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Qalaa Holdings records EGP 4.59bn consolidated net income in H1-23

Qalaa Holdings records EGP 4.59bn consolidated net income in H1-23
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Qalaa Holding
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Cairo – Mubasher: The consolidated net income after tax of Qalaa Holdings reached EGP 4.59 billion in the first half (H1) of 2023, an annual drop from EGP 8.52 billion.

The company generated EGP 57.94 billion in revenue during the January-June 2023 period, up year-on-year (YoY) from EGP 45.66 billion, according to the interim consolidated income statements.

Basic and diluted earnings per share (EPS) declined to EGP 2.52 as of 30 June 2023 from EGP 4.68 in the year-ago period.

Total assets amounted to EGP 181.04 billion during H1-23, higher than EGP 114.88 billion as of 31 December 2022.

Standalone Income Results

In the first six months (6M) of 2023, Qalaa Holdings incurred standalone net losses after tax valued at EGP 1.28 billion, compared to EGP 425.15 million in 6M-22.

Loss per share enlarged to EGP 0.70 in H1-23 from EGP 0.23 during the same period in 2022.

Financials for Q2-23

During the second quarter (Q2) of 2023, Qalaa Holdings posted an annual plunge in consolidated net income after tax to EGP 139.67 million, compared to EGP 6.36 billion.

Revenues hiked to EGP 27.65 billion in April-June 2023 from EGP 26.98 billion in Q2-22, while the EPS plummeted to EGP 0.07 from EGP 3.49.

As for the standalone business, the net losses after tax widened to EGP 354.95 million in Q2-23 from EGP 259.05 million a year earlier, while the loss per share went up to EGP 0.19 from EGP 0.14.

The Chairman and Founder of Qalaa Holdings, Ahmed Heikal, commented: “Qalaa’s top-line increased slightly year-on-year, supported by stable results at the Egyptian Refining Company (ERC) and solid performances across all subsidiaries.”

“Despite this, both earnings before interest, taxes, depreciation, and amortisation (EBITDA) and net income contracted year-on-year due to the sharp decline in ERC’s margins as well as the negative impact of the ongoing armed conflict in Sudan on Takamol Cement’s performance,” Heikal added.

He noted:  “Qalaa’s performance for the quarter comes in the midst of a challenging operating environment. On the global front, the world continues to face a tough macroeconomic landscape, with countries around the world facing record-high levels of debt, fastrising inflation, and tightening monetary conditions.

In the January-March 2023 period, the EGX-listed firm witnessed 62% YoY higher revenues at EGP 30.30 billion.