Qalaa Holdings
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.
Qalaa Holdings announced that its first project to generate solar energy through photovoltaic (PV) cells in Benban hit a production of 50 megawatts.
The company disclosed that its standalone results showed a loss of LE 2.35 million, compared to a loss of LE 102.44 million, with a 97.7 percent decrease.
Hekal clarified that the group investments came in the fields of energy, refining and solar energy in Bonyan, besides gas delivery to houses and the inauguration of 10 fuel stations.
The company clarified in a statement that Taqaa Arabia owns 60 percent of the solar power project, while Hassan Allam holds 40 percent of the project.
The deal included the settlement of bank debts, whereby Compass settled bank liabilities and assumed liabilities to third parties amounting to LE 340 million.
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.
As per standalone results, the company’s loss declined 77 percent, to LE 452.3 million, compared to a loss of LE 2.003 billion in 2016.
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