Qalaa Holdings S.A.E, a Leader in Energy and Infrastructure investments in Africa and the Middle East, has released its consolidated and standalone financial results for the year ending 30 June 2016, reporting revenues of EGP 1.8 billion during the second quarter only and net loss of EGP 287.1 million during the same period.
The company has regrouped the financial results for the second quarter of the year 2015 in order to facilitate evaluation of the company’s financial performance. The company has excluded the financial results of companies ASEC Minya, ASEC Ready Mix Co., Misr Cement Qena, El Rashidi El Mizan, Rashidi for Integrated Solutions (RIS), Bright Petroleum and Tanmeyah Micro Enterprise Services after the sale of its stakes in those companies.
Qalaa Holdings’ growth in revenues was driven by the increase in revenues of TAQA Arabia Co. at an annual rate of 18 % during the second quarter of the year 2016 and the increase in revenues of ASEC Holding by 13% during the same period.
During the first six months of the year 2016, Qalaa Holdings’ revenues amounted to EGP 3.5 billion while its net loss amounted to EGP 529.8 million.
Operating profits of the company before interest, tax, depreciation and amortization was EGP 92.9 million, with an annual decline rate of 40% compared to EGP 155.6 million during the second quarter of the year 2015.
The company’s administration expresses confidence that the operating profits will be significantly higher in the upcoming period, especially after overcoming the wave of disturbances that faced investments in the cement industry, particularly the Sudanese Al-Takamol Cement Plant. Hisham El-Khazindar, Qalaa Holdings Co-Founder and Managing Director, explained that project implementation rate amounted to 90% and it is expected to perform operating tests in the upcoming months. Complete mechanical works by the second half of the year 2017 and monitor indicators of stable growth in revenues and profits of TAQA Arabia Company.
