Qalaa’s consolidated revenues increased 37% year on year (YoY) reaching EGP 10.2 billion during 2021. Meanwhile, the company’s recurring earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 105% YoY recording EGP 750 million in 2021, Qalaa said in a press release.

The company’s strong performance was driven by the improving refining margins on the Egyptian Refining Company (ERC) results.

“At ERC, despite a 22-day stoppage due to a scheduled maintenance in 2Q21, the refinery’s revenues increased by 52% year-on-year on the back of recovering market conditions. Moreover, I would like to note that ERC’s gross refining margin has gradually improved during the period but is currently hovering at around half of its pre-COVID-19 levels. We are hopeful to see further improvements at the refinery’s margins once market conditions stabilize,” Qalaa Holdings’ Chairman and Founder, Ahmed Heikal, commented.

Meanwhile, Qalaa Holdings’ TAQA Arabia benefitted from the improved market conditions as Egypt increased household natural gas conversion in Q2 2021. Moreover, it raised its number of compressed natural gas (CNG) filling stations to 23 during the period. These stations led to a near three-fold YoY growth in the volumes of natural gas sold for vehicles to 31.6 million cubic meters (mcm) in H1 2021.