Qalaa Holdings’ revenues increased by 25% in 2018 compared to 2017, reaching EGP 13.2 billion, Al Borsa Newspaper reported.

The company’s operating profit grew by 36% to reach EGP 1.3 billion in 2018, which is supported by the strong performance of all the affiliated companies, especially TAQA Arabia and the integrated cement factory in Sudan.

The 2018 results reflect Qalaa Holdings’ investment strategy and its efforts to expand its affiliated companies as TAQA comes among the top performance investments in light of its success to strengthen its position in generating and distributing energy in Egypt, said Ahmed Heikal, Qalaa Holdings’ Chairman.

Qalaa Holdings’ revenues are expected to exceed EGP 90 billion in 2020, Heikal previously told Reuters.

The company will gain between EGP 50-55 billion from the Egyptian Refining Company (ERC), which is set to start operating in Q3 2019, Heikal noted.