared to a net loss of EGP 154.6m in the same period of the previous year. The decline was driven by the ERC's loss, before minority interest, of EGP 1.4bn in Q1 of 2020 due to the pressure on HFO and diesel spreads and an overall soft oil market.
"Despite the nationwide curfew and general disruption in economic activity that has resulted from COVID-19, we remain hopeful, as most of our companies continued to post year-on-year growth. At this time, we are prioritising the health and well-being of our more than 17,000 employees across our subsidiaries and we have decided to maintain our full work force with no layoffs at this time," said Heikal


Clic here to read the story from its source.