{"id":590203,"date":"2023-07-16T00:00:00","date_gmt":"2023-07-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/16\/qalaa-holding-1q-2023-revenues-up\/"},"modified":"2023-07-16T00:00:00","modified_gmt":"2023-07-16T00:00:00","slug":"qalaa-holding-1q-2023-revenues-up","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/16\/qalaa-holding-1q-2023-revenues-up\/","title":{"rendered":"Qalaa Holding 1Q 2023 revenues up"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Qalaa Holdings reported a 62% rise in revenues to EGP 30.3 bn in 1Q 2023<\/span><span style=\"\">,<\/span><span style=\"\">according to its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/7\/575.pdf\" style=\"\">earnings release (pdf)<\/a><\/span><span>. Net income for the period fell 84% from the same quarter last year, largely on the back of one-off gains in 1Q 2022 including EGP 842 mn from debt restructuring at its transportation and logistics segment last year. The company also saw higher interest <\/span><span>expenses in 1Q 2023 thanks to rising global interest rates and paid higher taxes in the quarter. <\/span><span style=\"font-weight:700\">Revenue growth in 1Q of this year was driven by strong refining margins at the Egyptian Refining Company (ERC)<\/span><span style=\"font-weight:400;\">, which accounted for some 77% revenues.   <\/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\">Non-ERC revenues also see growth:<\/span><span style=\"\"> Revenues excluding ERC increased 38% y-o-y to EGP <\/span><span style=\"font-weight:400;\">6.9 bn during the January-March quarter. Energy distribution subsidiary TAQA Arabia\u2019s revenues rose 27% to EGP 2.9 bn on the back of a strong performance from TAQA Gas and the increase in fuel prices at TAQA Petroleum.  Meanwhile, National Printing\u2019s top line grew 54% to EGP 1.4 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\">What they said: <\/span><span style=\"\">\u201c<\/span><span style=\"\">Qalaa has kicked off the year with a positive and promising performance, <\/span><span style=\"font-weight:400;\">amid a difficult operating environment \u2026 The past period has seen us focus on reducing our risk levels, primarily by deleveraging and growing Qalaa\u2019s cash flows,\u201d said Managing Director Hisham El Khazindar. <\/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\">1Q 2022\u2019s figures revised: <\/span><span style=\"\">The company had originally <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2abe87ac-6bdd-40b9-84cc-f3045510ef8f\" style=\"\">reported a EGP 584.1 mn loss<\/a><\/span><span style=\"\"> in the <\/span><span>first quarter of last year but has now revised this to a EGP 468.9 mn. This occurred after it r<\/span><span>eclassified the EGP 1.2 bn FX loss<\/span><span> suffered during the EGP devaluation in March 2022 as <\/span><span>other comprehensive income<\/span><span style=\"font-weight:400;\">, removing it from its net income calculation.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Revenues increased rose 62% on strong refining margins at the Egyptian Refining Company<\/p>\n","protected":false},"author":1,"featured_media":590204,"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":[409,93,72,613,615],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-590203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-energy","tag-enterpriseam","tag-qalaa-holdings","tag-taqa-arabia","wpautop","entry"],"acf":{"mongo_id":"6bd9b218-8077-4b31-81be-cf33b685081e","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/577.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Qalaa Holding 1Q 2023 revenues up","related_issue":[590184],"teaser":"Revenues increased rose 62% on strong refining margins at the Egyptian Refining Company","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.006747ff-054b-4910-b807-eb6a48651b82.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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PLUS: CIB, ODE report 1Q23 earnings","author":"enterpriseam admin","date":"15 May 2023","format":false,"excerpt":"High oil prices fueled a 162% rise in revenues at the Egyptian Refining Company","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/778.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":644051,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/qalaa-holdings-sees-revenues-income-rise-in-1q-2024\/","url_meta":{"origin":590203,"position":1},"title":"Qalaa Holdings sees revenues, income rise in 1Q 2024","author":"enterpriseam admin","date":"19 September 2024","format":false,"excerpt":"Qalaa Holdings saw its net income after minority interest jump to EGP 7.2 bn","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1511.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549821,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/qalaa-holdings-reports-first-quarter-in-black-since-2018-in-2q-2022\/","url_meta":{"origin":590203,"position":2},"title":"Qalaa Holdings reports first quarter in black since 2018 in 2Q 2022","author":"enterpriseam admin","date":"2 October 2022","format":false,"excerpt":"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\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/102.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":674656,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/11\/02\/qalaa-holdings-and-abu-qir-fertilizers-post-their-earnings\/","url_meta":{"origin":590203,"position":3},"title":"Qalaa Holdings and Abu Qir Fertilizers post their earnings","author":"enterpriseam admin","date":"2 November 2025","format":false,"excerpt":"The latest round of quarterly earnings is starting to pick up the pace, with Qalaa Holdings and Abu Qir Fertilizers all posting their earnings over the last few days.(Tap or click the headline above to read this story with all of the links to our background as well as external\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/7\/804.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578153,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/qalaa-holdings-remains-profitable-during-3q-2022\/","url_meta":{"origin":590203,"position":4},"title":"Qalaa Holdings remains profitable during 3Q 2022","author":"enterpriseam admin","date":"18 December 2022","format":false,"excerpt":"Qalaa Holdings returned to the black in 3Q 2022, reporting a EGP 16.7 mn profit against a EGP 440.7 mn loss in the same quarter last year in its latest earnings release (pdf). Revenues jumped 86% y-o-y to EGP 23.7 bn during the quarter, driven by the Egyptian Refining Company\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/361.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563307,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/27\/qalaa-losses-deepen-in-1q2021-on-erc-difficulties\/","url_meta":{"origin":590203,"position":5},"title":"Qalaa losses deepen in 1Q2021 on ERC \u201cdifficulties\u201d","author":"enterpriseam admin","date":"27 June 2021","format":false,"excerpt":"Operational issues at the Egyptian Refining Company saw Qalaa Holdings turn in an EGP 478.6 mn loss in 1Q2021 compared to its EGP 405.1 mn loss in the same period in 2020, according to a company statement (pdf). Revenues fell 23% in the period as ERC closed for almost a\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/590203","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=590203"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/590203\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/590184"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/590204"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=590203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=590203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=590203"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=590203"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=590203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}