Qalaa Holdings achieved revenues of EGP 3,083.5m, up 48% year-over-year, for the three-months period ended 31 March 2018, according to press statement on Monday.
Qalaa Holdings referred the increase in revenues to the back of strong growth from its energy subsidiaries, TAQA Arabia and Tawazon, as well as the full consolidation of Qalaa’s 48% owned midcap investment subsidiary Grandview, which contributed EGP 520.5m to Qalaa’s top-line during the period.
The financial results showed that EBITDA recorded impressive growth of 84% y-o-y to EGP 324.2m from EGP 175.9m in Q1 2017, representing a y-o-y hike of 84%, while net losses narrowed by 54% y-o-y to EGP 186.7m in Q1 2018, compared to a net loss of EGP 402.4m recorded in Q1 2017.
Qalaa Holdings Chairman and Founder Ahmed Heikal said, “Qalaa’s top-line grew 48% to record EGP 3.1bn with growth being dual-driven by our platforms’ ability to capture the economic upturn as well as management’s efforts in streamlining our portfolio.”
Losses from discontinued operations, which fell substantially by 89% y-o-y to EGP 25.6m in Q1 2018, were primarily attributed to the sale of Designopolis Mall (MENA Homes), concluded in June 2018.
“ASCOM’s export competitiveness continues to strengthen and Nile Logistics is delivering advantageous river transport services at a time when conventional trucking costs are on the rise,” El-Khazindar noted.