Rising revenues helped Qalaa Holdings to narrow its losses to EGP 2.3 bn in 2021 from EGP 2.6 bn the year before, according to the company’s full year earnings release (pdf). Revenues rose 27% y-o-y to EGP 45.8 bn during the 12-month period on higher commodity prices and improved refining margins at its flagship greenfield project, the Egyptian Refining Company (ERC). Taqa Arabia, the company’s energy platform, booked y-o-y revenue growth of 15% to EGP 9.1 bn, reflecting improved market conditions, according to the release. Taqa Gas expanded its network of gas stations, Taqa Power saw higher power distribution volumes, and Taqa Marketing recorded higher revenues from fuel and lubes.

The figures demonstrate Qalaa’s “resilience and agility” in adapting to changing business conditions, said founder and chairman Ahmed Heikal, who attributed the results to the company’s “robust investment and growth strategies.”

Looking ahead: In 2022, Qalaa will look to make steady investments in its existing operations while being on the lookout for potential acquisitions, Heikal said. Renewable energy is an area of “particular interest” to the company, he said, adding that Taqa is “ideally positioned” to capitalize on the transition towards natural gas and solar and wind energy.