Egypt’s Qalaa Holdings revenues surge 21% in Q3
Egypt’s Qalaa Holdings, one of the country’s largest investment companies, reported on Thursday a 21 percent year-on-year growth in third-quarter revenues to 3.9 billion Egyptian pounds ($243.1 million).
Revenues rose 16 percent to 11.1 billion during first 9 months of 2019, the company said in a statement.
Top-line growth was driven by continued strength at the Group’s flagship energy subsidiary, TAQA Arabia, which booked year-on-year revenue growth of 30 percent for the third quarter of 2019.
Qalaa’s revenues were further supported by a 60 percent year-on-year climb in ASEC Holding, whereas Sudan’s Al Takamol Cement recorded a near-tripling of revenues to 403.6 million pounds.
Meanwhile at Gozour, Qalaa’s multi-category agriculture and consumer foods platform, revenue grew 15 percent year-on-year on continued solid top-line performance of the company’s subsidiaries, Dina Farms and Investment Co. for Dairy Products (ICPD).
However, Qalaa’s transportation and logistics segment experienced a 6 percent year-on-year decrease over the same period. A further decline was seen at the printing and packaging segment, where revenues contracted by 21 percent year-on-year for the third quarter.