Qalaa Holdings expects revenues to exceed EGP 90 bn next year

Qalaa Holdings expects to record revenues north of EGP 90 bn (USD 5.25 bn) next year, Chairman Ahmed Heikal told Reuters. Some EGP 50-55 bn will come from the investment company’s Egyptian Refining Company, which is expected to produce 2.4 mn tonnes of diesel every year after it begins operations in 3Q2019. Heikal said last month that the refinery will begin commercial production in June before reaching full capacity by September.