{"id":586626,"date":"2023-05-15T00:00:00","date_gmt":"2023-05-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/qalaa-revenues-more-than-double-in-2022-on-record-refining-margins-plus-cib-ode-report-1q23-earnings\/"},"modified":"2023-05-15T00:00:00","modified_gmt":"2023-05-15T00:00:00","slug":"qalaa-revenues-more-than-double-in-2022-on-record-refining-margins-plus-cib-ode-report-1q23-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/qalaa-revenues-more-than-double-in-2022-on-record-refining-margins-plus-cib-ode-report-1q23-earnings\/","title":{"rendered":"Qalaa revenues more than double in 2022 on record refining margins. PLUS: CIB, ODE report 1Q23 earnings"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Qalaa Holdings reports growing revenues but remains in the red in 2022:<\/span><span style=\"\"> Investment fi<\/span><span style=\"\">rm <\/span><span style=\"\">Qalaa Holdings\u2019 saw its revenues more than double y-o-y to EGP 97.7 bn in 2022 \u2014 but still booked a net loss after minority interest of EGP<\/span><span style=\"\"> 2.3 bn in 2022, on par with the previous year, according to its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/736.pdf\" style=\"\">earnings<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/736.pdf\" style=\"\">release<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/736.pdf\" style=\"\">(pdf)<\/a><\/span><span style=\"font-weight:400;\">. The strong topline performance \u2014 including record refining margins at subsidiary Egyptian Refining Company (ERC) \u2014 was offset by the depreciation of the EGP, which caused the company EGP 4.7 bn in FX losses, Qalaa said.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">On a quarterly basis:<\/span><span style=\"\"> Qalaa returned to the red in 4Q after booking its first two profitable <\/span><span style=\"\">quarters since 2018 in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eec02640-3550-4731-99bb-e5c329f4f298\" style=\"\">2Q<\/a><\/span><span style=\"\"> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/29299ff0-7251-4539-9865-b0d78bfa3316\" style=\"\">3Q<\/a><\/span><span style=\"font-weight:400;\">. The company\u2019s net loss after minority interest nearly doubled y-o-y to EGP 2.1 bn in the last quarter, while revenues jumped 90% y-o-y to EGP 28.3 bn.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">In detail:<\/span><span style=\"\"> ERC\u2019s revenues surged 162% to EGP 74.7 bn in 2022, accounting for more than 76% <\/span><span style=\"font-weight:400;\">of the firm\u2019s topline for the year. Higher refined petroleum product prices and increased operations efficiency saw gross refining margins more than triple to an average of USD 4.5 mn per day in 2022. Energy subsidiary Taqa Arabia\u2019s revenue grew 18% y-o-y to EGP 10.7 bn on the back of rising energy demand across all the company\u2019s business lines. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What they said:<\/span><span style=\"\"> \u201cI am exceedingly proud of Qalaa\u2019s topline performance during the past year, <\/span><span style=\"\">which demonstrated the group\u2019s resilience and ability to continue delivering solid results despite the difficult underlying macroeconomic conditions,\u201d said Qalaa Chairman Ahmed Heikal. <\/span><span>\u201c<\/span><span style=\"font-weight:400;\">All our business segments have recorded solid performances throughout the past year, having successfully managed to capitalize on elevated oil prices, an increased focus on local manufacturing and import substitution, and a portfolio structure that provides a strong shield against devaluation pressures.\u201d<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">RISING RATES BOOST CIB EARNINGS-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Leading private-sector bank CIB reported a 43% increase in net income in 1Q 2023<\/span><span style=\"\"> as <\/span><span>higher interest rates boosted revenues, according to its latest <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/780.pdf\" style=\"\">earnings release (pdf)<\/a><\/span><span style=\"font-weight:400;\">. The lender reported a bottom line of EGP 6.1 bn for the January-March period, up from EGP 4.2 bn in 1Q 2022. The growth was supported by sharply higher net interest income, which jumped 62% y-o-y to EGP 10.9 bn during the quarter, lifting total revenues to EGP 12.0 bn, up 54% y-o-y.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Remember:<\/span><span style=\"\"> Interest rates have surged over the past year as the central bank tries to shore up <\/span><span style=\"font-weight:400;\">the economy from the inflationary impact of multiple currency devaluations. Central bank rates are now 1000 bps higher than they were last March.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Deposits and loans rose: <\/span><span style=\"\">The bank\u2019s gross loan portfolio rose 10% to EGP 244 bn during the <\/span><span style=\"font-weight:400;\">quarter while higher EGP deposits fueled 8% growth in the bank\u2019s total deposits, which reached EGP 574 bn.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">A promising 2023 ahead:<\/span><span style=\"\"> \u201cDespite the ambiguity witnessed on a global, regional and local <\/span><span style=\"font-weight:400;\">scale, CIB\u2019s performance is nothing short of exemplary,\u201d the bank\u2019s management said, adding that the net income and revenue growth helped \u201cset the stage for what promised to be a very strong 2023.\u201d<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">ODE PROFITS DOWN ON FX LOSSES-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Orascom Development Egypt\u2019s (ODE) net income dropped 17% y-o-y to EGP 384 mn <\/span><span style=\"font-weight:700\">during 1Q 2023 <\/span><span style=\"\">on the back of EGP 477.7 mn in FX losses due to the EGP devaluation, according to the company\u2019s latest <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/781.pdf\" style=\"\">earnings release (pdf)<\/a><\/span><span style=\"font-weight:400;\">. Revenues increased 53% y-o-y to EGP 3 bn during the quarter. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Net real estate sales increased by 36% y-o-y to EGP 2.7 bn<\/span><span style=\"\">, marking the highest 1Q sales <\/span><span style=\"\">figure in the company\u2019s history. The company\u2019s El Gouna development drove the growth with EGP 1.15 bn, followed by O West in West Cairo (EGP 1.1 bn), and Makadi Height (EGP 490.3 mn).<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>High oil prices fueled a 162% rise in revenues at the Egyptian Refining Company<\/p>\n","protected":false},"author":1,"featured_media":586627,"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":[204,240,409,72,256,613,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586626","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-banking","tag-cib","tag-earnings-watch","tag-enterpriseam","tag-orascom-development-egypt","tag-qalaa-holdings","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"c46149b2-4eeb-490c-9b73-53cf347f7af0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/778.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Qalaa revenues more than double in 2022 on record refining margins. 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