{"id":606537,"date":"2023-09-18T00:00:00","date_gmt":"2023-09-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/18\/qalaa-holdings-reports-2q-loss-on-higher-borrowing-costs\/"},"modified":"2023-09-18T00:00:00","modified_gmt":"2023-09-18T00:00:00","slug":"qalaa-holdings-reports-2q-loss-on-higher-borrowing-costs","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/18\/qalaa-holdings-reports-2q-loss-on-higher-borrowing-costs\/","title":{"rendered":"Qalaa Holdings reports 2Q loss on higher borrowing costs"},"content":{"rendered":"<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong> Qalaa Holdings r <\/strong><strong> evenues rose 2% y-o-y to EGP 27.7 bn during 2Q 2023 <\/strong> as growth at Taqa Gas helped offset lower revenues at the Egyptian Refining Company (ERC),according to its latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/9\/1091.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. Qalaa Holdings reported a EGP 381.2 mn loss in the April-June quarter as rising interest rates more than doubled the company\u2019s financing costs from a year earlier. Qalaa reported <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eec02640-3550-4731-99bb-e5c329f4f298\" style=\"\" rel=\"noopener\">EGP 361.6 mn in net income<\/a> in the same period last year.<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong> Higher borrowing costs hit profitability: <\/strong> A sharp rise in interest rates caused Qalaa\u2019s finance costs to more than double to EGP 2.3 bn from EGP 1.1 bn in 2Q 2022, which the company said was primarily responsible for the loss.<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong> ERC revenues fall: <\/strong> ERC\u2019s USD-denominated revenues fell 3% in EGP terms to EGP 20.7 bn on the back of falling refined petroleum prices. The company\u2019s gross refining margins declined \u201csignificantly\u201d to USD 1.86 mn per day from USD 5.36 mn in 2Q 2022 as oil prices normalized from last year\u2019s highs and feedstock prices rose. The refinery continued to account for the bulk of the company\u2019s top line, contributing some 75% of Qalaa\u2019s 2Q revenues.<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong> Qalaa\u2019s other business helped to plug the gap: <\/strong> Revenues excluding ERC increased 26% y-o-y to EGP 6.9 bn in 2Q 2023. Energy distribution subsidiary Taqa Arabia\u2019s revenues rose 30% y-o-y to EGP 3.2 bn on the back of a strong performance from Taqa Gas as well as an increase in the price and volume of both fuel and lubricants at Taqa Petroleum. Revenue was stable y-o-y at National Printing at EGP 1.1 bn, while Dina Farms Holding Company\u2019s revenue grew 40% y-o-y to EGP 480 mn. Cement and construction subsidiary ASEC Holding took a 25% hit to its revenue due to the impact of the conflict in Sudan on its operations. <\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong> What they said: <\/strong> \u201cI am pleased with Qalaa\u2019s results over the past quarter, which continue to showcase our strength and resilience in the face of a highly difficult operating environment,\u201d said Qalaa founder and chairman Ahmed Heikal. \u201cQalaa\u2019s top-line increased slightly year-on-year, supported by stable results at the ERC and solid performances across all subsidiaries.\u201d<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong> Looking ahead: <\/strong> Qalaa warned that a shutdown of the refinery in July will likely weigh on results in July. It also said it is studying multiple new \u201cmedium-sized, export-oriented, and predominantly green investments with high local value-added components.\u201d On the flip side, the company may look to divest \u201ca few small non-core or under-performing businesses and assets,\u201d it said. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Solid growth at Taqa Arabia helped offset a drop in revenues at the ERC<\/p>\n","protected":false},"author":1,"featured_media":606538,"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":[409,2391,93,72,91,613],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-606537","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-egyptian-refining-company","tag-energy","tag-enterpriseam","tag-oil-and-gas","tag-qalaa-holdings","wpautop","entry"],"acf":{"mongo_id":"d540e199-27c3-4f8f-bb38-9b8e7c1213e8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/1090.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Qalaa Holdings reports 2Q loss on higher borrowing costs","related_issue":[606526],"teaser":"Solid growth at Taqa Arabia helped offset a drop in revenues at the ERC","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.a9e67cba-8ac5-49c6-8fd2-ea00c33dff99.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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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":578153,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/qalaa-holdings-remains-profitable-during-3q-2022\/","url_meta":{"origin":606537,"position":1},"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":674656,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/11\/02\/qalaa-holdings-and-abu-qir-fertilizers-post-their-earnings\/","url_meta":{"origin":606537,"position":2},"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 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