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Qalaa Holdings of Egypt, a leader in energy and infrastructure, reported consolidated revenue of EGP 27.7bn in the second quarter of 2023, up 2% from the same period last year mostly driven by the company’s refining arm.
Qalaa Holdings of Egypt, a leader in energy and infrastructure, reported consolidated revenue of EGP 27.7bn in the second quarter of 2023, up 2% from the same period last year mostly driven by the company’s refining arm.
Recurring EBITDA, however, dropped significantly to EGP 4.5bn, down from EGP 9bn in Q2 2022. The decline was sharp due to a slide in ERC’s refining margins. That aggregated to US $1.86m per day in Q2 2023, compared to US$5.36m per day in Q2 2022.
Qalaa has been resilient despite highly challenging macroeconomic conditions. The Group’s results over the past quarter were in the face of a difficult operating environment, the company’s Chairman and Founder Ahmed Heikal.
Heikal noted that the global economy is facing several challenges, including high levels of debt, rising inflation, and tightening monetary conditions. He also cited the ongoing war in Ukraine and its impact on energy prices as a major concern. Despite these challenges, Heikal said he is confident about Qalaa’s outlook. He pointed to the company’s strong portfolio of assets and its focus on growth-oriented strategies.
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Qalaa’s performance in the second quarter was supported by its energy segment, with TAQA Arabia reporting strong top-line growth driven by a robust performance at TAQA Gas. ERC managed to deliver steady year-on-year results despite refining margins declining significantly during the quarter.
