Qalaa Holding announced 38% year-over-year (Y.o.Y) growth in revenue during the third quarter of 2017, reaching EGP 2.47 billion, and a 182% Y.o.Y increase in earnings before interest, taxes, depreciation, and amortization (EBEDITA) to reach EGP 253.6 million, Egypt Oil & Gas reports.

The revenue grew due to the increased efficiency in operation, in addition to portfolio optimization.

Over a nine-month basis, Qalaa Holding’s top-line recorded EGP 6.87 billion in September 2017, up 28.3% Y.o.Y.

Revenue growth was led by ASEC Cement, TAQA Arabia, ASCOM and Tawazon’s venture into Oman; while the company’s losses from discontinued operations decreased significantly to EGP 6.9 million and net loss reached EGP 311.7 million due to high interest expense.

“Across our investment portfolio, platform companies are continuously gaining a stronger footing in today’s macroeconomic environment, with year-to-date top-line growth delivered at all of Qalaa’s subsidiaries,” Qalaa Holdings’ Chairman and Founder, Ahmed Heikal, stated.

“Our consolidated revenues rose nearly 40% in the third quarter of 2017 and we are working diligently to extract increased operational efficiencies, improve profitability and translate our on-the-ground success into real value for shareholders,” he added.

Qalaa Holdings is an African leader in energy and infrastructure, which builds businesses in core industries that define the region’s future.