Earnings watch: Qalaa, Juhayna, BdC report 3Q2021 results
Qalaa Holdings’ net losses narrowed slightly to EGP 440.7 mn in 3Q2021, down 0.6% y-o-y, according to the company’s earnings release (pdf). Revenues soared 46% y-o-y to EGP 12.8 bn during the quarter, which the company says was buoyed by “a global rally in commodity prices and improved refining margins” at the Egyptian Refining Company (ERC).
Qalaa is “in the right spot” to capitalize on several global and domestic trends going forward, said Qalaa Chairman and founder Ahmed Heikal, who expects supply chain bottlenecks and energy shortages in China to give “pricing power to global producers in almost all sectors.” Heikal also sees Qalaa capitalizing on a pick-up in global inflation, which will favor companies that rely on local components and resources, while rising pressure on Egypt’s trade deficit will continue to support local manufacturing. The global push towards climate-friendly energy, coupled with the rise in hydrocarbon prices, will also “encourage the shift to renewables,” which Heikal notes is “a key focus” for Taqa Arabia in the coming period.
Banque du Caire’s net income increased 8% y-o-y to EGP 2.7 bn in 3Q2021, according to a statement picked up by Hapi Journal. The state-owned bank’s revenues rose 3% during the quarter to EGP 7.7 bn.
CORRECTION- A previous version of this piece had 9M2021 confused for 3Q2021 in the Juhayna story.