Qalaa Holdings records LE 1.5B losses during 2019

CAIRO – 4 May 2020: Qalaa Holdings recorded consolidated losses during 2019 by LE 1.525 billion, compared to profits of LE 929.068 million, including minority rights, in 2018.

The company’s financial results revealed reaching revenues of LE 14.916 billion in 2019, up from LE 13.182 billion in the previous year. Meanwhile, the cost of revenues rose to LE 12.789 billion in 2019, compared to LE 11.359 billion.

As per standalone results, the company’s losses increased 52 percent, recording LE 334.2 million in 2019, compared to losses of LE 219.54 million in 2018.

During the first nine months of 2019, Qalaa Holdings recorded net losses of LE 901.23 million, compared to net profits of LE 106.44 million in the same period of 2018, including minority shareholders’ rights.

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