Qalaa Holdings’s consolidated revenues reaching EGP 26.981 billion in the second quarter of 2022, making a 165% year-on-year (YoY) increase.
This comes as the Egyptian Refining Company (ERC) contributed with 80% of Qalaa‘s total revenues in 2022.
Qalaa turned the profitability corner booking a net profit of EGP 361.6 million in 2022, compared to a net loss of EGP 401.5 million in the same quarter of 2021.
ERC’s refining margins continued to improve in 2Q22 to average $5.4 million per day as a result of oil product price hikes and the Russian-Ukrainian war. Excluding ERC, Qalaa’s revenue grew by 32% YoY to EGP 5,508.2 million in 2Q22 and recurring EBITDA increased more than two-fold year-on-year to EGP 931.7 million in 2Q22.
Meanwhile, TAQA Arabia’s solid top line results reflect strong performance at TAQA Petroleum and were further supported by higher power distribution volumes at TAQA Power and volume growth at TAQA Gas.
“I am very pleased with Qalaa’s continued strong top line results and solid performances across the board during the second quarter of the year. The Group’s impressive performance continues to highlight Qalaa’s resilience and agility during a period of tough and everchanging macroeconomic dynamics,” said Qalaa Holdings’ Chairman and Founder Ahmed Heikal. “The Group delivered a remarkable 165% year-on-year top line growth throughout a difficult and uncertain operating environment, and our exceptional performance has seen us book a net profit of EGP 361.6 million this quarter,” he added.