Cairo – Mubasher: Qalaa Holdings posted revenues valued at EGP 37.60 billion in the first quarter (Q1) of 2024, marking a 45% year-on-year (YoY) surge.
The earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at EGP 7.70 billion in Q1-24, down from EGP 9.70 billion in Q1-23, according to the financial results.
The Q1-24 operating profitability retreated due to the normalised margins at ERC as well as the negative impact of the war in Sudan on the operations of Al Takamol Cement.
Excluding ERC, Qalaa’s revenues jumped by 26% YoY to EGP 3.20 billion in the January-March 2024 period, driven by strong performances across most subsidiaries.
ASEC Holdings logged revenues valued at EGP 1.10 billion in Q1-24, an annual drop of 10% owing to the negative impact of the war in Sudan on the operations of its subsidiary Al Takamol Cement.
Dina Farms Holding Company recorded an annual leap of 79% in revenue to EGP 734 million as of 31 March 2024, driven by improved operations at Dina Farms.
In the first three months (3M) of 2024, ASCOM recorded 53% YoY higher revenues at EGP 760 million, as the improved performance of ASCOM’s two largest USD-denominated revenue generators: ACCM and GlassRock was further augmented by the EGP devaluation.
Finally, the revenues of TAQA Arabia grew 22% YoY to EGP 3.60 billion in Q1-24.
The Founder and Chairman of Qalaa Holding, Ahmed Heikal, mentioned: “Throughout 2023 and during H1-24 we have taken huge strides and concluded a number of agreements aimed at bringing down the group’s senior debt through various settlement and restructuring agreements.”
“On that front, and with regards to our Egyptian lenders, we have successfully closed an in-kind settlement agreement with a group of four Egyptian banks to which Qalaa was indebted for the settlement of the entirety of Qalaa’s debt,” Heikal added.
“Additionally, we were able to reach a 10-year restructure and settlement plan with another Egyptian bank (AIB), further bolstering our debt settlement and restructuring efforts,” he noted.
The official concluded: “The purchased debt will be extinguished in the form of a capital increase by Qalaa, where shareholders who purchased a share of Qalaa’s debt will be able to swap their debt for an equity stake in Qalaa.”
In December 2023, the consolidated revenue grew by 17% YoY to EGP 97.13 billion from EGP 82.71 billion.
