Qalaa Holdings decreases its loss to LE184M in Q12018

CAIRO – 2 July 2018: The consolidated results of Qalaa Holdings revealed a decrease in its loss by 69.14 percent during the first quarter of 2018, compared to the same quarter of 2017.

Qalaa Holdings recorded a loss of LE 183.95 million including minority rights in the first three months of 2018, compared to LE 596.08 million during the same months of 2017.
The company announced in a press release that it accomplished revenues of LE 3.08 million, with an increase of 48 percent on a year on year basis.

The release attributed the rise of revenues to the strong growth from its energy subsidiaries, TAQA Arabia and Tawazon, as well as the full consolidation of Qalaa’s 48 percent owned midcap investment subsidiary Grandview, which contributed LE 520.5 million to Qalaa’s top-line during the period.

“EBITDA recorded impressive growth of 84 percent y-o-y to LE 324.2 million while net losses narrowed by 54 percent y-o-y to LE 186.7 million in 1Q18,” according to Qalaa’s release.

As per standalone results, the company’s loss increased 41.62 percent, to LE 63.37 million, up from LE 44.75 million in the same period of 2017.

“Qalaa is off to a strong start in 2018 with all key metrics delivering solid double-digit growth while our bottom-line losses have narrowed significantly in the first quarter of the year," Qalaa Holdings Chairman and Founder Ahmed Heikal said.

“Our top-line grew 48 percent to record LE 3.1 billion with growth being dual-driven by our platforms’ ability to capture the economic upturn as well as management’s efforts in streamlining our portfolio,” he added.

In 2017, Qalaa recorded consolidated losses of LE 5.9 billion, compared to LE 5.6 billion in 2016.

Qalaa Holdings operates within the diversified financial sector focusing on asset management and custody banks. It has Companies operating across North America, the Caribbean, and Northern and Eastern Africa. It was established in April 2004.