Qalaa Holdings company announced that it has achieved an annual growth in its revenues of 134% after reaching EGP 18.7 billion in Q1 2022 and recurring EBITDA of EGP 3.9 billion compared to EGP 90.5 million in Q1 2021.
According to the company’s statement, this remarkable financial result comes from robust investment and growth strategies driving strong
performances across all subsidiaries as well as improved refined product
prices and refining margins at Egyptian Refining Company (ERC).
Qalaa Holdings noted that its subsidiary, TAQA Arabia, has shown solid top-line results. Its revenues increased by 13% to EGP 2.3 billion during Q1 2022.
The company said this growth is due to increased fuel sales at TAQA Marketing and is further supported by higher power distribution volumes at TAQA Power as well as CNG station expansions and CNG volume growth at TAQA Gas.
“Following a year during which our Company showcased resilience and agility in the face of shifting macroeconomic dynamics, we headed into 2022 well-equipped to navigate the new operating environment,” said Qalaa Holdings’ Chairman and Founder Ahmed Heikal. “The Group delivered a remarkable 134% year-on-year top line growth in the first quarter of the year. Our robust investment and growth strategies led to positive performances across Qalaa’s subsidiaries.”