Qalaa Holdings’ Q3 profits hit EGP 126.4 mln

By Amwal Al Ghad English On Dec 23, 2018

Ahmed Heikal Qalaa Holdings — Qalaa Holdings Chairman Ahmed Heikal at Qalaa's section at the Egypt Economic Development Conference (EEDC) in Sharm el-Sheikh, in the South Sinai governorate, south of Cairo, March 14, 2015. (Photo Credit: REUTERS/Amr Abdallah Dalsh)

Egypt’s Qalaa Holdings’ net profit reached 126.4 million Egyptian pounds ($7 million) during the third quarter of the current year.

Revenue soared 40 percent to register 3.28 billion pounds during the third quarter of the year, the company said in statement on Saturday.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 43 percent to 305.6 million pounds, compared to the year-ago period.

In the first nine months of the year, revenue increased 46 percent to 9.4 billion pounds, while net profit stood at 426.6 million pounds during the same period.

The result of the third quarter of 2018 reflects the company’s strong operational performance and its steadfast progress, Qalaa Holdings’ chairman and founder Ahmed Heikal said.

The company is continuing its growing strategy through the expansion of its subsidiaries, Heikal added.