Egypt’s Qalaa Holdings second-quarter revenues 8% up

Egyptian investment company Qalaa Holdings posted a 8 percent year-on-year increase in revenues to 3.5 billion Egyptian pounds ($215.6 million) during the second quarter of this year.

According to its consolidated financial results for the quarter that ended on 30 June 2019, Qalaa Holdings saw revenues grow by 11 percent year-on-year to reach 6.9 billion pounds in the first half of 2019.

Revenues also grew 11 percent to 6.9 billion pounds during the first half of the current year.

The growth was driven by solid top-line performance at TAQA Arabia, including rapidly growing gas and power distribution volumes, rising CNG demand and a steady ramp-up of utilisation rates at TAQA Solar’s power plant in Benban, Aswan.

This has seen TAQA Arabia deliver revenue growth of 33 percent year-on-year in the second quarter of 2019.

“At TAQA Arabia, the company has entered a new growth phase driven by increased demand for grid-connected natural gas distribution as well as its expansion into renewable energy; growth avenues at the core of Egypt’s energy policies,”  Qalaa Holdings chairman and founder Ahmed Heikal.

“The successful launch of TAQA Solar’s Benban Plant is already making strong contributions to consolidated revenue and earnings before interest, tax, depreciation and amortisation (EBITDA), and we continue to expand TAQA Gas’ operations with negotiations to connect a number of new cities within our concession zone,” Heikal added.

“Elsewhere, we continue to make impressive inroads into the growing market for compressed natural gas (CNG). Following the start of operations at TAQA Solar in February 2019, the renewable energy arm has booked revenues of 66 million pounds and an EBITDA of 60 million pounds in its five months of operation through to June 2019,” Heikal said.

Source: Ahram Online