Cairo – Mubasher: The consolidated net losses of Qalaa Holdings widened by 595% year-on-year (YoY) to EGP 6.26 billion in the first nine months of 2020 from EGP 901.23 million, including minority shareholders’ rights.

Losses attributed to the parent company’s shareholders increased to EGP 1.56 billion in the January-September period, compared to EGP 774.43 million in the year-ago period, the company said in a bourse disclosure on Sunday.

As for the third quarter (Q3) of 2020, the company incurred net losses of EGP 2.18 billion, up from EGP 451.55 million in Q3-19.

Over the January-September period, Qalaa Holdings generated EGP 26.53 billion in revenue, up from EGP 10.77 billion in the same period in 2019.

Moreover, the standalone financial statements showed net losses of EGP 345.84 million in the nine-month period ended 30 September, compared to EGP 219.94 million in the year-ago period.

During the first half (H1) of 2020, Qalaa Holdings suffered net losses of EGP 1.12 billion, up from EGP 379.13 million in H1-19, including minority shareholders’ rights.