Qalaa Holdings Company has announced that it has recorded a 113% y-o-y increase in revenue to EGP
97.7 billion in FY22, and recurring EBITDA of EGP 32.3 billion compared to EGP 4.1 billion in FY21. The solid performance reflects record refining margins at ERC and strong performances across all subsidiaries.
It is worth noting that ERC’s refining margins were remarkably strong in 2022, averaging USD 4.9 million per day in 4Q22 compared to USD 1.8 million per day in 4Q21, as a result of high petroleum product prices. Excluding ERC, Qalaa’s revenue grew by 33% y-o-y to EGP 22.9 billion in FY22 and recurring EBITDA increased by 101% y-o-y to EGP 3.7 billion in FY22.
Additionally, TAQA Arabia which is one of the company’s subsidiaries, has achieved revenues of EGP 10.7 billion in 2022 compared to EGP 9.1 billion in 2021 growing by 18% which is supported by the strong performance of the company.