{"id":549821,"date":"2022-10-02T04:12:39","date_gmt":"2022-10-02T04:12:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/qalaa-holdings-reports-first-quarter-in-black-since-2018-in-2q-2022\/"},"modified":"2022-10-02T04:12:39","modified_gmt":"2022-10-02T04:12:39","slug":"qalaa-holdings-reports-first-quarter-in-black-since-2018-in-2q-2022","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/qalaa-holdings-reports-first-quarter-in-black-since-2018-in-2q-2022\/","title":{"rendered":"Qalaa Holdings reports first quarter in black since 2018 in 2Q 2022"},"content":{"rendered":"<p><strong>Qalaa Holdings returned to the black <\/strong><strong>for the first quarter since 2018 <\/strong><strong>in 2Q 2022<\/strong> on the back of record revenues driven by improved refining margins at the Egyptian Refining Company (ERC). The company generated a net income of EGP 361.6 mn during the April-June quarter, compared to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a498cdac-7f57-4031-af6e-0af3de6323bf\">EGP 401.5 mn<\/a> in losses last year, after revenues soared to almost EGP 27 bn, up 165% on 2Q 2021, according to its <a href=\"https:\/\/ent.news\/2022\/9\/%D8%AA%D9%82%D8%B1%D9%8A%D8%B1-%D9%86%D8%AA%D8%A7%D9%8A%D9%94%D8%AC-%D8%A7%D9%86%D8%AC%D9%84%D9%8A%D8%B2%D9%89-%D8%A7%D9%84%D9%82%D9%84%D8%B9%D8%A9-29-09-2022.pdf\">earnings release (pdf<\/a><a href=\"https:\/\/ent.news\/2022\/9\/%D8%AA%D9%82%D8%B1%D9%8A%D8%B1-%D9%86%D8%AA%D8%A7%D9%8A%D9%94%D8%AC-%D8%A7%D9%86%D8%AC%D9%84%D9%8A%D8%B2%D9%89-%D8%A7%D9%84%D9%82%D9%84%D8%B9%D8%A9-29-09-2022.pdf\">)<\/a>.<\/p>\n<p><strong>In detail: <\/strong>ERC\u2019s revenues tripled y-o-y to EGP 21.5 bn, driven by improvement in refined petroleum product prices and an increasing gross refining margin, contributing c. 80% to total revenues. Operations experienced no slowdowns or shutdowns during the quarter. Qalaa subsidiary TAQA Arabia\u2019s revenues rose 13% y-o-y to EGP 2.5 bn, driven by a strong performance at TAQA Petroleum, higher power distribution volumes at TAQA Power, and volume growth at TAQA Gas.<\/p>\n<p><strong>Looking ahead: <\/strong>\u201cQalaa\u2019s results are vulnerable to FX changes owing to Qalaa\u2019s sizable USD-denominated debt,\u201d said co-founder and managing director Hisham El Khazindar. \u201cConsequently, any further depreciation in the [EGP] may impact the group\u2019s results.\u201d The company\u2019s debt restructuring efforts are progressing and remain a priority, he said, noting that ERC is in negotiations with its lenders for a full debt restructuring.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Qalaa Holdings returned to the black for the first quarter since 2018 in 2Q 2022 on the back of record revenues driven by improved refining margins at the Egyptian Refining Company (ERC). The company generated a net income of EGP 361.6 mn during the April-June quarter, compared to EGP 401.5 mn in losses last year, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":549822,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7208],"tags":[302,409,2391,72,613,615],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings","tag-earnings-watch","tag-egyptian-refining-company","tag-enterpriseam","tag-qalaa-holdings","tag-taqa-arabia","wpautop","entry"],"acf":{"mongo_id":"eec02640-3550-4731-99bb-e5c329f4f298","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/10\/102.jpg","photo_position":"above","related_issue":[549804],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Qalaa Holdings reports first quarter in black since 2018 in 2Q 2022 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/qalaa-holdings-reports-first-quarter-in-black-since-2018-in-2q-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Qalaa Holdings reports first quarter in black since 2018 in 2Q 2022\" \/>\n<meta property=\"og:description\" content=\"Qalaa Holdings returned to the black for the first quarter since 2018 in 2Q 2022 on the back of record revenues driven by improved refining margins at the Egyptian Refining Company (ERC). 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