EARNINGS WATCH- Qalaa Holdings reported consolidated net revenues of EGP 2.469 bn in 3Q2017, growing 38% y-o-y from EGP 1.76 bn “on the back of strong growth from energy subsidiaries TAQA Arabia and Tawazon, as well as solid performances at ASEC Holding and ASCOM,” according to the company’s earnings release (pdf). Qalaa’s net loss after minority interest widened to EGP 311.7 mn, from EGP 214.5 mn in 3Q2016, as a result of higher interest expenses and FX losses. The company is working towards improving profitability through “a growth strategy across our subsidiaries, positioning them for further capitalization on current market dynamics and unlocking their full potential,” said Chairman and Founder Ahmed Heikal. “While our bottom-line continues to witness pullback from high interest expenses mostly related to USD-denominated debt booked at the holding level, the effect is short-term, and we anticipate a return to profitability once the Egyptian Refining Company comes online, now 95.7% complete,” said Co-Founder and Managing Director Hisham El Khazindar.