Cairo – Mubasher: Qalaa Holdings generated revenues valued at EGP 38.20 billion in the second quarter (Q2) of 2024, an annual hike of 64%, driven by broad-based growth across the group’s subsidiaries.
The group incurred net losses amounting to EGP 1.40 billion at the end of June 2024 as a result of an increase in non-operating expenses, including the revaluation of Allied Corp and TAQA Arabia shares.
ASCOM achieved earnings before interest, taxes, depreciation, and amortisation (EBITDA) of EGP 158.7 million, marking an 80% year-on-year (YoY) increase, according to a press release.
Qalaa recorded a consolidated net loss after minority interest valued at EGP 1.40 billion in Q2-24, compared to EGP 381.20 million in Q2-23.
The Chairman and Founder Qalaa Holdings, Ahmed Heikal, said: “During the quarter, Qalaa’s top-line expanded strongly by 64% YoY, mainly driven by the solid results achieved at the Egyptian Refining Company, and further supported by broad-based growth across all subsidiaries.”
“Despite the net loss recorded in Q2-24 as a result of increased costs and one-off non-operational expenses incurred during the quarter at the holding company level, our solid operational results are a testament to the group’s strength and resilience, and reflect the success of our meticulous growth-oriented strategies,” Heikal added.
He noted: “Qalaa’s resilient performance during the quarter comes in the midst of challenging economic conditions both domestically and regionally. On the domestic front, inflation and interest rates remain elevated, impacting consumer spending levels and businesses’ ability to obtain financing.”
“Our portfolio companies’ cash flows are strong with very low levels of debt, and with growth achieved through efficiencies and small, incremental investments,” the Chairman indicated.
Hisham El-Khazindar, Co-Founder and Managing Director of Qalaa Holdings, commented: “The foreign senior debt purchase by QHRI has been finalized and reflected on Qalaa’s Q2-24 financial statements, with the balance remaining outstanding on Qalaa’s books until the finalization of the Qalaa capital increase, expected before June 2025.”
“On that front, ERC remains fully current on all its scheduled debt payments and is on track to fully settle its senior debt by Q4-25, after which the company may start distributing dividends,” El-Khazindar added.
As of 31 March 2024, the EGX-listed group’s revenues hiked by 45% YoY to EGP 37.60 billion.
