{"id":572663,"date":"2020-07-05T04:00:55","date_gmt":"2020-07-05T04:00:55","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/05\/qalaa-holdings-reports-1q2020-results\/"},"modified":"2020-07-05T04:00:55","modified_gmt":"2020-07-05T04:00:55","slug":"qalaa-holdings-reports-1q2020-results","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/05\/qalaa-holdings-reports-1q2020-results\/","title":{"rendered":"Qalaa Holdings reports 1Q2020 results"},"content":{"rendered":"

EARNINGS WATCH- Qalaa Holdings\u2019 revenues soared 191% y-o-y in 1Q2020 to <\/strong>EGP 10.4 bn<\/strong>, the company said in its quarterly earnings release (pdf)<\/a>. The revenue growth came as Qalaa\u2019s flagship greenfield Egyptian Refining Company \u2014 which began operating at 100% capacity in 2019 \u2014 began booking sales revenue as an operational asset. ERC brought in EGP 6.8 bn in revenues, accounting for 66% of Qalaa\u2019s topline. Qalaa Holdings booked a consolidated net loss after minority interest of EGP 405.1 mn in 1Q2020 against a net loss of EGP 154.6 mn in 1Q2019.<\/p>\n

Qalaa expects the \u201cserious challenges\u201d posed by the covid-19 pandemic to persist in 2Q2020 and beyond<\/strong>, including the \u201cdislocation\u201d of oil and petroleum product markets globally, but the company is still confident that ERC will be able to \u201cdeliver significant incremental value to Qalaa\u2019s bottom-line in due time,\u201d said co-founder and Managing Director Hisham El Khazindar. Qalaa Chairman Ahmed Heikal also said the company is maintaining a positive outlook despite the pandemic and has no plans for layoffs at this time.<\/p>\n","protected":false},"excerpt":{"rendered":"

EARNINGS WATCH- Qalaa Holdings\u2019 revenues soared 191% y-o-y in 1Q2020 to EGP 10.4 bn, the company said in its quarterly earnings release (pdf). The revenue growth came as Qalaa\u2019s flagship greenfield Egyptian Refining Company \u2014 which began operating at 100% capacity in 2019 \u2014 began booking sales revenue as an operational asset. ERC brought in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[8572],"tags":[4872,302,2391,72,613,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-572663","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-corporate-earnings","tag-earnings","tag-egyptian-refining-company","tag-enterpriseam","tag-qalaa-holdings","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"62040949-6d8e-4d4a-95b4-1e2a8f2e4fcb","is_powered_by":true,"section_story_id":"1ff32264-7e62-47d4-a11e-423cd1755201","story_type":"1","photo_url":"","photo_position":"above","related_issue":[572644],"teaser":"","voice_url":""},"yoast_head":"\nQalaa Holdings reports 1Q2020 results - 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\/2020\/07\/05\/qalaa-holdings-reports-1q2020-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Qalaa Holdings reports 1Q2020 results\" \/>\n<meta property=\"og:description\" content=\"EARNINGS WATCH- Qalaa Holdings\u2019 revenues soared 191% y-o-y in 1Q2020 to EGP 10.4 bn, the company said in its quarterly earnings release (pdf). The revenue growth came as Qalaa\u2019s flagship greenfield Egyptian Refining Company \u2014 which began operating at 100% capacity in 2019 \u2014 began booking sales revenue as an operational asset. 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