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Sunday, 9 October 2016

Qalaa Holding reports a net loss of EGP 529.8 mn in 1H16

**Earnings Watch: Qalaa Holdings reported a net loss after minority interest of EGP 529.8 mn in 1H16 against a net loss of EGP 123.1 mn in 1H15, according to a company statement (pdf). Revenues grew 15.3% for the period to EGP 3.5 bn, up from EGP 3.1 bn in 1H15, which the company attributes in large part to an increase in TAQA Arabia revenues. Qalaa co-founder and MD Hisham El-Khazindar noted that the company’s bottom line was in the black in 2Q16 “after factoring-out non-cash charges.” El-Khazindar also noted the company is working on a plan to reduce its USD-denominated debt in a bid to minimize FX losses before its USD 3.7 bn Egyptian Refining Company (ERC) reaches mechanical completion in the second half of next year.

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