{"id":612498,"date":"2023-12-24T00:00:00","date_gmt":"2023-12-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/24\/qalaa-holdings-bottomline-leaps-in-3q-2023\/"},"modified":"2023-12-24T00:00:00","modified_gmt":"2023-12-24T00:00:00","slug":"qalaa-holdings-bottomline-leaps-in-3q-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/24\/qalaa-holdings-bottomline-leaps-in-3q-2023\/","title":{"rendered":"Qalaa Holdings\u2019 bottomline leaps in 3Q 2023"},"content":{"rendered":"

Qalaa Hol<\/strong>dings saw its net income surge to EGP 2 bn in 3Q 2023,<\/strong> over a hundredfold increase from the EGP 16.7 mn recorded in 3Q 2022, driven by gains from a stake sale, according to the company\u2019s latest earnings release (pdf)<\/a>.<\/p>\n

ICYMI- <\/strong>APM Investment, a wholly owned subsidiary of Qalaa\u2019s mining arm ASCOM, sold its<\/a>35% stake<\/a> in Ethiopia\u2019s Kurmuk Gold Project to the Canadian gold producer Allied Gold Corporation (AGC) last month in exchange for 11.5 mn shares in the latter and USD 65 mn.<\/p>\n

The company\u2019s topline rose 11% y-o-y to EGP 26.4 bn in 3Q 2023,<\/strong> primarily driven by the company\u2019s flagship oil refinery, the Egyptian Refining Company (ERC), which accounted for around 74% of total revenues. ERC\u2019s refining margins narrowed in the quarter due to a normalization of oil prices after a spike in 2022, but the plant underwent an overhaul in July that ramped up its output capacity by 6-7%.<\/p>\n

Progress made on receivables owed to ERC:<\/strong> ERC\u2019s receivables owed by the state-run Egyptian General Petroleum Corporation (EGPC) have dropped to USD 332 mn, after the latter paid USD 935 mn. The receivables collected have allowed ERC to ramp up its debt repayments.<\/p>\n

What\u2019s next:<\/strong> \u201cQalaa is currently studying several new medium-sized, export-oriented, and predominantly green investments with high local value-added components, to be executed through its subsidiaries,\u201d the release read.<\/p>\n","protected":false},"excerpt":{"rendered":"

An overhaul of the Egyptian Refining Company helped boost revenues<\/p>\n","protected":false},"author":1,"featured_media":612499,"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":[409,2391,72,613],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-612498","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-egyptian-refining-company","tag-enterpriseam","tag-qalaa-holdings","wpautop","entry"],"acf":{"mongo_id":"49707757-7e04-42b4-b854-69268df0f71d","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/1503.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Qalaa Holdings\u2019 bottomline leaps in 3Q 2023 on the back of stake sale","related_issue":[612483],"teaser":"An overhaul of the Egyptian Refining Company helped boost revenues","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.8555f4d6-86e4-4652-94cf-aaafef9bf694.mp3"},"yoast_head":"\nQalaa Holdings\u2019 bottomline leaps in 3Q 2023 - 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