Qalaa Holdings records 75% YoY surge in Q3 2024 revenues
Updated 2/12/2025 9:12:00 AMArab Finance: Qalaa Holdings achieved a 75% year-on-year (YoY) hike in revenues in the third quarter (Q3) of 2024, recording EGP 37.6 billion, according to the financial results.
This growth was mainly driven by Egyptian Refining Company’s (ERC) USD-denominated revenue.
The EGX-listed firm logged a consolidated net profit after minority interest of EGP 114.5 million in Q3 2024, reflecting an annual plunge of 94%.
The YoY drop in net income was largely due to the recorded one-off gain associated with the sale of APM in the period from July to September of 2023.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) hiked by 53% YoY to EGP 4.8 billion, backed by EBITDA’s growth across all subsidiaries.
Qalaa Holdings’ Chairman and Founder Ahmed Heikal commented on the financial performance: “Top-line growth was mainly driven by the solid performance of the Egyptian Refining Company, and further boosted by comprehensive growth across all subsidiaries.”
“On that front, all of our portfolio companies continued to demonstrate Qalaa’s carefully executed growth-oriented strategies, which are supported by a portfolio structure that is constructed to deal with devaluation pressures, and bolstered by an increased focus on local manufacturing and import substitution,” Heikal added.
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