Qalaa Holdings announced strong revenue growth of 27% year-on-year (YoY), recording EGP 45.8 billion in 2021, through the strong performance of its subsidiaries, especially the Egyptian Refining Company (ERC) and TAQA Arabia.
The group further reported a 178% year-on-year increase in recurring EBITDA to EGP 4.1 billion.
Qalaa Holdings’ consolidated performance was greatly affected by ERC’s refining margins’ improvement as well as the turnaround in market conditions and commodity prices’ global surge. ERC alone contributed 62% to Qalaa’s total revenues.
Apart from ERC’s revenues, the group grew by 20% YoY to reach EGP 17.3 billion in 2021. This growth was primarily driven by TAQA Arabia and National Printing’s improved performances.
TAQA Arabia’s revenues witnessed a 15% growth to EGP 9.1 billion, which reflects the improved market conditions. This comes with the increase of TAQA Power distribution volumes in 2021, CNG stations expansions, and soaring TAQA Gas and fuel and lubes revenues at TAQA Marketing.