Qalaa Holdings has released its consolidated financial results for the full year ending on 31 December 2019, reporting total revenues of EGP 14.9bn. The latest figures show a rise of 11% y-o-y, with growth primarily driven by TAQA Arabia, Dina Farms and Nile Logistics.
“Qalaa’s performance was propelled by our continued focus on growing our businesses and enhancing operations,” said Qalaa Holdings Chairman and Founder, Ahmed Heikal. “I am particularly pleased with TAQA Arabia, which continues to position itself as a leading player in Egypt’s energy sector.”
Heikal added that TAQA successfully capitalises on the favourable energy market liberalisation, whilst also diversifying its energy portfolio. He pointed to the company’s recent Benban solar project that has been generating strong operational profitability.
“Meanwhile, we are witnessing a strong turnaround at Nile Logistics where our push to build a comprehensive logistics and storage services provider is delivering strong growth in revenue with positive operational profits,” Heikal added.
Heikal also said that the company’s flagship greenfield Egyptian Refining Company (ERC) now has utilisation of 100%. Between August 2019 and mid-March 2020 the company sold roughly 3.1 million tonnes of petroleum products, including 2.8 million tonnes of refined products to the Egyptian General Petroleum Corporation (EGPC). Qalaa Holdings also sold about 265,000 tonnes of pet coke and 40,000 tonnes of sulphur to key cement and fertiliser players.
Qalaa Holdings recorded a consolidated net loss after minority interest of EGP 1.1bn in FY 2019, versus a net profit of EGP 1.3bn last year. This includes EGP 395.5m of provisions and EGP 226.7m of impairments.
The profitability in FY 2018 was driven by non-cash gains of EGP 3.96bn, related to the deconsolidation of Africa Railways’ operational liabilities in Kenya & Uganda.
