Cairo – Qalaa Holdings logged consolidated net profits after tax valued at EGP 11.80 billion in 2023, lower year-on-year (YoY) than EGP 18.74 billion, including non-controlling interest.
Meanwhile, the consolidated revenue grew 17% to EGP 97.13 billion as of 31 December 2023 from EGP 82.71 billion, according to the income statements.
The higher revenues were backed by broad-based growth across all subsidiaries apart from Takamol Cement, which saw its production and sales impacted by the ongoing armed conflict in Sudan.
Basic and diluted earnings per share (EPS) attributable to the company’s shareholders enlarged to EGP 3.58 last year from EGP 0.69 in 2022.
Total assets amounted to EGP 160.62 billion at the end of December 2023, up YoY from EGP 144.88 billion.
Standalone Business
The standalone net losses of Qalaa Holdings hit EGP 2.48 billion in 2023, an annual increase from EGP 1.91 billion.
Non-consolidated basic and diluted loss per share rose to EGP 1.36 during January-December 2023 from EGP 1.05 in the year-ago period.
The Chairman and Founder of Qalaa Holdings, Ahmed Heikal, indicated: “During the year, Qalaa’s revenue expanded by 17% YoY, with top-line growth coming largely on the back of the impressive results achieved at the Egyptian Refining Company.”
“However, ERC’s margins witnessed a sharp decline, continuing to drop from the exceptional highs witnessed during 2022 towards more normalised levels,” Heikal noted.
He elaborated: “This was further exacerbated by the armed conflict in Sudan and its effect on Al-Takamol Cement’s performance.”
Hisham El-Khazindar, Co-Founder and Managing Director of Qalaa Holdings, said: “We have recently reached agreements with a number of Egyptian banks, as well as several non-bank creditors, regarding the settlement and/or restructuring of all the group’s debts due to those parties,”
“These transactions are reflecting very positively on Qalaa’s profitability and will continue to do so over the coming period. The reduction of Qalaa’s risk levels, primarily by deleveraging and expanding the Group’s cashflows, remains at the forefront of our priorities,” El-Khazindar added.
In the first nine months (9M) of 2023, the consolidated net profits after tax retreated to EGP 7.09 billion from EGP 13.05 billion a year earlier, including minority interest.
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