ICEC

Egypt’s Qalaa Holdings turns into profits in H1

Egypt’s Qalaa Holdings said on Sunday it has turned profitability during the first half of this year with a consolidated profit worth 233.28 million pounds ($13.1 million) from 3.67 billion pounds in losses last year.

Revenues grew to 6.2 billion pounds during the six months ended in June from 4.3 billion pounds during the same period in 2017, the Cairo-based firm said in a filing to the Egyptian Exchange (EGX).

Standalone losses stood at 2.3 million pounds, compared with 102.43 million pounds.

Qalaa Co., which is operating in a slew of industries including energy, cement, and logistics, earlier reported a 69 percent decline in consolidated losses, recording a net loss of 183.9 million pounds from 596.08 million pounds.

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