Earnings Watch: Qalaa Holdings revenues rise 48%, losses narrow 54% y-o-y in 1Q2018
EARNINGS WATCH- Qalaa Holdings revenues rise 48%, losses narrow 54% y-o-y in 1Q2018: Qalaa Holdings’ revenues rose 48% y-o-y in 1Q2018 to EGP 3.1 bn “due to stellar performance of its key segments, broad-based economic recovery, and a favorable regulatory environment,” the company said in a regulatory filing (pdf). The company’s losses during the period narrowed by 54% y-o-y to EGP 186.7 mn, coming in part from lower losses from discontinued operations (down 89% y-o-y) as a result of the sale of Designopolis Mall. “Qalaa is off to a strong start in 2018 with all key metrics delivering solid double-digit growth while our bottom-line losses have narrowed significantly in the first quarter of the year,” said Chairman and Founder Ahmed Heikal.
Looking ahead: Operations at the nearly USD 4 bn Egyptian Refining Company are set to start in 2019 and Qalaa is looking to “explore options to increase [its] ownership in this mega project that will further solidify our position as a leading energy and infrastructure company,” said Heikal. The company is also “particularly bullish on growth prospects for our mining and transportation platforms,” said Co-Founder and Managing Director Hisham El Khazindar.