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Qalaa Holdings’ revenues rose 75% y-o-y in 3Q 2024 to EGP 37.6 bn, driven by the strong performance of subsidiary Egyptian Refining Company (ERC), according to a statement (pdf). The company’s bottom line, meanwhile, fell 94% y-o-y to EGP 114.5 mn during the quarter, with the release citing the firm’s sale of APM in 3Q 2023 as the driving factor for the dip.
Nearly all of the company’s subsidiaries saw their income increase for the quarter, with ASEC Holding being the only subsidiary to post a loss. ASEC saw its net loss contract to EGP 191.3 mn in 3Q 2024, down from EGP 556.5 mn in the same period the year before.
The other subsidiaries: ERC reported a net income of EGP 173.3 mn for 3Q 2024, a stark reversal from its EGP 362.5 mn loss recorded in the same period in 2023. Dina Farms’ net income rose 115% y-o-y to EGP 24.1 mn on the back of improved performance across all divisions. TAQA Arabia, meanwhile, reported 8% y-o-y growth in its net income, reaching EGP 213.5 mn, thanks to a strong performance by its gas subsidiary.
What they said: “Qalaa’s resilient performance during the quarter comes as the domestic economy continues to face a challenging period,” chairman and founder Ahmed Heikal said in the press release, adding that “difficulties faced at home are being further exacerbated by the current state of global macroeconomic uncertainty, as well as the armed conflicts taking place around us.” Still, Heikal noted, “Qalaa remains well-positioned to overcome these challenges, thanks to our resilience, flexibility, and efficiency, which are ingrained into the core of our DNA.”
The company’s plans to pay off ERC’s outstanding debt by the end of 2025 are going forward as planned, noted Qalaa Holdings co-founder and managing director Hisham El Khazindar. He added that “ERC remains on track to fully settle its senior debt by 4Q 2025, after which the company may start distributing dividends. We remain committed to reducing Qalaa’s risk levels and maintaining a healthy financial position going forward.”
CORRECTION: The story was amended on 15 February, 2025 to delete the incorrect reference to ASEC Holding selling APM in 3Q 2023. The entity that sold APM was ASCOM.
