Qalaa Holdings returned to the black in 3Q 2022, reporting a EGP 16.7 mn profit against a EGP 440.7 mn loss in the same quarter last year in its latest earnings release (pdf). Revenues jumped 86% y-o-y to EGP 23.7 bn during the quarter, driven by the Egyptian Refining Company (ERC) which made up 75% of the firm’s revenues. This is the second consecutive profitable quarter for the firm after it saw its bottom line enter the black for the first quarter since 2018 in 2Q 2022.

In detail: Subsidiary ERC’s revenues doubled y-o-y to EGP 17.9 bn during the quarter, thanks to the increase in refined petroleum product prices and improved operations. Taqa Arabia saw its revenues grow 19% y-o-y during the quarter to EGP 2.9 bn on the back of a strong performance by Taqa Petroleum, higher distribution volumes at Taqa Power and volume growth at Taqa Gas.

Heading into 2023: Qalaa is focused on reducing its risk levels and growing its revenues. “Our key focus heading in 2023 will be to continue driving EBITDA growth and build on the significant progress we have achieved when it comes to business development, cost cutting, and operational efficiencies,” managing director and co-founder Hisham El Khazindar said.